January 2016

1099 Filing Reminder

Who should be issued 1099-MISC forms?

• Any individual, partnership, LLC or Trust to whom you paid $600 or more during the calendar year for services, rents, etc.  That includes, attorneys, architects, maintenance help, outside contractors, landlords ... anyone who performed a personal or professional type service, including us as an accounting firm.

• Any attorney who was paid $600 or more regardless of business structure.
  

To prepare the 1099s, you will need the name, Tax Identification Number, address and amount paid during the calendar year. Remember that the deadline for 1099s to be issued to recipients is January 31; forms must be filed with the government by February 28. Please let us know if you have any questions or need help with filing Forms 1099.

Controversial charitable donation rules withdrawn

Over a week ago, the IRS announced that it is withdrawing previously proposed regulations that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgements of charitable donations. This brief article from the Journal of Accountancy details the implications of the withdrawal.

Read more here.

40 Under 40: Young Leaders Who Are Solving the Problems of Today — and Tomorrow

The Chronicle of Philanthropy has selected leaders under the age of 40 who are blazing the trail in philanthropy and making a difference every day. 

Read more here.

Nonprofits Report Giving Boost for 2015

As nonprofits reflect back on 2015, it has been reported that 59% of nonprofits saw increased fundraising for the first half of 2015, up 7% from 2014. Additionally, more than half of respondents reported that major gifts increased in 2015. This article discuss more findings from last year. 

Read more here.

The 2016 Trends to Watch in Nonprofit Accounting 

As we welcome 2016, it’s important to note upcoming trends in the market.  This article discusses the focus on growth vs. sustainability, an increase in for-profit partnerships, the importance of collaboration, and the transformation of the accounting workforce as it relates to nonprofits. 

Read more here.