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The kiddie tax could affect your children until they’re young adults

The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much lower rates that a child would otherwise pay. For purposes of this federal income tax provision, a “child” can be up to 23 years old. […]

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Joining forces with another nonprofit

A merger may seem like something that happens in the corporate world, where companies often combine to expand sales territory, gain competitive advantages and boost profits. But, in fact, mergers between not-for-profit organizations can offer similar advantages, including greater financial resilience and lower expenses. Over the past several years — particularly since the beginning of

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Financial statements at a glance

Financial statements tell investors information about an organization’s financial performance, helping to ensure corporate transparency and accountability. But they can also be used internally to help management make strategic decisions, improve upon past results and add value. There are three parts to comprehensive financial reporting under U.S. Generally Accepted Accounting Principles (GAAP) — each with

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Trust and internal controls can coexist in your nonprofit

Within a period of just a month, a Minnesota woman was charged with skimming more than $300,000 from her animal rescue charity, a Florida man was charged with multiple felonies for running several charities for his personal benefit, and a New York man was sentenced to 18 months in prison for defrauding his trade association employer. Not-for-profit

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Nonprofits: Outsourcing HR could save time and money

Employers that outsource HR are no longer outliers. Approximately one-third of U.S. employers outsource at least one HR function, according to software company ZipDo. And for good reason: Many HR responsibilities, such as benefits administration and recruiting, have recently become more complex and specialized. If your nonprofit’s HR staff is still trying to do everything

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Nonprofits: Special events call for tax planning

Tax reporting may be the last thing on your mind when planning a special fundraising event. But your not-for-profit should carefully track revenues and expenses and retain related documentation now to facilitate the reporting process later. Pay attention to the following issues. What to report Tax reporting for an event may require different — and more —

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