News
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Partner Spotlight: Jorge Servin on the New Petaluma River Park
- June 30, 2022
- Posted by: Hood & Strong
- Category: H&S Perspectives
No CommentsWhen he’s not busy lending his expertise to the firm's not-for-profit clients, Hood & Strong Assurance and Advisory Partner Jorge Servin serves on the board of the Petaluma River Park Foundation, the non-profit responsible for the new world-class public park taking shape in the heart of downtown Petaluma. Jorge and the Foundation’s executive director, Seair Lorentz, were -
News for Nonprofits: June/July 2022
- June 27, 2022
- Posted by: Hood & Strong
- Category: Nonprofits
How Federal Legislation May Affect DAF Distribution Timelines A bipartisan group of legislators has introduced the Accelerating Charitable Efforts (ACE) Act in the U.S. House of Representatives. The ACE Act mirrors a bill introduced in the Senate in June 2021. It would create two new types of donor-advised funds (DAFs) — 15-year (or qualified) and
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Have a Little Faith
- June 27, 2022
- Posted by: Hood & Strong
- Category: Nonprofits
IRS and Fraud Concerns for Faith-based Nonprofits Religious congregations must comply with IRS rules and federal and state laws. But because they don’t have to file income tax returns, some fail to engage independent financial experts. Without that oversight, congregation leaders may not know all the requirements to which they’re subject and internal controls could
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Giving Circles Surge in Popularity
- June 27, 2022
- Posted by: Hood & Strong
- Category: Nonprofits
What It Means for Nonprofits According to the Dorothy A. Johnson Center for Philanthropy, giving circles have tripled in number since 2007, to about 1,600 groups with more than 46,000 members in the United States. With almost $1.3 billion in grants already made by giving circles, your nonprofit should ensure it’s on the circles’ radar.
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Ready for the New Gifts-In-Kind Reporting Requirements?
- June 27, 2022
- Posted by: Hood & Strong
- Category: Nonprofits
The Financial Accounting Standards Board (FASB) has new rules for how nonprofits that follow Generally Accepted Accounting Principles (GAAP) must report and value “nonfinancial assistance” — commonly known as gifts in kind. The changes are effective for annual periods beginning after June 15, 2021, and interim periods within annual periods beginning after June 15, 2022.
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The Power of Data Analytics in Private Equity
- June 21, 2022
- Posted by: Hood & Strong
- Category: Audit & Assurance
Portfolio company data can be useful in numerous ways to private equity-backed CFOs looking to create lasting value for their organizations by turning insights into actionable results.
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Reminder – S Corporation Shareholder Basis Reporting Requirements Must Not Go Overlooked
- June 20, 2022
- Posted by: RSM US LLP
- Category: Tax
How will the new Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations, impact tax filings for family offices and other taxpayers?
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Fed Announces Largest Rate Hike in Nearly Three Decades as It Seeks to Restore Price Stability
- June 15, 2022
- Posted by: RSM US LLP
- Category: Audit & Assurance
The Federal Reserve lifted its federal funds policy rate to a range between 1.5% and 1.75% on Wednesday as it moves to restore price stability over the medium term.
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Standard Business Mileage Rate Will Increase for Second Half of 2022
- June 14, 2022
- Posted by: Hood & Strong
- Category: Tax
The IRS recently announced that it will increase the standard mileage rate for qualified business driving for the second half of 2022. The adjustment reflects the soaring cost of gasoline this year. In fact, as of June 13, the nationwide average price of regular unleaded gas was $5.01 a gallon, according to the AAA Gas
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Oops, You Overfunded Your 529 Plan
- June 9, 2022
- Posted by: Hood & Strong
- Category: Tax
Some might consider it a good problem to have: saving too much money for college. But if the money is held in a Section 529 college savings plan, there could be tax consequences to overfunding the account. The tax man giveth 529 plans are tax-advantaged accounts designed to help families save money for college education