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Staying ahead with Vasquez + Company’s Annual Government and Nonprofit Training Event

Staying ahead with Vasquez + Company’s Annual Government and Nonprofit Training Event

Vasquez + Company LLP recently concluded its annual government and nonprofit training on February 15 at Hilton Glendale. The event focused on government and nonprofit audit and tax updates, as well as advancements in cybersecurity and information technology. Industry experts and leaders from Vasquez, DebtBook, and Farmers Insurance shared their knowledge through presentations and panel discussions, providing valuable insights into the latest regulatory changes and best practices.
Essential Guide to Quid Pro Quo Reporting for Nonprofits

Essential Guide to Quid Pro Quo Reporting for Nonprofits

Nonprofits must understand and comply with quid pro quo arrangements to handle contributions properly. This article details IRS disclosure requirements, how to value goods and services provided to donors, and exceptions to reporting rules. Learn how to avoid penalties and ensure proper acknowledgment for contributions that involve benefits in return. Read the full article for detailed guidance.
Avoiding Self-Dealing: Essential Rules for Private Foundations

Avoiding Self-Dealing: Essential Rules for Private Foundations

Private foundations must avoid self-dealing transactions to comply with IRS regulations and avoid severe penalties. This article explains what constitutes self-dealing, who qualifies as a disqualified person, and the financial repercussions of violating these rules. Learn about the prohibited transactions, potential penalties, and some exceptions to the rules. Read the full article to ensure your foundation remains in compliance.
Understanding the Impact of New Donor-Advised Fund Rules

Understanding the Impact of New Donor-Advised Fund Rules

The IRS has proposed new regulations for donor-advised funds (DAFs) that aim to provide clarity for donors, sponsors, advisors, and charitable organizations. However, these proposals have sparked controversy within the DAF community. This article explores the key definitions, community concerns, and unaddressed issues in the proposed regulations. Learn how these changes could impact the management and distribution of DAFs. Read the full article for a detailed analysis.
Strengthen Your Nonprofit with Cross-Training Initiatives

Strengthen Your Nonprofit with Cross-Training Initiatives

Cross-training employees in nonprofit organizations can strengthen the entire team, increase productivity, and enhance internal controls. This article explores the benefits and strategies of cross-training to create a more resilient organization. Learn how cross-training can ensure staff can fill in for one another, bring fresh perspectives, reduce fraud risk, and enhance career development. Read the full article for detailed insights on implementing effective cross-training initiatives.
Boost Your Nonprofit’s Talent Attraction with Affordable Benefits

Boost Your Nonprofit’s Talent Attraction with Affordable Benefits

For not-for-profit organizations, attracting top talent can be challenging when competing with for-profit companies offering higher salaries. However, an enhanced benefits package can be a powerful tool in recruiting and retaining employees. This article explores various strategies to boost your benefits offerings without breaking the bank. Learn how competitive fringe benefits, cost-saving measures on traditional benefits, and alternative offerings can help your nonprofit stand out. Read the full article for detailed strategies.
How Nonprofit Boards Change with Organizational Growth

How Nonprofit Boards Change with Organizational Growth

As your nonprofit organization grows, the composition and responsibilities of your board of directors must evolve to meet changing needs. This article explores the stages of nonprofit development and how boards can adapt to these changes. From initial operations-focused boards to mature, strategic governance, understanding these shifts can help ensure your nonprofit’s long-term success and impact. Read the full article for a detailed guide on evolving your board effectively.
Responding to the CrowdStrike outage

Responding to the CrowdStrike outage

What can IT service leaders learn from the the July 2024 CrowdStrike outage? What should you consider to best prepare for the future? RSM risk professionals weigh in.
Corporate Jets and IRS Audits: What You Need to Know

Corporate Jets and IRS Audits: What You Need to Know

With the IRS's new audit initiative targeting the personal use of corporate jets, understanding how to allocate flight expenses between business and personal use has become crucial for compliance. Businesses must keep comprehensive records and use approved methods to calculate these expenses, ensuring they stay within IRS guidelines and avoid significant penalties.
Strategic Tax Moves: Maximize Savings Before Year-End

Strategic Tax Moves: Maximize Savings Before Year-End

Explore strategic tax planning tips to optimize your financial outlook before year-end. From leveraging deductions to managing investments, these tips can help minimize your tax bill and maximize savings.
Important Federal Tax Tips and Updates

Important Federal Tax Tips and Updates

This article provides essential advice on federal tax matters, including IRS letters, summer travel fees, rejected Offers in Compromise (OIC), home sale tax exclusions, and gig economy income tax obligations. Each section offers practical steps and considerations to help taxpayers manage their responsibilities effectively.
Maximize Tax Savings: Understand Capital and Ordinary Gains and Losses

Maximize Tax Savings: Understand Capital and Ordinary Gains and Losses

When selling assets such as investments, real estate, and intangibles, the classification of gains and losses—capital versus ordinary—can greatly affect your federal income tax obligations. Capital gains generally enjoy lower tax rates than ordinary gains, while capital losses have stricter deductibility limits. Special attention is needed for business real estate, as its classification can hinge on factors like sales frequency and the property's acquisition nature. Before making significant sales, consult your tax advisor to ensure you handle transactions optimally under current tax laws.
Beware of Elder Scams: Top Schemes and Prevention Tips

Beware of Elder Scams: Top Schemes and Prevention Tips

Financial exploitation of elderly people is rampant, with Americans losing an estimated $28.3 billion annually to elder scams. More than 72% of these losses are due to individuals known to the victims. This article highlights common fraud schemes targeting seniors, such as fake lottery winnings and tech support scams, and provides practical tips to help prevent and respond to these threats.
Comprehensive Guide to ABLE Accounts: Tax-Favored Savings for Disabled Family Members

Comprehensive Guide to ABLE Accounts: Tax-Favored Savings for Disabled Family Members

Explore the benefits of ABLE accounts, designed to help families save for the qualified expenses of a disabled family member. Authorized by the ABLE Act of 2014 and enhanced by subsequent legislation, these accounts offer tax advantages that can significantly ease the financial burden. Learn about the contribution limits, tax treatments, and essential documentation needed to make the most of an ABLE account.
Charitable Giving from IRAs: Key Changes Under the TCJA

Charitable Giving from IRAs: Key Changes Under the TCJA

The Tax Cuts and Jobs Act (TCJA) has brought several changes that impact charitable giving, especially for those using Individual Retirement Accounts (IRAs). While it increased the charitable deduction limit, it also raised the standard deduction, making it harder for less-ambitious givers to benefit. One significant advantage for charitably inclined seniors is the ability to make Qualified Charitable Distributions (QCDs) from IRAs, allowing tax-free donations that also count toward Required Minimum Distributions (RMDs).