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IRS Issues Interim Guidance Regarding Excise Tax for Exempt Organizations

On December 31, 2018, the Internal Revenue Service (IRS) released Notice 2019-09, which provides interim guidance for exempt organizations to comply with the new requirement imposed under Section 4960, which requires an excise tax on compensation in excess of $1 million paid to “covered employees.” Below are a few highlights from this Notice:

IRS Issues Guidance for Parking Expenses as Qualified Transportation Fringes

The Internal Revenue Service issued Notice 2018-99 on Monday, December 10, delivering interim guidance to calculate the amount of non-deductible parking and other qualified transportation fringe (QTF) expenses for businesses and the amount tax-exempt organizations must include in unrelated business taxable income.

Key Tax Reform Provisions Affecting Tax Exempt Organizations

On December 22, 2017, the tax reform law commonly referred to as H.R. 1 Tax Cuts and Jobs Act was signed by President Trump.

Tax-Exempt Provisions for Not-for-Profits

alert | Nov 10, 2017
More About | Not-for-Profit | Tax Reform | Risk & Regulatory

The proposed Tax Cuts and Jobs Act released Friday contains many proposed changes to the tax law that would significantly impact the tax- exempt sector. While the below is not an all-inclusive summary of the tax bill, these items more significantly impact 501(c)(3)’s of all kinds including colleges, universities, hospitals, long-term care facilities and other charitable entities.

Tamara Vineyard Named a Finalist for the March of Dimes Heroines of Washington Awards

Region News | Sep 12, 2017
More About | Tysons, VA | Not-for-Profit

Tysons, Va, September 12, 2017 – Dixon Hughes Goodman (DHG), a top 20 public accounting and advisory firm, is pleased to announce that Tamara Vineyard, CPA, Partner has been named a finalist for

What Every Not-for-Profit Needs to Know about State Charitable Solicitation Requirements

| Jan 24, 2017
More About | Not-for-Profit | Risk & Regulatory

Most not-for-profit organizations engage in fundraising. However, not all not-for-profit organizations are properly registered in the states where contributions are solicited.

Return on Investment: Not Just a For-Profit-Business Concept

| Mar 03, 2016
More About | Norfolk, VA | Not-for-Profit

In the for-profit world today, executives and analysts are often discussing a company’s or project’s return on investment or ROI. Indeed, for-profit entities are often judged by their a...

PATH Act and Expanded Benefits for Real Property - A Case of True Déjà Vu?

Many people interpret the term déjà vu as referring to an occurrence of the exact same events multiple times and to many this is exactly how the expensing and depreciation provisions ...

Cost Sharing Collaboration: How Not-For-Profits Work Together

| Sep 25, 2015
More About | Not-for-Profit

Economic uncertainty and competition for contributions force not-for-profit organizations to look for ways to reduce costs without reducing the program services offered. One way to achieve this goa...

DHG’s Comment Letter Response to the FASB's Proposed Not-for-Profit Accounting Standards Update

Aug 20, 2015
More About | Not-for-Profit | Assurance

Dixon Hughes Goodman LLP (DHG) has responded to the Financial Accounting Standards Board’s Proposed Accounting Standards Update — Not-for-Profit Entities (Topic 958) and Health Care Ent...

You’ve been asked to serve on the Board of a not-for-profit-Now What?

| Aug 13, 2015
More About | Memphis, TN | Not-for-Profit

Service on the board of a not-for-profit organization is often a rewarding experience for both the organization and directors. Because of the responsibilities that come along with this service, board

Recent Investigation of a Not-for-Profit Organization

A former CFO embezzled in excess of $445,000 from her not-for-profit employer. Although this situation is something the Forensics group deals with routinely, the method she employed was uniqu...

Importance of 990

Apr 27, 2015
More About | Not-for-Profit

Each year exempt organizations go through the process of filing their annual information return, Form 990. This requires pulling financial information and completing lengthy policy and compliance q...

Determining Reasonable Executive Compensation

Publication | Dec 16, 2014
More About | Not-for-Profit | Tax

There can be many implications of having excessive compensation paid to top influencers of a tax exempt organization. Unlike the for-profit community, tax exempt organizations must make compensation a

Qualifying for Public Charity Status as a “Publicly Supported Organizations”

Publication | Dec 11, 2014
More About | Not-for-Profit

Non-profit organizations that qualify for federal income tax exemption under Section 501(c)(3) of the Internal Revenue Code (“Section 501(c)(3) organizations”) should be aware that each Se

Education Improvement Scholarship Tax Credit

Publication | Nov 19, 2014
More About | Norfolk, VA | Not-for-Profit | Tax

In 2013 the Commonwealth of Virginia Department of Education “VDOE” launched a new Education Improvement Scholarship Tax Credit program that will continue until January 1, 2028. Under this program bus

Crowdfunding 101 – A Basic Review of an Innovative Fundraising Concept for Not-for-Profit Organizations

Publication | Jun 10, 2014
More About | Gaithersburg, MD | Not-for-Profit

What is Crowdfunding for Not-for-Profits? Crowdfunding, in general, refers to the collective networking and cooperative aggregation of financial resources through the use of the Internet to suppo

Crowdfunding 101 – A Basic Review of an InNovative Fundraising Concept for Not-for-Profit Organizations

Firm Blog | Jun 10, 2014
More About | Gaithersburg, MD | Not-for-Profit

What is Crowdfunding for Not-for-Profits? Crowdfunding, in general, refers to the collective networking and cooperative aggregation of financial resources through the use of the Internet to suppo...

Not-For-Profits and Executive Compensation

Publication | May 28, 2014
More About | Not-for-Profit | Tax

How do you attract and retain top executives for your not-for-profit? What compensation programs have you considered? Not-for-profit board members and management are routinely challenged to attrac...

Not-for-Profits and Executive Compensation

Firm Blog | May 28, 2014
More About | Gaithersburg, MD | Not-for-Profit | Tax

How do you attract and retain top executives for your not-for-profit? What compensation programs have you considered? Not-for-profit board members and management are routinely challenged to attrac...

Not-For-Profit 501(c)(3) Status Hinges on New Financial Assistance Regulations

A New Era in Healthcare Compliance Prior to the passage of the Patient Protection and Affordable Care Act (PPACA), the tax exemption standard for nonprofit hospitals was based on a “community

Mosrie Appointed to NFP Advisory Committee of FASB

Charlotte, N.C., February 28, 2014 – Norman Mosrie, DHG Healthcare assurance partner, was recently appointed to a four-year term on the Not-for-Profit Advisory Committee (NAC) of the Financial A

Charitable Gift Annuity Accounting

Publication | Jan 28, 2014
More About | Gaithersburg, MD | Not-for-Profit | Tax

Charitable gift annuities have benefits for both the organization and the donor. It is a contract between the organization and the donor in which, generally, the donor will receive lifetime payments as well as a partial tax deduction.

Charitable Gift Annuity Accounting

Firm Blog | Jan 28, 2014
More About | Gaithersburg, MD | Not-for-Profit | Tax

The 80/20 Rule of Hiring for Not-for-Profit Organizations

Publication | Dec 16, 2013
More About | Tysons, VA | Not-for-Profit

Do you remember why you first joined the not-for-profit world? Was it because you wanted to apply your expertise in an organization that contributes to a greater good? Was it the idea that tax exempt

Alternative Investment Management

Publication | Oct 16, 2013
More About | Charleston, SC | Not-for-Profit

Alternative investments have seen rapid growth in recent years as foundations and other nonprofits seek the higher returns on their investment assets. However, as organizations pursue higher return...

Charitable Travel

Publication | Oct 15, 2013
More About | Gaithersburg, MD | Not-for-Profit

Your board members and other volunteers may qualify for a charitable deduction for any unreimbursed travel expenses they incur on behalf of your organization. Recently the Internal Revenue Se...

Not-for-Profit Operating Reserves A Critical Step for Long-Term Sustainability

Publication | Oct 10, 2013
More About | Gaithersburg, MD | Not-for-Profit

Background Recent research reveals that not-for-profits are substantially undercapitalized. Many organizations survive "paycheck to paycheck" with little or no savings or invested funds to serve a...

Helpful Tips for Your Next OMB Circular A-133 Audit

Publication | Aug 15, 2013
More About | Gaithersburg, MD | Not-for-Profit | Assurance

While most of you may cringe at the thought of planning for an OMB Circular A-133 audit, we’ve compiled a list of useful tips and suggestions that may help reduce your stress and anxiety duri...

The IRS Controversy and the Basics of Tax-Exempt Organizations and Lobbying

Jun 22, 2013
More About | Gaithersburg, MD | Not-for-Profit | Tax

The recent IRS controversy revolving around applications for tax-exempt status from conservative organizations may have a broad reaching effect on the greater tax-exempt community. To understand th...

What All Not-for-Profit Organizations Should Know About Healthcare Reform

There are important issues under the new Patient Protection and Affordable Care Act (PPACA) that will affect not-for-profit organizations. Some of the most significant issues under the new act are bas

Sponsorship Income – Is it Taxable?

Jun 14, 2013
More About | Not-for-Profit

A payment received from another business entity (including a corporation) to sponsor an organization's activity is often referred to as corporate sponsorship income. The taxability of this income d...

Developing Indirect Rates for Not-for-Profits

Publication | May 10, 2013
More About | Tysons, VA | Not-for-Profit | Assurance

An indirect cost rate is simply a device for determining fairly and conveniently within the boundaries of sound administrative principles, what proportion of indirect cost each program should bear....

The Simple Truth – About Fraud!

According to the latest “Report to the Nations on Occupational Fraud and Abuse, 2014 Global Fraud Study”, by the Association of Certified Fraud Examiners, not-for-profit organizations c...

IRS’ 403(b) Checklist and Fix-It Guide

Apr 06, 2013
More About | Tysons, VA | Not-for-Profit | Tax

A 403(b) tax-sheltered annuity plan is a type of qualified retirement plan offered by public schools and certain organizations exempt from tax under the Internal Revenue Code. Under a 403(b) arrang...

Make the Audit Process Smoother

Publication | Sep 15, 2012
More About | Not-for-Profit

How did your last audit go? How many journal entries did your auditor suggest? Did you get an unqualified or “clean” opinion on your financial statements? How long were the auditors on-sit