Malloy, Lynch, Bienvenue, LLP Certified Public Accountants & Advisors 99 Lon b"vatcr Circl e. Suite 200. No r we ll . MA 02061 Te lephone (78 1) 871 -5850 Fax (781) 87 1-5840 9 Baystatc COtl rt, Brewster, MA 0263 1 Te le ph one (508) 255-2240 Fax (508) 255 -235 1 Intcmcl: www. ml bcpa.nct Malloy, Lynch, Bienvenue, LLP is a local finn with offices in Norwell and Brewster, Massachusetts providing quality, professional and timely service to clients in Massachusetts for over thirty years. We have substantial experience working with governmental, commercial, and non-profit entities, including performance of Single Audits, providing specialized tax services to non-profit entities, compiling Uniform Financial Reports, performing special engagements such as closing of ledgers, forensic examinations, internal control and departmental reviews and designing indirect cost allocation plans, to list some of our work. We offer highly qualified auditing professionals among our principals and staff that will provide a continuity of service to our clients over the years and who are always available to respond to and assist you as needed. Our firm is a member of the American Institute of Certified Public Accountant's Government Audit Quality Center, which demonstrates our commitment to audit quality of governmental audits, including single audits, and financial statement audits, of both government and not-for-profit organizations. As members of the audit quality center we are required to maintain an extensive internal system of quality review and also participate in an external review program. Our firm has been reviewed under the American Institute of Certified Public Accountants Quality Review Program and received an unqualified "(c lean)" opinion. The following is an overview of our non-profit/municipal services: MLB has a thriving and dynamic municipal and non-profit accounting, auditing and consulting practice. Our continued success in the public sector has been a direct result of delivering results and of delivering our services in an efficient and cost effective manner utilizing the following core values: Experience and Knowledge - our principals and staff are among the most knowledgeable public sector accountants and advisors around. Our knowledge base goes back to the beginning of private municipal auditing in Massachusetts and is continuously updated through ongoing training and engagements. This knowledge is supported by dozens of years of experience in applying our knowledge and craft. Team approach - MLB utilizes a team approach to completing engagements resulting in a continuity of service, diverse experience and efficient and timely service. Our engagement teams are readily available to assist our clients as needed throughout the year. Partner participation - A firm principal is significantly involved in every engagement providing accessibility and availability with firm decision makers, enhanced quality of work, and timely resolution of questions and issues that arise. Quality and process - MLB delivers the highest quality service around. Our engagements a re thorough and comprehensive. All reports, findings and comments are well supported, sourced and deliver value to your organization. To achieve this, MLB utilizes superior engagement and management procedures, including proprietary practice aides for municipal and non-profit orga ni zations. Our engagement process has been built and perfected over the years based upon our experience and is continuously re-engineered to ensure the latest emerging issues and best practices are considered - before you need to know them.
Timothy Bell COA of Malloy, Lynch, Bienvenue, LLP talks about recent tax changes for Nonprofit Organizations in Massachusetts
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Malloy, Lynch, Bienvenue, LLP Certified Public Accountants & Advisors
99 Lonb"vatcr Circle. Suite 200. Norwell . MA 02061 Telephone (78 1) 871 -5850 Fax (78 1) 87 1-5840
9 Baystatc COtlrt, Brewster, MA 0263 1
Telephone (508) 255-2240 Fax (508) 255 -235 1
Intcmcl: www. mlbcpa.nct
Malloy, Lynch, Bienvenue, LLP is a loca l finn with offices in Norwell and Brewster, Massachusetts providing quality, professional and timely service to clients in Massachusetts for over thirty years. We have substantial experience working with governmental, commercial , and non-profit entities, including performance of Single Audits, providing specialized tax services to non-profit entities, compiling Uniform Financial Reports, performing special engagements such as closing of ledgers, forensic examinations, internal control and departmental reviews and designing indirect cost allocation plans, to list some of our work. We offer highly qualified auditing professionals among our principals and staff that will provide a continuity of service to our clients over the years and who are always available to respond to and assist you as needed.
Our firm is a member of the American Institute of Certified Public Accountant's Government Audit Quality Center, which demonstrates our commitment to audit quality of governmental audits, including single audits, and financial statement audits, of both government and not-for-profit organizations. As members of the audit quality center we are required to maintain an extensive internal system of quality review and also participate in an external review program. Our firm has been reviewed under the American Institute of Certified Public Accountants Quality Review Program and received an unqualified "(clean)" opinion.
The following is an overview of our non-profit/municipal services:
MLB has a thriving and dynamic municipal and non-profit accounting, auditing and consulting practice. Our continued success in the public sector has been a direct result of delivering results and of delivering our services in an efficient and cost effective manner utilizing the following core values:
Experience and Knowledge - our principals and staff are among the most knowledgeable public sector accountants and advisors around. Our knowledge base goes back to the beginning of private municipal auditing in Massachusetts and is continuously updated through ongoing training and engagements. This knowledge is supported by dozens of years of experience in applying our knowledge and craft.
Team approach - MLB utilizes a team approach to completing engagements resulting in a continuity of service, diverse experience and efficient and timely service. Our engagement teams are readily available to assist our clients as needed throughout the year.
Partner participation - A firm principal is significantly involved in every engagement providing accessibility and availability with firm decisi on makers, enhanced quality of work, and timely resolution of questions and issues that arise.
Quality and process - MLB delivers the highest quality service around. Our engagements are thorough and comprehensive. All reports, findings and comments are well supported, sourced and deliver value to your organization. To achieve this, MLB utilizes superior engagement and management procedures, including proprietary practice aides for municipal and non-profit organizations. Our engagement process has been built and perfected over the years based upon our experience and is continuously re-engineered to ensure the latest emerging issues and best practices are considered - before you need to know them.
Effective for liscal years ending on or after 12/3111 0 organizations with gross support and revenue with $5,000 or less will be exempt from filing Form 990 or Form 990 EZ
Initial Registration Requirements
On or after III / II public charities reg istering for the first time must submit a $ 100 one-time initial registration fee
The NOll-Profit Toolbox - Recent Tax Changes
Presented by Timolhy Bell , CPA, eVA
IRA Charitable Rollover
)
• Allows donors over age 70 y, to exc lude from taxable income any IRA funds up to $ I 00,000 that have been withdrawn and transfened to a charity
• The IRA Charitable Rollover is extended through December 31,2011
The donor may elect the treat any qualified IRA Charitable Rollover made in January 2011 to be treated as made in 2010
FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes: An Interpretation of FASB Statement No. 109 (ASe 740)
• Purpose: To provide guidance and clari fi cation regarding the evaluation of unccr1ain tax positions and calculation and disclosure of reserves for uncertain tax positions
• Result : For non-profit enti ties more confusion
The Non·Profi l Toolbox - Reccnl 'fax Changes
Prc~ented by Timothy Dell , CPA. eVA
II1II Malloy, Ly n~h , D ill n vellu~. LLP
IIiIiI C"rll/vri 1',Jllk .~ r"""''''''''1J If A.MJ'tJu "'_.I11II.o'1'ul(\
What's FIN 48 got to do with Form 990
What are some concerns regarding Uncertain Tax Positions?
• Revocation of exempt status
• Net earnings inures to an individual
• Unrelated Business Income Tax (Form 990-T)
• Extended Fund Raising Activity or Event
• Substantial Lobbying
Par1icipate or intervene in any political campaign
The Non-Profit Toolbox - Recent Ta.x Changt!s
Presented by Ti lll o lh y Be ll , CPA, eVA
" U'IJ'UY, Lynch, Bienvenue, LLP
o:.l CertilJRdPublic Accountants & Advisors
,
4
What's FIN 48 got to do with Form 990
In summary:
• If your organization has compiled, reviewed or audited financial statements, it shou ld have a disclosure that it has evaluated its tax positions and whether or not there is a need for income tax provIsIOn
'J'hc Non-Prolit Too lbox - Half-DRY Mini-ConlCrence
Recent Tux Cilangcs - Presented March 22 , 2011
Small Employer Health Insurance Credit
Eligibility_ Rules
Empl oyer must cover at least 50% of the cost of health care coverage
Employer must have less than the equivalent of25 full-time workers
Average annual wages must be less than $50,000
Amount of Credit
Up to 25% of the cost of health care premiums
On 1/ 1/ 14 the credit rate increases to 35%
There are Limitations
The Non-ProJit loolbox - I'I<lIf-Oay Mini -Conferenec