Tag Archive for Connecticut NonProfit CPA Firm

Cloud Computing for Non-Profits: Customer Immersion Event

shutterstock_275563196This customer immersion event is focused on non-profits and how the Office 365 platform enables anywhere, anytime access to document creation, collaboration and storage. Microsoft is constantly adding new features to the familiar Office portfolio like Word, Excel, PowerPoint and Outlook & we’ll highlight some of the new features and offer tips and tricks. We will also introduce some of the new products included in Office 365 like Planner and Delve – both excellent team collaboration tools.

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IRS Audits on the Rise for Tax Exempt Organizations

shutterstock_228440362Whether you are a board member, executive director, accounting manager or CFO of a non-profit organization, you should be aware that the Internal Revenue Service (IRS) is increasing their audits of the Form 990.

Effective for tax years beginning in 2008, the IRS extensively revised Federal Form 990to include a new summary page, a new governance section, enhanced reporting of executive compensation and an organization’s relationships with insiders and other organizations and new reporting for non-cash contributions, foreign activities, tax-exempt bonds and hospitals.

Now that several years have passed since the 990 revisions, the IRS has commenced auditing Form 990s based on “data-driven” criterion. This means organizations will be automatically selected for audit if certain data is detected by this automated process. The shift to “data-driven” assessments of an organization’s compliance with the federal tax laws, means that Form 990 preparation is more critical than ever. A properly prepared and executed information return will ensure that an organization’s chances for random audit selection are minimized and that exposure to income taxes, both on unrelated business income tax as well as other income by virtue of loss of exempt status, are kept at the lowest level possible.

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