Insights

Tax Tip: If a business doesn't have a buy-sell agreement in place, heirs may face significant challenges when the owner dies.

Special events require an enormous amount of planning. So it’s understandable when nonprofit staffers push “tax compliance” to the bottom of their to-do lists. However, tax reporting for events may be different from and more difficult than what they’re used to reporting with other activities.

Navigate the upcoming tax filing season as an employer by making sure you comply with the federal information reporting requirements. Most forms are required to be electronically filed.

Federal agencies were required to adopt the U.S. Office of Management and Budget’s (OMB) latest revised Uniform Guidance (UG) by October 1, 2024. The revisions are being welcomed by many nonprofit organizations, due to the changes aim to help reduce the burden on recipients and sub-recipients of federal grants.

In a tight job market, where nonprofit organizations are competing with for-profit businesses for talent, it may be necessary to raise compensation. However, potential tax penalties can result if the IRS deems compensation more than reasonable

On December 12th MBK Senior Manager Mary Walsh and Tax Supervisors Olivia Calcasola and Elise Puza presented a special hybrid roundtable discussion with individuals and business leaders.

MBK ‘adopted’ two families of four and fulfilled their Christmas wish lists. Led by team leader, Olivia Calcasola, employees at MBK donated gifts for all family members and raised over $500. All together, the team was able to provide each child with multiple toys, clothes and shoes, and gifts for the parents!

This article discusses the importance of succession planning for every employee who’s considered indispensable and difficult to replace. It advises nonprofits to consider various departure scenarios and to groom potential successors using job shadowing and mentoring.