FEDERAL GRANT RECIPIENTS: CLARIFYING SINGLE AUDITS
By Mikaela Davis, CPA The Office of Management and Budget (OMB) issued 2 CFR Part 200 on December 26, 2013, which will bring changes to the information federal grant recipients and their auditors use to navigate federal grant programs. To understand the impact...
Making a Tax Free IRA Deduction to Charity
Over the past several years, Congress has flip-flopped on legislation that allows individuals age 70 ½ to receive a tax break for charitable contributions from individual retirement accounts. The provision, known as the qualified charitable distribution (QCD) rule,...
Five Realistic Control Measures for Smaller Nonprofits to Avoid Fraud
By Nidhi Rao and Laurie De Armond Fraud is a damaging and disturbing event in any organization, but its impact on nonprofit organizations can be devastating. With limited staff and resources for internal controls, executives and Boards of small nonprofits struggle...
TAX RELIEF FOR LOSSES CAUSED BY NATURAL DISASTERS
A natural disaster or other casualty can be bad news for your home or business, but you might be able to salvage a tax break. Taxpayers can claim a casualty loss deduction on their tax returns if they’ve suffered a “sudden, unexpected or unusual” event — including a...
Do You Owe Taxes on Your Self-Directed IRA?
THE ANSWER MAY SURPRISE YOU! Self-directed Individual Retirement Accounts (IRAs) can be attractive investment options for taxpayers who are looking for a nontraditional approach to growing their retirement accounts. However, if the IRA owns a publicly traded...
IN LOVING MEMORY OF JOHN J. HANIGAN II: 1946-2014
It is with profound sadness that we announce that John Hanigan passed away on Saturday, March 8, after a brief, yet valiant fight against cancer. He will be deeply and dearly missed. John was the beloved husband of Sharon Hanigan and is survived by two sons and...
FOCUS ON FRAUD
Written by Krystal Siebrandt, CPA, CFE As a business owner in today’s economic environment, you may be faced with challenging situations you’ve not experienced in the past. Hopefully, fraud is not one of them. However, the hard reality is that when pressures arise in...
HBE PROUDLY RECOGNIZES AMANDA CAIN AS A CHAMPION!
The HBE Becker Meyer Love LLP Champion Award Program is an internal peer recognition program designed to distinguish and reward HBE team members who demonstrate Champion qualities and exemplary performance in a specific area. Champion Awards are awarded to HBE...
BIENNIAL OCCUPATION TAXES FOR CORPORATIONS DUE MARCH 1
All corporations and limited liability companies (LLCs) that do business in Nebraska are required to file biennial occupation tax reports. For corporations, these reports are due on March 1 of each even-numbered year (becoming delinquent April 15). For LLCs, these...
Nonprofit Revitalization Act Signed into Law
By Thomas Gorman On December 19, 2013, New York Governor Andrew Cuomo signed into law sweeping changes to the laws that govern nonprofits that do business in New York State. When they take effect in the coming months and years, these rules will be among the strongest...