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I often get asked during the preparation of tax returns whether a company can get a deduction for the charitable contribution of goods from inventory. The answer, as with everything else, "it depends". Typically, this occurs after the company has already either...read more
Sage Intacct Makes Significant Healthcare Enhancements – We have been eagerly awaiting the new Sage Intacct product updates, certification, and agreements that help organizations address Health Insurance Portability Accountability Act (HIPAA). The healthcare updates...read more
Mercator MedSystems CFO Steve Baker explains that the company has been around since December of 2000, but has been in the start-up phase all of its life. This poses some unique accounting challenges as the company generates the funding necessary to continue...read more
Document Retention Standards for California Nonprofits As legal counsel and a CPA, frequently I get asked about document retention standards for California Nonprofits. Standards vary from state to state. These retention standards are designed for California which has...read more
A recent and depressing story in the Nonprofit Quarterly reported that a New Hampshire drug abuse treatment center was in receivership and considering bankruptcy. A representative from the New Hampshire attorney general office, the article states, acknowledged that...read more
The new 21 percent tax rate for the C corporation is very attractive at first blush and you may wonder if this would be a better entity of choice. I have been getting these questions from some clients. The table below gives you a snapshot on how much you would pay in...read more
Why Smart CFO's Outsource Their Accounting Department - At Unalp CPA Group, we work with many companies that have CFO's who have decided that outsourcing best fits their emerging business or nonprofit. Many of these CFO's previously struggled with an accounting staff...read more
Fraud within Nonprofits Sadly Commonplace – Outsourcing Accounting Serves as a Strong Prevention Measure
This past weekend the Boston Globe published a story about a COO who embezzled approximately $108,000 over 18 months from his employer, a nonprofit serving the homeless. "The money he stole from us could have prevented 100 families from going homeless," the executive...read more
Lawmakers finally did it. First, they reduced the directly related and associated entertainment deductions to 80 percent with the 1986 Tax Reform Act. Later, in 1993, they reduced that 80 percent to 50 percent. And now, with the newest tax reform, lawmakers simply...read more
The new tax reform law includes winners and losers. Employers who for their convenience provided business meals for their employees are losers—50 percent losers to start and then total losers later. Meal costs that were 100 percent deductible for perhaps a half...read more
Interested in learning more about Outsourcing Your Accounting?