Suppose the founder or long-time executive director of your not-for-profit organization is scaling back on her workload and making plans to retire. What will her departure mean for your organization? If your nonprofit has a well-crafted succession plan, it’s likely to survive any leadership transition. But if you don’t have a plan, your organization could endure […]
Paving the Way for Your Nonprofit’s Next Leader Read More »
By Nathaniel C. Gravel, CISA, CISM, CRISC One can hardly avoid seeing a headline about another data breach, ransomware attack, phishing scam, or other illicit incident executed through the electronic web that connects us all. The convenience and efficiency of the internet and world wide web come with a steep price for those who are
Cybersecurity Primer Read More »
By Paul Gerry, Jr., CPA, PartnerGray, Gray & Gray Small and medium-size businesses (SMBs) face increasingly difficult challenges in keeping up with evolving technologies and the accelerating pace of doing business. With the complexities of running a business today it is nearly impossible for a business owner to “wear many hats” effectively. Unfortunately, the growing
Big Support for Small and Medium-Size Businesses Read More »
While the 2017 Federal Tax Cuts and Jobs Act lowered corporate tax rates and doubled the standard deduction, it also included a provision that limited annual itemized deductions for state and local taxes to $10,000. This cap on “SALT” deductions has prompted several states to introduce a “workaround” that allowed owners of pass-through businesses to offset
How Does the New Massachusetts Entity-Level Excise Tax Work? Read More »
If certain IRS requirements are met, a not-for-profit organization is exempt from federal income tax. But that doesn’t mean it’s completely off the hook. Your nonprofit may still be liable for unrelated business income tax (UBIT). Here’s how you determine your organization’s exposure. One Time vs. Year Round Unrelated business income (UBI) is defined by the
Does Your Nonprofit Have UBIT Exposure? Read More »
The last two years have been tough for most nonprofits. Now that there’s some light at the end of the tunnel, you may feel more optimistic and with a renewed dedication to your cause. How can you extend the concept of renewal to your organization’s operations and even grow in 2022? Here are seven ideas: 1.
7 Keys for Nonprofit Success in 2022 Read More »
Most not-for-profit executives are aware of the prohibition against private inurement. Generally, nonprofit directors and executives — and their family members — aren’t allowed to personally benefit from their positions while putting their organization at a disadvantage. Penalties for violating the private inurement mandate could include financial sanctions for violators and, in the rare worst-case scenario,
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By Bobby Garrett Director of IT & Cybersecurity Gray, Gray & Gray, LLP Did you know the first recorded ransomware cyber attack was targeted at a non-profit organization? In 1989, over 20,000 attendees of a World Health Organization (WHO) symposium on AIDS research received a complimentary floppy disc containing a file supposedly related to the
Why Every Non Profit Needs a WISP Read More »
The Tax Cuts and Jobs Act is an often-overlooked crackdown on seven-figure compensation amounts paid to the highest earners. Essentially, beginning in 2018, your not-for-profit organization could be charged a hefty excise tax if it pays more than $1 million to certain “covered” employees. The IRS issued final regulations in early 2021 that generally mirror
IRS Clarifies Rules on Excess Compensation Tax Read More »
The amount an individual can contribute to a qualified retirement plan in 2022 has been raised to $20,500, up from a limit of $19,500 imposed in 2019 and 2020. The new cap applies to 401(k), 403(b), most 457 plans, and the federal Thrift Savings Plan. However, if a taxpayer or their spouse is covered by
Retirement Contribution Caps Raised Read More »