Zinner & Co. Blog and Newsroom

Board Member's Fiduciary and Governance Responsibilities - Board Members' Series (Part 5)

Posted by Chris Valponi, CPA on Feb 19, 2019 6:38:00 AM

Part 5 of a 5 Part Series 

Can board members be held personally liable for actions of the organization? Yes!

Agreeing to sit on a board for a nonprofit is a great way to donate your time and expertise. However, it comes with a great deal of responsibility.

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Topics: non-profits, internal control, fundraising

IRS Issues Safe Harbor for First Year Depreciation of Passenger Cars

Posted by Zinner & Co. Tax Team on Feb 18, 2019 8:16:19 AM

The Treasury Department and the IRS have issued guidance that provides a safe harbor for calculating depreciation deductions from passenger vehicles that qualify for the 100% additional first year depreciation deduction.

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Topics: Taxes - Corporate & Business, income tax, Tax Cuts and Jobs Act of 2017

Board Member's Responsibilities with Financial Operations - Board Members' Series - (Part 4)

Posted by Simon Smucker, CPA on Feb 14, 2019 5:41:00 AM

Part 4 of a 5 Part Series

Not-for-profit boards have an important role in reviewing and approving the financial reports of the organization. In order to effectively evaluate the organization’s activities, plan for the future, and make decisions, financial reports are almost always on the agenda at board meetings.

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Topics: audits, non-profits, non-profit reporting, management advisory, Business - Management, Issues & Concerns

The IRS Plays Catch-Up

Posted by Zinner & Co. Tax Team on Feb 13, 2019 7:30:00 AM

First, a joke about catch up…

“Three tomatoes are walking down the street…papa tomato, mama tomato and baby tomato. Baby tomato starts lagging behind and papa tomato gets really angry, goes back and squishes him and yells… CATCH UP!!!!”

That joke isn’t going to get a lot of laughs at the IRS (alright, I admit it won’t get laughs anywhere else either) as they try to get caught up after the longest government shutdown in U.S. history. The shutdown, which lasted 35 days and affected the majority of the IRS’s workforce, has had a profound impact on an agency that had already been running very lean.

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Topics: income tax, IRS, Shutdown

Business Operations -Board Members' Series (Part 3)

Posted by Chris Valponi, CPA on Feb 12, 2019 7:09:00 AM

Part 3 of a 5 Part Series

An Organization’s management is charged with managing the day-to-day operations of the non-for-profit; however, this does not relieve Board Members from taking on certain oversight responsibilities.

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Topics: audits, non-profits, Business - Management, Issues & Concerns

IRS Establishes Safe Harbor for Real Estate Rental Businesses

Posted by Zinner & Co. Tax Team on Feb 11, 2019 7:40:17 AM

The IRS recently provided guidance to real estate investors regarding the Qualified Business Income (QBI) deduction under the Tax Cuts and Jobs Act (TCJA.) One of the weaknesses of the QBI provision of the TCJA was a lack of clarity in section 199A, which allows some taxpayers with pass-through businesses (e.g. LLCs and S-Corps,) to deduct 20% of their qualifying income.

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Topics: real estate, Tax Cuts and Jobs Act of 2017, Qualified Business Income

Zinner Supports Accelerate 2019

Posted by Zinner & Co. Non-Profit Team on Feb 7, 2019 11:31:20 AM

Zinner & Co. is pleased to support Accelerate, an event being held by long-time Zinner client, The Cleveland Leadership Center.

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Topics: non-profits, Firm news, Zinner News, Community

Risk Assessment and Internal Controls - Board Members' Series (Part 2)

Posted by Simon Smucker, CPA on Feb 6, 2019 3:34:00 PM
Part 2 of 5
 
In the current social and economic environment not-for-profit organizations face morerisk assessment internal controls for board members risks than ever before. One of the major responsibilities of the Board, as well as management, is to continuously assess the risks facing the Organization, both externally and internally.
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Topics: Audit and Assurance Department, non-profits

Board Member Involvement and Oversight - Board Members' Series (Part 1)

Posted by Chris Valponi, CPA on Feb 4, 2019 4:18:00 PM

Part 1 of a 5 Part Series

Do you ever wonder what challenges Board members are facing and how they are board member involvement and oversightdealing with those challenges? Zinner and Co. plays a key role in helping organizations and their management team to overcome a wide range of obstacles. Our unique position of working with multiple entities allows us to take our experience and apply it to you and your organization.

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Topics: Audit and Assurance Department, non-profits

10 Steps to Take to Get Ready for Tax Season

Posted by Barbara Theofilos, CPA, MBA on Feb 4, 2019 9:41:00 AM

This year’s tax season is going to be different. The new tax laws that took effect for 2018 represent the biggest changes to the tax code in over 30 years. So if you haven’t thought about preparing your taxes for 2018, you’ll want to get a jump on it.

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Topics: taxes, income tax, Tax Cuts and Jobs Act of 2017

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