Summer 2010
Posted August 19, 2010
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In this issue:
Increasing demand for services and reduced funding makes not-for-profits good candidates for the “Hire Now Tax Cut,” the centerpiece of the Hiring Incentives to Restore Employment (HIRE) Act. The $13 billion provision rewards employers — including not-for profits — that hire workers who have been unemployed for two months or more.
Not-for-profits often come up short when it comes to covering the full cost of providing services that are funded by government grants, according to a new report from the Government Accountability Office (GAO). This gap puts tremendous financial strain on organizations and threatens their ability to effectively deliver much-needed programs.
There is no better spokesperson than a satisfied customer. With this in mind, Clifton Gunderson has asked clients from every industry to comment on the professional services they receive. Those comments are now collected in our Case Studies Library. Visitors can browse the Case Studies library by service or by industry, and print, download or share client comments with others.
With the signing of the Patient Protection and Affordable Care Act, not-for-profit hospitals are now faced with a new layer of reporting requirements that must be fulfilled to maintain tax-exempt status.
Smaller not-for-profit organizations may benefit from health care tax credits that initially appear to be reserved only for small for-profit businesses. This means that organizations with the financial resources to pay for employee health care coverage may be able to recover part of the cost through a federal tax credit.
The IRS Tax Exempt and Governmental Entities Division has announced it will conduct approximately 500 random audits of not-for-profits under a new National Research Program initiative. The goal: gauge the degree of compliance with employment tax regulations.
The American Jobs and Closing Loopholes Act, which is currently stalled in Congress, would extend two provisions of interest to not-for-profit organizations.
Changing tax laws have a direct impact on your business and personal success. The resources on our new Tax Legislation page support our ongoing effort to keep you informed of important tax news, so you can develop more effective tax strategies. Visit our new Tax Legislation page regularly for updates on the latest legislative action, along with analysis and insight on what it means to you.
