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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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Sherise Ritter article on nonprofit mergers featured in NJAMHAA News

Congratulations to the recipients of NJAMHAA’s Courage & Compassion Awards, which were presented during the Annual Conference, Inspiring Progress, Seizing Opportunities on April 15, 2015. “Those we honored epitomize the theme of the conference by offering us inspiration and serving as role models for seizing opportunities,” said NJAMHAA CEO Debra Wentz, PhD. “Frontline providers, leaders and entire organizations throughout…

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Warren Broudy Featured in Press of Atlantic City article on Atlantic County Audit

An auditor has given Atlantic County the highest opinion possible for its 2014 audit, with no recommendations for improvement, said County Treasurer Bonnie Lindaw. “It’s the best we can get,” Lindaw said. She said it is the 16th straight audit with no findings of errors or compliance issues, from four different firms. Auditor Warren 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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The Art of the CEO interviews Ken Kamen on Internet financial advice

Data is not wisdom.  Today’s internet allows us to get more fiscal data, accompanied by a truly overwhelming amount of advice.  But is this “news” based on agendas that bear no relation to wisely investing your hard-earned dollars?  Host Bart Jackson invites internationally noted financial commentator Mr. Ken Kamen as guest to help us separate…

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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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Forbes article by Ken Kamen on advisory careers for graduates

With the ink barely dry on the diplomas they’re clutching, the class of 2015 is looking to the future, excited about the challenges and opportunities that lie ahead. High school graduates are thinking about what major they’ll choose at college, and college grads are anxious to find a productive place in the real world. You…

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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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