How Can You Improve the Atmosphere at Work?
The best companies to work for are those where people are grateful for what they have and express their gratitude toward each other whenever it is merited. On the other side are places where people feel entitled and complain when they don’t feel they get their due. So how do you get your business to…
Thinking of Merging? Know the Rules
If you are considering combining your organization with another nonprofit, you need to be familiar with current rules for business combinations. The key step in complying with the current rules – Accounting Standards Codification 958-805 that became effective for business combinations after Dec. 15, 2009 – is to determine if the combination is a merger…
Challenges of Property Valuation in a Depressed Market
It’s no secret that property values throughout the nation have been depressed in recent years. Declining real estate values bring interesting problems to the valuation process because we haven’t experienced them in our recent past. Property tax overvaluation problem The Atlanta Journal-Constitution recently published a series of investigative articles reporting that properties in Georgia are…
Low Interest Rates Make Refinancing Attractive
Mortgage rates are at near historic lows, so the question inevitably arises: Is it time to refinance your mortgage? Again? About 28 million homeowners should be asking themselves that question, according to Consumer Reports magazine. That’s how many of them are paying interest that is higher than today’s low rates. The consumer research organization gave…
Sign of the Times – Unemployed Need Not Apply
Believe it or not, employment ads by businesses and recruiters are increasingly showing up with phrases like these: No unemployed candidates will be considered. Applicants must be currently employed. While there is no hard data on the prevalence of such ads, a survey by the National Employment Law Project of heavily trafficked job sites, such…
Changes to Fair Value Disclosure Procedure Now in Effect
Not-for-profit entities will need to raise the bar when addressing fair value disclosures that need to be incorporated in financial statements. The Financial Accounting Standards Board issued new amendments to U.S. generally accepted accounting principles (GAAP) last May in the form of an update that amends literature currently being used by not-for-profit entities to properly…
Find More Tax-Exempt Information at New IRS Website
Three Internal Revenue Service online search sites that show the federal tax status of tax exempt organizations have been consolidated into one site by the IRS. The new Exempt Organizations Select Check allows taxpayers to go to one site to check if charitable organizations: Are eligible to receive tax-deductible charitable contributions (Publication 78 data) Have…
Tax Court Rules on Change of Accounting Method
The Tax Court has ruled that a company could not modify the purchase price allocations it had agreed to in connection with two asset acquisitions. In the case of Peco Foods Inc., et al. v. Commissioner (TC Memo 2012-18, Jan. 17, 2012), Peco Foods acquired two poultry processing plants: The Sebastopol plant in 1995 and…
Does Your Business Have Untapped Sources of Income?
While managing expenses is extremely important in this economy, it’s also critical to look at the other factor in the profitability equation – increasing revenues. Revenues drive your business, and your products and services drive your revenues. Most business owners started their companies because they had something other people were willing to pay money for….
Tax Court: What to Avoid with an FLP
A recent Tax Court decision presents a how-to list of steps to avoid when using a family limited partnership (FLP). Here is what happened. In 1984, Dr. Paul Liljestrand transferred various real estate assets to a revocable trust, and his son Robert took over management of the real estate. Dr. Liljestrand was the sole beneficiary…