Restaurant thrives by teaming up with nonprofit
An organization’s ability to turn on a dime and creatively adapt to changes in circumstances is critical these days. A New Jersey nonprofit called Be Awesome to Somebody demonstrated this during the COVID-19 pandemic.
Continue reading Newsbytes
As the COVID-19 crisis intensified earlier this year, pop singer Ariana Grande began taking to Twitter every week to share a list of organizations she was supporting to help provide relief to those hit hard. As a result, organizations such as The Bail Project, Fund for Families and The Mental Health Fund saw a significant jump in contributions and new donors.
Continue reading Influencer marketing comes to nonprofits
When bringing back workers, follow the rules
Part of your nonprofit’s entrance into the “new normal” nonprofit world may involve rehiring workers — and perhaps hiring some new replacements. For tax obligation purposes, you’ll be required to classify those workers as employees or independent contractors (ICs).
Continue reading Classifying workers as employees or independent contractors
The COVID-19 pandemic, waves of civil unrest and rocky economic times have led to a tsunami of external and internal forces for which many nonprofits have found themselves unprepared. Organizations are struggling to continue serving their constituencies while keeping their employees safe and doors open to the extent permitted, all under the shadow of questions about funding. Continue reading 5 planning strategies in uncertain times
Dear Clients,
BJHC is committed to providing exceptional accounting and tax services while keeping you and our staff safe. We continue to closely monitor the COVID-19 situation with the guidance and advice from relevant authorities, including the Federal and State government entities, the Centers for Disease Control and Prevention, and the World Health Organization.
The safety and health of our clients and staff (and their families) is at the forefront of our decision making. Last week we made the firm decision to eliminate all face-to-face client appointments and meetings. Beginning today, we have decided to temporarily close our Topsfield office. This temporary closure will assist in the recommended social distancing.
Our office staff will remotely continue to work during this office closure. Our staff have remote access to our secure Client Portal, SmartVault, as well as email and USPS communication. Income tax preparation and accounting work will continue throughout this closure; though only on a remote basis. Voicemail messaging will be monitored frequently.
We encourage our clients to use electronic means to transfer data – email, SmartVault, and DropBox. We will also continue to receive mail; though not on a daily basis. USPS method of communication and transfer of your tax documents should always be done using certified mail, return receipt. Both SmartVault and DropBox have an extreme level of safety and encryption.
If you wish to transmit your information through SmartVault, but do not have instructions on that process, please contact us and we will forward you instructions. Your completed tax filings will be uploaded to SmartVault, as well as mailed directly to you.
Though there has been no official word yet, we anticipate the Federal and state filing season will be extended for a period of time this year. As that extended date is made available to us, we will inform our clients.
This was a challenging decision for our office however, we believe it is in the best interest of all our clients and staff. We will continue to monitor the situation with guidance from authorities. We will contact you when the decision has been made to resume normal business office hours.
The Partners and staff at BJHC, PC.
Giving to donor-advised funds jumps
The National Philanthropic Trust (NPT), the largest U.S. donor-advised fund (DAF) sponsor, has some good news about grants to nonprofits from DAFs. It reports a 39% increase in the dollar amount of such grants made from its sponsored funds in fiscal year 2019, for a total of $1.39 billion. That represents a 28% increase in the number of grants made over the previous year. The jump aligns with reports from other DAF sponsors. Fidelity, for example, reported a 48% increase in grantmaking from DAFs in the first half of 2019. And Schwab said it experienced a 33% increase in the dollars granted from DAFs in fiscal 2018.
Continue reading Newsbits
The Tax Cuts and Jobs Act (TCJA) included several provisions of interest to nonprofits, including one that dramatically altered the treatment of so-called “qualified transportation fringes” (QTFs). With the new rules now in place for a full tax year and IRS guidance issued, some organizations may need to learn how the latest revisions are likely to affect their bottom lines.
Continue reading The tax side of transportation benefits: Are you up to speed?
How to handle financial reporting for two
So, you’ve recently joined forces with another entity to boost efficiency, save money and better serve your constituencies. Sounds like a smart move. But does your accounting staff know how to report the activities of the two organizations? Much will depend on the nature of your new relationship.
Continue reading Teaming Up
For-profit businesses aren’t the only organizations that can find themselves in need of a loan. Nonprofits also may land in situations that call for relatively quick cash. If your organization is in such a spot, consider the decision to borrow carefully. Continue reading Look before you leap: Key considerations when seeking loans
Giving study yields disappointing results
A new study based on data gathered over 15 years from more than 9,000 U.S. families offers an in-depth look into charitable giving during that period — and it includes some discouraging data. The Philanthropy Panel Study is conducted every two years by the Indiana University Lilly Family School of Philanthropy and the University of Michigan Institute for Social Research. Continue reading Newsbits
