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NJ Accounting, Tax & Business Consulting Articles

05 Oct

Inspiring Culture and Influencing Engagement Within the Workplace

Engaged employees will go above and beyond what they are asked to complete. While engaged employees take business to new heights, getting employees engaged can be challenging. In an article from Inc., author Adam Fridman writes, “More than 85% of workers worldwide, and more than 65% of American workers, report feeling disengaged at work, according […]

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05 Oct

Upcoming Changes to Not for Profit Financial Statements

You have probably heard by now that there’s an update just around the corner regarding the presentation of not-for-profit financial statements. FASB has issued ASU 2016-14, as an update to the current not-for-profit financial statement model with hopes to improve net asset classification, information shown in financial statements and disclosures, and how not-for-profits tell their […]

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03 Oct

Knowing Whether Income is Sponsorship or Advertising

Do you know if corporate sponsorships are taxable or what activities are considered advertising? Like many not-for-profits your organization may supplement its usual income-producing activities with sponsorships or advertising programs. Although your nonprofit is allowed to receive payment they are subject to unrelated business income tax (UBIT) unless the activities involved are substantially related to […]

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02 Oct

Dollars and Sense – Get the Most Out of Noncash Contributions

Donated services and noncash contributions (also referred to as in-kind contributions or gifts in kind) are critical to many nonprofits’ sustainability. But some organizations fail to properly document and report these valuable gifts. It’s important to understand the rules and implement a written policy for handling noncash contributions. Rules for Professional Services Contributed services are […]

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28 Sep

SMBs Spend 120 Hours Per Year on Admin Tasks and Bookkeeping

Administrative tasks may seem small compared to corporate meetings, but they are just as important to a company’s success.  How much time does your business spend on administrative tasks? According to an article from CPA Practice Advisor, “Small businesses currently spend an average of 120 working-days per year on administrative tasks, accounting for approximately 5% […]

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21 Sep

5 Tips to Protect Your Business When Dealing with Payments

With the rise of technology, a new state of commerce has emerged. “Card-not-present” transactions might pose a threat for your business. Protecting your business by not falling victim to fraud is becoming harder than ever before. In an article from Entrepreneur, author John Canfield writes, “There are also situations emerging on these newer online platforms […]

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19 Sep

Audits of Nonprofit Organizations: Why conduct one when it is not always required?

Instances When Audits are Required Before we discuss why an organization would want to conduct an audit when one is not required, let’s first talk about some of the instances where an audit may be required for a nonprofit organization: Federal, state, and local governments may request a copy of the organization’s audited financial statements. […]

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