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February 2024 News for Nonprofits

Why Nonprofit Lobbying has Fallen A new report from Independent Sector shows that nonprofit engagement in advocacy and lobbying has dropped off significantly over the past two decades. Just 31% of nonprofits surveyed report pursuing such activities over the last five years — less than half the percentage that did so in 2000.  Moreover, back

Don’t Forget About Corporate Matching Programs

Raising money is an ongoing part of every nonprofit organization’s existence. One way to consistently receive funds is through corporate matching gift programs. This is an easy way for corporations and their employees to support charitable interests. Let’s look at what your organization needs to do to take advantage of these donations. By the Numbers

SECURE 2.0 : What You Need to Know About Qualified Charitable Distributions

Qualified charitable distributions (QCDs) have been a beneficial option for both donors and nonprofits for some time. But changes made in the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Actcould make QCDs more appealing to potential donors and create additional opportunities for organizations. Understanding QCDs QCDs were first established by the Pension Protection

Could Your Nonprofit Lose Its Property Tax Exemption?

A Pennsylvania state court revoked a nonprofit hospital’s property tax exemption in a lawsuit filed by a local school district. The court’s ruling in Pottstown School District v. Montgomery County Board of Assessment Appeals turned primarily on its finding that the hospital failed to show that it operated without a profit motive. Although the case

How Accounting Expertise Can Add Value to Your Business

Accounting has traditionally been focused on historical data and compliance for regulatory and lending purposes. However, it’s now at the center of strategic decisions and value creation. Here are ways that your Hood & Strong team can help management make better-informed decisions, as well as recognize inefficiencies and opportunities to pivot or improve performance. Leveraging

Should Your Business Consider Going Cashless?

While some businesses prefer the immediacy of cash payments, there may be valid reasons for certain businesses to stop accepting cash payments from customers. Here’s an analysis of recent payment trends and reasons why some businesses have decided to go cashless. Recent trends During the COVID-19 pandemic, U.S. consumers began favoring credit and debit cards

Evaluating Financial Restatements Today

Restatements may raise red flags with investors, lenders and other financial statement users. After reporting an “unprecedented spike” in restatements in 2021, Audit Analytics, an independent accounting research firm, revealed that total restatements declined by 69% in 2022. Here’s an overview of the methods that companies use to correct errors and misstatements in prior periods,

2024 Tax Calendar

To help you make sure you don’t miss any important 2024 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review and reach out to your H&S tax advisor if you have any questions about the deadlines or need assistance in meeting them. Date Deadline for January

New Year and New Laws Regarding Retirement Accounts and Tax-Free Savings

Written by George Paulsen, Hood & Strong Tax and Advisory Partner In my last year-end tax planning article for this newsletter, I discussed the issues with gifting and the individual gift limits for 2023, along with tax planning suggestions. The calendar has turned and the gifting limits for 2024 are up $1,000, to $18,000 per individual

Audit Oversight in 2024

Directors share strategies on coping with heightened responsibilities and shifting priorities as an aggressive regulatory environment and emerging risks ramp up the pressure on audit committees.

The Clock is Ticking: Don’t Let Your GST Exemption Go to Waste

Importance of using generation-skipping tax exemption before amounts decrease in 2025, even if it means paying gift tax today.

Businesses: Do You Have to Comply With the New Corporate Transparency Reporting Rules?

Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will be required to provide information related to their “beneficial owners” — the individuals who ultimately own or control the company — to the Financial Crimes Enforcement Network (FinCEN).