Knowledge and Insights: Newsletters

Bitcoin in Brief: The Mystery Unraveled

Many of us have overheard or joined discussions with friends and colleagues regarding bitcoin.  Perhaps you have skimmed articles discussing its potential as a commodity or its future demise as a widely-accepted form of digital currency.  Nevertheless, bitcoin continues to gain supporters and detractors based upon the perceived benefits and risks associated with its use.…

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Trending Now in the Nonprofit Sector

It’s difficult to recall another time period in recent history when nonprofit organizations faced such a preponderance of financial and operational challenges and new developments.  Every time you turn around, read an industry or news publication, or attend a professional conference or meeting, there’s a new concern or regulation nonprofits must take into account and…

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Are You Ready for TRID?

Effective October 3rd, 2015, creditors will be required to comply with the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosures Rule, also known as the TRID Rule. As with any new rule implementation, there are compliance challenges that come along with it. The TRID Rule will affect lenders, title companies, mortgage document software providers, and…

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Steep Penalties for Excess Benefit Transactions

In recent years, the IRS has increased its audits of not-for-profit organizations. One of the hot-button topics is asset protection, which includes monitoring private inurement and private benefit transactions by persons who control not-for-profit organizations or who are related in some manner. A nonprofit that is found to have violated the private inurement or private…

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Understanding the Importance of Directors and Officers Insurance

Many individuals volunteer to serve on the boards of directors or trustees of nonprofit organizations they believe serve an important role in the community.  The reasons individuals decide to lend their expertise to an organization are varied.  Most board members would agree that serving on a board is a rewarding and important experience on a…

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Tax Planning is Essential to Asset Sales in Bankruptcy Cases

Asset sales are an integral part of bankruptcy cases.  When considering a sale’s benefit to an estate, the potential benefit to “Uncle Sam” should also be considered.  Will the debtor owe income taxes or incur a loss?  Tax planning should be considered as part of the sales process. Depending on the circumstances and the sale’s…

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IRS ‘Get Transcript’ Hack Shows Increased Need for Cyber Caution

The IRS announced on June 2 that from February to mid-May, criminals used taxpayer-specific data acquired from non-IRS sources to gain unauthorized access to information on approximately 100,000 tax accounts through the IRS’ “Get Transcript” application including Social Security information, date of birth, and street address. The third parties gained sufficient information from an outside…

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It’s Wedding Season. Have You Considered All You Need To Do When You Get Married?

Your wedding planning checklist may look something like this: 1. Dress – bought 2. Tux – need 3. License – file 4. Guest list – finish; however, it would be prudent for you to include on it some financial to do’s, such as: Review and modify beneficiary designations Review insurance coverage Make timely name and address changes Review combined net worth…

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Travel Insurance: What Is It And Do I Need It?

There are many types of insurances with which we all are familiar, including medical, automobile, life, etc.  Another type of insurance known to some is  travel insurance. Maybe you noticed that little check box on airline, cruise and vacation websites when you book your reservations.  Do you know what it is, and, more importantly, do…

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Have You Heard the Word Merger Lately?

I have. Almost everywhere I go, nonprofit community leaders are discussing working together or collaborating with other organizations. Just over a year ago, I wrote an article entitled, “Would Your Nonprofit Benefit from an Alliance or Merger?” That same article is even more important and valuable to readers today. We have been fielding calls from…

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