Not-for-Profits

Why Do Nonprofits Get Sued?

A Look at Liability Nonprofits get sued for many of the same reasons that for-profit organizations find themselves in court. However, as the Nolo Legal Network notes, there are some unique characteristics of nonprofits that make them especially vulnerable to liability in three specific areas. 1. Contract disputes — To...

Potential Payroll Tax Savings for RI Employers

-by David Gobeille, Tax Partner It appears that Rhode Island will have a sufficient level of reserves in our unemployment insurance trust fund as of September 30, 2016 that (under the new law) the state will be able to move to a lower tax schedule beginning January 1,...

Good Governance

How Many Policies Do You Really Need? Well … it depends. The IRS lacks formal authority to require specific governance policies of nonprofits.  Yet, IRS officials have indicated that nonprofits that fail to adopt certain policies have a greater chance of being audited. Just as important, your organization’s...

Accounting for Goodwill to Change

By Linda Marie Pearson, CPA, CFE Does your entity have goodwill on its balance sheet? If so, a change simplifying the accounting for goodwill impairment proposed by the Financial Accounting Standards Board (FASB) may affect your entity. The Financial Accounting Standards Board (FASB) is proposing changes to accounting...

Not-for Profit Organizations and The Overtime Rule

If you work for a not-for-profit organization, most likely it will be impacted by the new overtime law. On May 18, 2016, the U.S. Department of Labor (DOL) published final regulations defining those employees exempt from overtime. The new rule (aka The Final Rule) updated the salary and compensation levels...

Not All Bequests Are Created Equal

The National Philanthropic Trust estimates that upwards of $27.4 trillion in charitable bequests will be made in the U.S. through 2052. In fact, interest in planned giving has grown in the wake of the Great Recession. Donors have found that committing future gifts from their estate allows them to support...

Tax Scam Notification

The Rhode Island Division of Taxation has cautioned Rhode Island businesses owners about a scam in which individuals claim to be collections agents of the Rhode Island Division of Taxation and request immediate payment. Please note that the Division of Taxation does not request cash or other payment by businesses...

Changes to Lease Recognition

By Linda Marie Pearson, CPA, CFE Financial Accounting Standards Board (FASB) has just amended the FASB Accounting Standards Codification (ASC) related to leases. FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) to communicate how the ASC was amended. Here are the highlights of the change: Main...