403(b) Plans: The IRS Changes the User Fees for Voluntary Compliance

Wednesday, June 13, 2018

On January 2 of this year, the IRS published Revenue Procedure 2018-4 (Procedure), which outlined new fees for Voluntary Compliance Program (VCP) submissions to correct plan errors. Prior to the new Procedure, fees were based on participant count, with a scale ranging from $750 for plans with less than twenty participants, to $25,000 for plans […]

Have You Analyzed the Impact of the New Accounting Guidance on Your Organization?

Wednesday, June 13, 2018

Regular readers of the Nonprofit Advisor will be aware of the variety of new and amended accounting rules that will affect nonprofit organizations in the coming years. The sector is facing a flurry of significant new guidance that will require thoughtful evaluation to ensure smooth adoption by affected organizations. The three most significant accounting changes […]

Tax Reform Requires New Calculations for UBTI

Monday, February 19, 2018

The recently enacted tax reform bill changes how exempt organizations must calculate unrelated business taxable income (UBTI) and how that income will be taxed. These changes will have wide-reaching effects. According to the National Center for Charitable Statistics, public charities reported over $1.74 trillion in total revenues in 2013, 72% of which was earned. These […]

403(b) Plans: Required Nondiscrimination Testing

Monday, February 19, 2018

One of the benefits of a qualified Section 403(b) retirement plan is that elective deferrals are not subject to nondiscrimination testing. All employer contributions, on the other hand, must demonstrate that contributions do not discriminate in favor of highly compensated employees (HCE). To test for nondiscrimination, contributions or benefits (divided into pay) of the highly […]

Fraud: A Nonprofit’s Nightmare

Monday, February 19, 2018

Nonprofit organizations provide needed services to the public while operating under a charitable mission and yet are still at risk for fraud from employees. This risk can be more extensive with nonprofit organizations than with other companies because of limited staffing and the necessity of having employees who perform multiple roles. The Association of Certified […]