Archive for November, 2011
by Melissa Merrick and Marie Jett, CPA | Team Members of the Tax Services Group
In the October 13 issue of our enewsletter, we reviewed with you the tax deductions that are scheduled to sunset in 2011. There are also several tax credits that are scheduled to end in 2011. A tax credit is a direct dollar for dollar reduction in the amount of tax that you owe. Specific tax credits that are scheduled to expire in 2011 include the research credit, the work opportunity tax credit, and the new energy efficient home credit.
As we approach the Thanksgiving holiday, we realize that we have much to be thankful for, as individuals, as a firm, as a city and as a country. We are blessed to live in a place where we have individual freedom, control our own destiny, and pursue our dreams. Not everyone in the world can do that, but thanks to the sacrifices of those who have gone before us, we are thankful that we can.
November 15, 2011
Tax and business planning matters for manufacturing & Distribution
This seminar is especially geared to our business clients. Seminar topics include dealing with sales and use tax matters in a multi-state environment, property tax abatements, benefit from expensing of capital additions before sunset occurs, as well as the latest tax changes affecting businesses.
December 7, 2011
Not for Profit Update
Designed for Board members as well as staff of NFP’s, this seminars topics include board governance items including responsibility for review of the 990, common Unrelated Business Income tax issues, reasonable compensation as well as several other matters.
December 14, 2011
Our annual tax update
The annual tax update will cover the latest changes affecting 2011 and 2012 that businesses and individuals need to be aware of. This session is from 8:00 am – 10:00 am. Doors will open at 7:30 am.
December 14, 2011
Our annual accounting update This session will focus on the accounting changes taking place in the last year effective for 2011 and beyond. This session is from 10:15 am – 12:15 pm.
CPE is available.
If you have any questions and/or would like to RSVP, please contact Suzanne Haskamp at firstname.lastname@example.org or via 317-260-4476 or online at http://www.greenwaltcpas.com/give-your-tax-knowledge-a-boost/.
by Heather Phillips, CPA and Amanda Meko, CPA | Team Members of the Not for Profit Services Group
Does your not-for-profit receive funding from the State of Indiana? If so, are you aware of your annual filing requirement with the State for these funds?
Nongovernmental organizations receiving financial assistance from governmental sources in the form of grants, contracts, subsidies, contributions, reimbursements, or loans are required by Indiana Code (IC 5-11-1-4) to file an Entity Annual Report (Form E-1) with the Indiana State Board of Accounts. This is a separate filing from the Secretary of State’s Business Entity Report, which is annually sent to the Secretary of State’s office with a filing fee of $10. A link to the Form E-1 can be found at http://www.in.gov/sboa/3104.htm.
The Entity Annual Report must be completed and submitted to the State Board of Accounts within 60 days of year-end. The State Board of Accounts uses the information reported on the E-1 to determine the state audit and reporting requirements placed on an organization by Indiana Code 5-11-1-9. Shortly after the E-1 is filed, an organization will be notified if a state audit is required or if the organization qualifies for a waiver from a state audit. An organization may be asked to supply additional financial information before a final waiver determination made via letter is granted.
An organization should report as “governmental funds” on the E-1 all cash received from any state or local government. These funds may be direct awards of state and local monies or they may include federal funds that are “passed-through” state or local agencies. Direct federal financial assistance should not be reported on the E-1. Also, non-federal funding arrangements that are considered “purchase of service” agreements should not be reported on the E-1. “Purchase of service” agreements, or vendor-type contracts, are those were an organization is being reimbursed on a “per diem” or “per unit” rate for services provided by the organization. It is important to distinguish “per diem” and “per unit” reimbursement-type agreements from those where a government unit contracts with an organization to provide services for a flat fee or contract amount. These latter agreements are not considered “purchase of service” agreements and should be included on the E-1.
While the E-1 is not an overly long or complex form to complete, many organizations – particularly small not-for-profits or those receiving government funding for the first time – neglect to file this report. Failure to timely file this form may threaten future government financial assistance that is important to an organization. If you have a question about the form or your organization’s need to file, please contact us. We’d be happy to help you “fall” into place with this state requirement!