Supporting Organizations Under 509(a)(3) – Pay Attention!

Posts Tagged ‘nonprofit’

Supporting Organizations Under 509(a)(3) – Pay Attention!

Do you remember what you were doing in 2006? We have staff accountants here who were just starting high school, few people had heard of Bernie Madoff and there were no iPhones (2007). In 2006 the Pension Protection Act of 2006 was signed into law by President Bush. The final 100 or so pages of…

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Hobby or Business? Why It Matters

Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS. Definition of a Hobby vs. a Business The IRS defines a hobby as an activity that is not pursued for profit.…

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Fiscal Cliff Notes

By Pete Kennedy, CPA, CVA GetInvolved Nonprofit Guide Article published in the January 2013 News Journal At Cover & Rossiter, we don’t care how much Jessica Simpson weighs, we don’t know Gangnam from Gingham, we don’t know boo about “Honey Boo Boo,” we don’t keep up with the Kardashians, and, after seeing Justin Beiber on…

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Campaign Season is Coming – Know the Rules!

By Pete Kennedy, CPA, CVA – Director at Cover & Rossiter, P.A. There is a longstanding, semi-friendly feud between Naval Aviators and the other real Naval Officers who man the ships. So when, in the 2000 presidential race for the Republican nomination, Senator John McCain was giving a campaign speech with a color-guard of Naval…

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