Accounting & Tax Insights Blog

Not the “Gift” Development Officers Seek: The change that will affect all non-profit reporting

by Zinner & Co. | 9 Dec | Audit and Assurance Department, FASB, non-profit reporting

By Carl Blankschaen, CPA
Audit and Assurance Senior

If you are one of the countless professionals serving a non-profit institution, you have no doubt heard the buzz surrounding financial reporting and how all non-profit organizations will now have to make an adjustment in the way in which they report.

The Financial Accounting Standards Board (FASB) recently issued their exposure draft on Presentation of Financial Statements for Not-for-Profit Entities. This exposure draft will make drastic changes to the financial statements of all Non-Profit organizations, and will consequently require changes in the recording of accounting information throughout the year in order to prepare the financial statements at the end of the year. What does all this industry talk mean for your non-profit?

Zinner & Co. Announces Promotions

by Zinner & Co. | 25 Nov | Uncategorized

Robin L. Baum, CPA, Managing Partner, announced the promotions and appointments of seven of its staff:

Worker Classification: Avoiding a Costly Oversight

by Zinner & Co. Audit and Assurance Team | 24 Nov | Uncategorized

I recently had a discussion with a new client about their Executive Director’s worker status. I was surprised to learn that the organization wanted to classify him as an independent contractor instead of an employee. Because a position such as the Executive Director would fall into the IRS categories for employees instead of independent contractor,

I explained to them that there would be potential fines and penalties assessed for this classification. They could not believe they would be charged payroll taxes on his salary, as well as additional penalties. Because re-classifying him would save the organization thousands of dollars in potential taxes, fines, and penalties, I wanted to offer some guidance so that other organizations can avoid these worker classification pitfalls as well.

The IRS is always coming up with creative ways to generate revenue. One of their favorite methods is to look at organizations to see if they are improperly classifying workers as employees. To make sure your workers are all properly classified (and more importantly to avoid the tax consequences of misclassification), it is important to know the difference between an employee and an independent contractor.

By Robert O’Neil, CPA
Staff Accountant

How an ABLE Account Can Help Those with Disabilities

by Zinner & Co. | 22 Sep | Uncategorized

Good news and additional help for those with disabilities!

Updated Business Travel Expense Rates Take Effect October 1

by Zinner & Co. | 21 Sep | business travel expense, expenses, Taxes - Planning, Rules and Returns

With so many Americans conducting business outside their office, the recent IRS announcement of the 2015-2016 business travel expense rates will certainly impact many. In 2011 alone, American businesspeople took a total of 445 million trips for work-related matters, (source: NYTimes.com 05/03/12) and that figure grows steadily each year. business_travel