This accounting policy establishes the minimum cost (capitalization amount) that shall be used to determine the capital assets to be recorded in a business’ books and financial statements.
Accounting and reporting is probably the last thing that comes to mind when a nonprofit is planning for the next fundraising event. However, if you are familiar with all the regulation and requirements, you will too agree with us that proper planning and recordkeeping saves more time and costs down the road. Check out the checklist that we have put together for various types of nonprofit fundraisers, and start planning for your next successful event following all the best practices!
Employee versus Independent Contractor
The IRS and state agencies are closely examining the classification of workers as either independent contractors or employees. The penalties for misclassification are high. The IRS is also requiring an affirmation on the tax returns that 1099’s were filed for all independent contractors.