According to the IRS, “The Taxpayer Certainty and Disaster Tax Relief Act of 2019 retroactively repealed Internal Revenue Code (IRC) Section 512(a)(7), which increased unrelated business taxable income (UBIT) by amounts paid or incurred for qualified transportation fringes.” What does […]
Parsonage Allowances U.S District Court found that the non-taxability of parsonage allowances was unconstitutional in the case of Gaylor v. Mnuchin. This decision was overturned by the Seventh Circuit Court on March 15, 2019, which found that the provision (Code […]
It’s hard for nonprofit executives to put a price on an audit, for good reason. They are difficult to conduct due to several factors, including the auditor’s time to complete the task, the amount of risk an auditor must assume, […]
The Internal Revenue Service (IRS) doesn’t require nonprofits to have independent audits, but that doesn’t mean your nonprofit never needs an audit. Some federal, state, and local government agencies require audits, as do some banks and foundations. Generally, the requirements […]
Having an independent audit is a significant endeavor. Not only is it an expense, but it also requires a lot of preparation. The auditors will need access to all of the information they need to help them carry out their […]