Common Questions, Issues and Pitfalls Observed in Nonprofit Audits

Wednesday, February 20, 2019

At Windes, we are fortunate to have a large nonprofit audit practice that provides services to over 100 organizations. As our nonprofit audit busy season comes to a close, we thought it would be helpful to summarize some common issues and questions that we encounter. What are the keys to having a smooth audit? We […]

IRS Announces 2019 Retirement Plan Cost of Living Adjustments and Work Plan

Wednesday, February 20, 2019

The IRS has announced cost of living adjustments (COLA) applicable to qualified plans along with the issues on which they will be focusing in plan examinations during the coming year. The limit on elective deferrals to both 401(k), 403(b), and 457 plans will increase from $18,500 to $19,000. Catch-up contributions will remain limited to $6,000. The […]

IRS Provides Interim Guidance on UBTI Calculation for Separate Trades or Businesses

Wednesday, September 12, 2018

The 2017 Tax Cuts and Jobs Act (TCJA) established § 512(a)(6), which requires any exempt organization with more than one unrelated trade or business to calculate unrelated business taxable income (UBTI) separately with respect to each such trade or business. In enacting § 512(a)(6), Congress did not provide criteria for determining how to identify separate […]

How to make the most of Board Governance for Nonprofit Organizations

Wednesday, September 12, 2018

In our large nonprofit audit and tax practice, we have the opportunity to interact with all types and sizes of boards of directors overseeing the operations of our clients. We sometimes are asked to comment about best practices for boards based on what we see in the sector and we thought it might be a […]

403(b) Plans: Sponsors Should be Aware of the Details of their Plan Contracts

Wednesday, September 12, 2018

A recent survey of 250 nonprofit plan sponsors by the Plan Sponsor Council of America (PSCA) revealed that many sponsors are unaware of the how their plans are structured with respect to fees, which could leave them open to fiduciary liability. The key findings of the survey are as follows: One-third of respondents are unsure […]