Although many private golf and country clubs turned a corner in 2016 and began to attract more members, overall membership and revenue have still not recovered the ground they lost since the onset of the Great Recession. The economic downturn accelerated demographic and lifestyle factors that were already impacting clubs.
Fox Business recently ran an article on a creative way non-for-profit universities have been raising funds. (See the article here). As a basic summary, universities have started renting out dorm rooms to people in order to raise additional funds to support the university. These creative ways to raise additional revenues come as enrollment numbers and state financing have been declining. With these creative fund raising ideas, non-for-profits need to be aware of unrelated business income and what effects these rules could have on their non-for-profit.
President Trump signed the Promoting Free Speech and Religious Liberty Executive Order on May 4, 2017. This Executive Order requests that the Treasury and IRS no longer enforce the Johnson Amendment, which does not allow 501(c)(3) tax exempt organizations to engage in certain types of political activities.
For tax year 2014, there were 43,965,083 individual tax returns filed that itemized deductions on Schedule A. The total amount of itemized deductions in 2014 were $1,206,705,085. Deductions relating to charitable cash contributions were $155,455,063 and other than cash contributions were $65,330,485.
Effective January 22, 2017, employers must use the revised form I-9, Employment Eligibility Verification Form.
U.S. District Judge Amos Mazzant, a federal judge in Texas, granted a preliminary injunction blocking the U.S. Department of Labor (DOL) from implementing a controversial rule expanding overtime protection under the Fair Labor Standards Act on Tuesday Nov. 22, 2016.
December and January are undoubtedly busy times for businesses with closing out their calendar years, gathering documentation for their accountants, tax preparers, and auditors, and filing wage and income information returns to taxing authorities for their employees and contractors. Unfortunately, adding to this year’s stress and complexities are some accelerated due dates for certain information returns. Below are those changes and some important reminders.
The Labor Department has issued a rule that doubles the salary threshold for overtime exemption, effective Dec. 1. This is a big change for business owners and workers alike. But why? And how big? Here’s an explanation.
What’s an overtime exemption? Is it good or bad?
It depends on which side of the payroll you’re on. Employers, generally speaking, like their workers “exempt.” Workers, by and large, prefer to be “nonexempt.” This is because to be “nonexempt” means to be protected under the minimum wage and overtime provisions of the Fair Labor Standards Act. Workers who are “nonexempt” are entitled to be paid a certain minimum wage (currently $7.25 per hour nationwide, but higher than that in most states), and are also entitled to be paid time-and-a-half for any time spent working beyond 40 hours in a week.
Many companies may need to file Form 2290 - Heavy Highway Vehicle Use Tax for registered vehicles with a taxable gross weight of 55,000 pounds or more. This return is filed for the upcoming year of July 1, 2016- June 30, 2017 and is due August 31, 2016.
The Financial Accounting Standards Board (FASB) has been working on refreshing the financial reporting model for nonprofit organizations for some time. The FASB first announced the nonprofit reporting project in November 2011. The FASB issued an exposure draft of the pending accounting standard update in April 2015, Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities. Comments on the exposure draft of the standard were due back in August 2015. The FASB received hundreds of comment letters from practitioners and nonprofit organizations providing feedback and criticism on various aspects of the proposed standard.
Because of the responses received, the FASB decided to divide its redeliberations of the proposed standard into two workstreams. The first workstream would be to finalize aspects of the standards that are not dependent on other projects and are improvements the FASB could finalize in the new term. The second workstream would be to reconsider changes that are likely to require more time to resolve because of the criticism and alternative suggestions made by stakeholders.