If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles.
Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family will get to keep after taxes. Here are three IRA areas to understand:
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Nicole Riley, an Audit Senior Manager and one of the faces of the PKF Texas Not-for-Profit team. Nicole, welcome back to The Playbook.
Nicole: Thank you. Glad to be here.
Jen: You know, we’ve been covering topics relevant to not-for-profit organizations, and one thing I noticed that you’ve talked about with clients are the fiduciary responsibilities of a board member. Can you elaborate on that a little bit?
Nicole: A lot of board members don’t realize that they do have a fiduciary duty, and it’s really important that they understand that, because they could be held financially responsible for the financial harm they do to an organization.
Jen: Wow, interesting. So, are there certain steps that they need to be mindful of?
How well do you listen to your not-for-profit’s supporters on social media? If you don’t engage in “social listening,” your efforts may not be good enough.
This marketing communications strategy is popular with for-profit companies, but can just as easily help not-for-profits attract and retain donors, volunteers and members.
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here again with Nicole Riley, an Audit Senior Manager and one of the faces of the PKF Texas Not-for-Profit team. Nicole, welcome back to The Playbook.
Nicole: Thanks. Thanks for having me.
Jen: So, we’re touching on topics important to not-for-profits. Accounting departments and development departments are two really critical components of a not-for-profit organization. How do you facilitate cooperation between the two departments?
Nicole: As you mentioned, they really are critical components of an organization, and when they work together well it can really benefit an organization.
There was a full house at the PKF Texas office for our second not-for-profit seminar of the year, “2019 Accounting Updates and Changes for Not-for-Profits.” For this breakfast event, Audit Senior Manager and the face of PKF Texas’ not-for-profit team, Nicole Riley, CPA, CFE, discussed timely updates and changes organizations need to know.
Based on the number of SEC comment letters publicly published, the overall volume has been steadily decreasing for the last nine years. We looked at the most common issues raised in an SEC comment letter; the table below shows 10 of the top issues discussed in these letters over the past three years. It is important to note that, in many cases, more than one issue is mentioned.
The major topics in 2018 were similar to what we have seen in 2016 and 2017, with MD&A, the use of non-GAAP measures and fair value comments at the top of the list. There are, however, some new emerging trends SEC filers should consider:
Not-for-profits with multiple sources of support are generally less likely to have budget shortfalls and are better able to grow and expand their services. If you’re looking for new funding sources, consider cause marketing.
Made possible via a partnership with a for-profit business, cause marketing can boost your budget, your public profile and even your volunteer base.
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According to a July 1, 2019 Notice from the Office of Federal Financial Management, the 2019 Office of Management and Budget Compliance Supplement (2019 Compliance Supplement) is now available. It will replace the 2018 and 2017 Supplements and will apply to audits of fiscal years beginning after June 30, 2018.
The 2019 Compliance Supplement includes the following:
The IRS’s staffing shortages have been well publicized and audits of individuals have decreased in the past several years. But it’s a mistake to assume that the agency has stopped scrutinizing not-for-profits and conducting audits when it deems necessary. If your organization receives an IRS audit letter, you need to know what the process involves and how you can help resolve it as quickly as possible.
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.
Contact your trusted advisor to ensure you’re meeting all applicable deadlines and to learn more about the filing