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News
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News for Nonprofits – Winter 2019
- November 8, 2019
- Posted by: Hood & Strong
- Category: Nonprofits
No CommentsUneven nonprofit concentrations leave communities vulnerable Nonprofits often step in when governments can’t or won’t provide necessary services. But, according to an article in Governing, a magazine about state and local government, some locations have much stronger nonprofit support than others. For example, the top 10 metro areas have more than twice the number of nonprofits
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Returnships might fill your talent gap
- November 7, 2019
- Posted by: Hood & Strong
- Category: Nonprofits
In today’s tight job market, employers must innovate when it comes to filling their positions. A growing number of for-profit businesses — including such big names as Walmart, BP, Goldman Sachs and JP Morgan Chase & Co. — have found success with returnship programs. These arrangements also could provide welcome and valuable relief for nonprofits
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Gifts to donor-advised funds continue to bloom
- November 7, 2019
- Posted by: Hood & Strong
- Category: Nonprofits
Fully understand these popular gifts before acceptance. Donor-advised funds (DAFs) are flourishing, at a rate not observed before by fund followers. According to a 2018 report from the National Philanthropic Trust, “For the eighth consecutive year, there was growth in all key metrics: the number of individual donor-advised funds, total grant dollars from them, total
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Program service or supporting activity? Get your expense allocation right
- November 7, 2019
- Posted by: Hood & Strong
- Category: FASB, Nonprofits
The push for more transparency from nonprofits has placed a greater emphasis on how an organization’s expenses break down — in other words, how it uses its resources. In 2016, the Financial Accounting Standards Board (FASB) released a new rule that reflects this priority. While the rule has been in effect for almost two years,
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Year-End Tax Planning for Individuals and Businesses
- October 23, 2019
- Posted by: Hood & Strong
- Category: Uncategorized
Year-End Tax Planning Moves for Individuals Higher-income earners must be wary of the 3.8% surtax on certain unearned income. The surtax is 3.8% of the lesser of: (1) net investment income (NII), or (2) the excess of modified adjusted gross income (MAGI) over a threshold amount ($250,000 for joint filers or surviving spouses, $125,000 for
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The U.S. Department of Labor finalizes the new overtime rule
- October 23, 2019
- Posted by: Hood & Strong
- Category: DOL
The U.S. Department of Labor (DOL) has released the finalized rule on overtime exemptions for white-collar workers under the Fair Labor Standards Act. The rule updates the standard salary levels for the first time since 2004. While it is expected to expand the pool of nonexempt workers by more than 1 million, it’s also more
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Simplifying the rules for reporting income taxes
- October 23, 2019
- Posted by: Hood & Strong
- Category: FASB
For years, businesses have complained that the guidance under Accounting Standards Codification Topic 740, Income Taxes, includes many mechanical rules and exceptions. As a result, it often yields information that’s challenging for investors to understand. These complaints intensified with the sweeping changes brought forth under the Tax Cuts and Jobs Act. On September 4, the
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Effective dates: FASB proposes changes to standard-setting approach
- October 23, 2019
- Posted by: Hood & Strong
- Category: FASB
The Financial Accounting Standards Board (FASB) has proposed a historic change to its philosophy for establishing effective dates for major new accounting standards. Outcry from constituents indicates that small public companies and private entities generally need more time to adopt major changes to the accounting rules than larger public ones. Revised mindset Historically, the FASB
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Investors critical of expanded corporate purpose
- October 23, 2019
- Posted by: Hood & Strong
- Category: Uncategorized
In August, the Business Roundtable (BR) revised its statement of purpose. Its members decided that serving shareholders will no longer be the main purpose of their corporations. Instead, they’ve expanded the scope to include customers, employees, suppliers and communities. Here’s why investors are concerned about the shifting corporate mindset — and how it could potentially
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California makes big changes to worker classification
- September 25, 2019
- Posted by: Hood & Strong
- Category: Uncategorized
In what could spark a national trend, California Gov. Gavin Newsom has signed Assembly Bill 5, dramatically changing the rules for determining when workers are considered independent contractors rather than employees. The new law provides that workers are presumed to be employees unless the hiring entity meets a three-factor test, commonly known as the ‘ABC test’.