NY Daily Record Since 1908

The Tax Cuts and Jobs Act of 2017 has eliminated the miscellaneous itemized deductions over 2% of AGI. The impact of this elimination may result in some unexpected consequences for accountants, lawyers, financial managers and employers. This change may be ...

Tagged with: Keeping Your Balance Susan Lebbon

According to the most recent U.S. Department of Labor Bureau of Labor Statistics, 18.1% of all New York State private employment comes from nonprofits. The demand for volunteer nonprofit board members to lead, manage and govern this industry has never ...

Joining a nonprofit board can be exciting and rewarding, but if something unfortunate should happen on “your watch” you could be in for some legal repercussions that you didn’t count on. Board members may think that because they are not ...

Tagged with: Keeping Your Balance Susan Lebbon

Tuesday marked the close of another filing tax season for most Americans. Thousands of accountants whooped a shout of joy, papers were tossed in the air, and throngs of professionals ran out of their office buildings finally seeing the sun ...

Tagged with: IRS Keeping Your Balance Susan Lebbon

  According to the most recent United States Department of Labor’s Bureau of Labor Statistics report,18.1 percent of all New York State private employment comes from nonprofits. The demand for volunteer nonprofit board members to lead, manage, and govern this ...

Tagged with: Keeping Your Balance Susan Lebbon

The Federal and New York State 1040 personal tax return filing deadline was Monday April, 18, 2016 this year.  For those of you who forgot or are unsure if you need to file a return, take a deep breath and ...

For many tax-exempt organizations the federal Form 990 due date is fast approaching. Organizations often find the process of accumulating all the information needed to complete the Form 990 time-consuming, tedious and frustrating. Below are some tips to get through ...

Tagged with: Keeping Your Balance Susan Lebbon

Many 2014 calendar year-end nonprofit organizations are in the process of reviewing their organization’s Form 990 for the upcoming May 15 due date. Fortunately, the Internal Revenue Service has made minimal changes to the 2014 core form 990. However, organizations ...

Tagged with: Keeping Your Balance Susan Lebbon

The attorney general issued guidance on April 15 on the provisions of the Nonprofit Revitalization Act of 2013 relating to the revised CPA review and audit thresholds and annual filing fees for 7A or DUAL filers. The Nonprofit Revitalization Act ...

Tagged with: Keeping Your Balance Susan Lebbon

As part of a compliance project focusing on the college and university sector, the IRS examined the treatment of losses used to offset unrelated business income (UBI). The IRS discovered that numerous institutions had incorrectly classified expenses related to UBI ...

In February 2013 the Internal Revenue Service released the last of the 2012 forms and instructions for the 990-series forms. The release was delayed due to the late passing of “The American Tax Relief Act.” The 2012 990 changes are ...

Tagged with: Keeping Your Balance Susan Lebbon

Given the transparency and public availability of the Form 990, review of the Form 990 by audit or finance committees (and sometimes the entire governing body) has become a best practice adopted by most nonprofit organizations. The Form 990 requires ...

Tagged with: Keeping Your Balance Susan Lebbon