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E. Cohen & Company CPAs, Here Are Your Articles for Thursday, March 07, 2019
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Renew Tax Status or Risk Losing It, D.C. Warns Nonprofits

Thousands of Washington, D.C.-based nonprofits need to act soon to save their tax-exempt status, thanks to a new filing requirement that is catching the organizations by surprise. The potential need for an affirmation letter comes as the IRS is still trying to get out from under a backlog created by the 35-day government shutdown.

Counting What Counts: Why Social Accounting Matters

In today’s world, financial accounting implicitly and explicitly constrains how we approach resource allocation and policy decisions. Yet many other types of resources exist, such as intangible assets like knowledge, relationships, and reputation.

Everything You Need to Know About Claiming a Mileage Tax Deduction

If you drive to volunteer at your favorite nonprofit, that mileage is deductible as part of your charitable donations. The IRS allows volunteers to claim 14 cents per mile, but you have to be volunteering yourself. You can't, for example, be driving a child to a volunteer activity. There is no threshold requirement for claiming these miles.

Many Nonprofits Lack Financial Strength for Sustainable Growth

Almost half of nonprofits in the U.S. hope to expand their programs in the next two years, but many organizations may lack the financial strength to fuel sustainable growth. Maximizing impact in a sustainable way often comes down to making smart choices about which programs are right to fund.

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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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