President Trump has announced new tariffs affecting imports from Canada, Mexico, and China, with rates set at 25% on general imports from Canada and Mexico, 10% on Chinese imports, and an additional 10% on Canadian energy resources. Given that these three countries account f...

On February 1, 2025, the new administration announced additional tariffs on imports from Canada, Mexico, and China, citing an extraordinary national emergency under the International Emergency Economic Powers Act (IEEPA). The tariffs initially expected to be effective Febru...

The IRS regularly revokes the tax-exempt status of not-for-profits — mostly for failing to file annual information returns. Losing your exempt status can be devastating. Donors won’t be eligible to deduct contributions to your organization, grant-makers probably won’t ...

Cybersecurity is more critical than ever for manufacturers as they increasingly integrate advanced technologies such as the Industrial Internet of Things (IIoT), robotics and automation into their operations. While these innovations boost efficiency and productivity, they al...

Cost allocation probably isn’t your favorite task — particularly if your not-for-profit has many activities. Yet the process is critical because donors and funders want to know how your organization uses its financial resources. In addition, you likely need to comply wit...

Beginning January 1st, 2023, qualified charitable distributions (QCDs) can be used to fund charitable gift annuities (CGAs). Now, you might be wondering what on earth is CGA? Well, the short answer is it’s complicated. CGAs are similar to charitable remainder trusts (CRTs)...

Once you turn 70 ½ you become eligible to make tax-free donations directly from IRA accounts to qualified charities. These distributions, commonly referred to as QCDs, can provide significant tax benefits by directly reducing dollar-for-dollar the amount of taxable income o...

On Dec. 12, 2024, President Biden signed the Federal Disaster Tax Relief Act of 2023 (H.R. 5863) into law designating a series of presidentially-declared disasters as qualified disaster events. This legislation provides for the elimination of the requirement that personal ca...

FinCEN released an update communicating that all reporting companies must resume filing beneficial ownership information (unless otherwise noted) and the Department of the Treasury recognizes the challenges caused by the recent injunction, thus the following deadline extensi...

New Crypto basis reporting requirements have recently been outlined in Revenue Procedure 2024-28 and are set to take effect on January 1, 2025. The most impactful changes for our clients will likely be the change from universal basis reporting to wallet and account specific ...

A chart of accounts is the foundation of accurate financial reporting, so it needs to be set up correctly. A disorganized chart or one that lumps transactions into broad, undefined “buckets” of data can make it difficult for management to evaluate financial performance a...

The reelection of Donald Trump as President and control of the U.S. Congress by Republicans are anticipated to usher in changes that could financially impact the not-for-profit sector. Whether and to what extent your organization will be affected will depend on your mission,...