Nonprofit Blog

[[{"type":"media","view_mode":"media_large","fid":"2501","attributes":{"alt":"","class":"media-image","height":"167","style":"float: right; margin: 5px;","typeof":"foaf:Image","width":"250"}}]]Are you trying to decide whether to pursue a career in Tax or Audit, but neither one seems to be quite right for you? I was in the same position when I heard about a third option – Accounting and Advisory Services! What is it? Great question – keep reading to find out…

“I’m taking a sick day!” This familiar refrain usually is uttered with just cause, but not always. What if there were no sick days? No, we’re not suggesting employees be forced to work when they’re under the weather. Rather, many businesses are adopting a different paradigm when it comes to paid time off (PTO).[[{"type":"media","view_mode":"media_large","fid":"2491","attributes":{"alt":"","class":"media-image","height":"250","style":"float: right; margin: 10px;","typeof":"foaf:Image","width":"480"}}]]

As a result of its increased scrutiny of small captive insurance companies, the IRS outlined new disclosure requirements for micro-captive transactions last November. The original due date of the disclosure, included in IRS Notice 2016-66, was January 30, 2017. After receiving a significant amount of requests for an extension, the IRS recently issued Notice 2017-08, which extends the deadline for compliance with the information requirements to May 1, 2017. The deadline is the same for captive owners, insured businesses and material advisors who participate in “transactions of interest.”

Georgia’s Purchasing Managers Index (PMI) — a reading of economic activity in the state’s manufacturing sector — decreased by 3.6 points in January, to 52.0. Although a decrease, the Georgia PMI level remains consistent with economic expansion.

Georgia’s Purchasing Managers Index (PMI) — a reading of economic activity in the state’s manufacturing sector — decreased by 4.4 points in December, to 55.6 but remains above the national and southeast averages. The national PMI rises, finishing the year with its highest reading of 2016. Manufacturing continues to expand as the economy moves into the New Year.

The Internal Revenue Service (IRS) released proposed regulations that provide guidance for the nonqualified deferred compensation arrangements of tax-exempt organizations in June. The regulations, which have been anticipated by the industry since 2007, address the interplay between Internal Revenue Code Section 457 and Section 409A, which govern the nonqualified deferred compensation arrangements of all employers, including tax-exempt organizations. The newly proposed Section 457 regulations provide plan design opportunities specifically for tax-exempt employers, which could aid in the recruitment and retention of key executives.

Many companies report financial metrics that don’t conform to U.S. Generally Accepted Accounting Principles (GAAP), such as earnings before interest, taxes, depreciation and amortization (EBITDA), in their business plans and other promotional materials. These figures can sometimes cast a more favorable light on the borrower’s historic and prospective operations than the GAAP figures do. So, do your homework before banking on non-GAAP metrics.

A residential builder in a fast-developing area had seen his business grow substantially for the past few years. He hired more employees, expanded his fleet of equipment and even redesigned the signage on his job sites. One morning, his longtime bookkeeper asked to meet with him. She said she was glad to see him investing in the business but wondered whether he might turn his attention from the field to the office.

Once a project is underway, it’s easy to focus on other tasks rather than the actual numbers. But job cost reporting — the process of coding and allocating project expenses to track financial efficiency and profitability — is a mission-critical activity. Here are a few best practices to keep in mind.

Amid continuously increasing competition and growth within the restaurant industry, restaurant operators often find themselves actively searching for ways to boost average unit volume and same store sales. Offering gift cards has proven an effective strategy for attracting new customers and driving sales, as they’ve become an increasingly popular purchase for consumers. According to the NRF’s 2016 Mother’s Day Spending Survey, 43.2 percent of Americans said they planned to give a gift card for the holiday, averaging $2.2 billion.  Not only are gift cards convenient for both their purchasers and redeemers, but they essentially provide restaurants with free advertising via word-of-mouth and customer referrals.