Nonprofit
You Can Pave Paradise, Just Don’t Put Up a Parking Lot
Written by: Pete Kennedy, CPA, Director of Audit Services Unfortunately, the Tax Cuts and Jobs Act (TJCA) of 2017 wasn’t all tax cuts and jobs. There were some mean little nuggets included meant to help offset the cost of the tax breaks. Nearly a year since its passing, the IRS has finally issued (on December…
Read MoreNonprofit Efficiency Measures
Written by: Pete Kennedy, CPA, Director of Audit Services For as long as I’ve been involved with nonprofit organizations, expense-based financial ratios (Program / G&A /Fundraising as a percentage of total expenditures) have been used as an efficiency measurement. I’m sure you’re familiar with them – and the many derivatives that appear online in the…
Read MoreScam Alerts: Hurricane Charities and Ransomware
While the IRS, state tax agencies and numerous people in the tax and accounting industry are working together to warn tax professionals and their clients about phishing scams, they are still all too common. Here’s what you need to know about the two most recent scams: fake charities that take advantage of people’s generosity during…
Read MorePreserve Charitable Deduction for Health of Delaware Nonprofit Sector
By: Pete Kennedy Let’s all first acknowledge that there are no easy ways to solve a $400+ million budget hole. I think no one envies the General Assembly and their task over the next few days. I’ll echo Clubber Lang’s famous quote from Rocky III in my prediction of the outcome: “Pain!” One proposal gathering steam in…
Read MoreSeeking Job Security? Look to Nonprofit Careers
Written by Peter Kennedy, Director, for The Delaware Business Times When Danny Noonan bemoaned his prospects for affording college to Judge Smails, the classic response was “Well, the world needs ditch diggers too.” That was Caddyshack in 1980; if a 2013 study on how vulnerable jobs are to being mechanized or computerized out of existence…
Read MoreEmployee or Independent Contractor – Which Is It?
If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service and state regulators scrutinize the distinction between employees and independent contractors because…
Read MoreCover & Rossiter Proudly Sponsors DSCC Annual Superstars in Business Awards Luncheon
Cover & Rossiter is a proud gold sponsor of the Delaware State Chamber of Commerce’s (DSCC) 17th Annual Marvin S. Gilman Superstars in Business Awards Luncheon. The event’s keynote speaker is Hal Real, a seasoned entrepreneur with a passion for new ideas and a history of transforming those ideas into successful businesses. These awards are presented…
Read MoreGood Records Key to Claiming Gifts to Charity
Keeping good records is key to qualifying for the full charitable contribution deduction allowed by law. In particular, this includes ensuring that they have received required statements for two contribution categories–each gift of at least $250 and donations of vehicles. Therefore, taxpayers planning to claim charitable donations should make sure they have the records they…
Read MoreFive Last Minute Tax Tips for 2015
Are you one of the millions of Americans who hasn’t filed (or even started) your taxes yet? With the April 15 tax filing deadline almost a week away, here is some last minute tax advice for you. 1. Stop Procrastinating. Resist the temptation to put off your taxes until the very last minute. It takes time to…
Read MoreThree Most Common Budgeting Errors
When it comes to creating a budget, it’s essential to estimate your spending as realistically as possible. Here are three budget-related errors commonly made by small businesses, and some tips for avoiding them. Not Setting Goals. It’s almost impossible to set spending priorities without clear goals for the coming year. It’s important to identify, in detail,…
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