O&S BLOG

O&S BLOG 2018-02-21T09:26:07+00:00

TCJA impact on NOLs

One of the less publicized effects of the new tax law or TCJA (Tax Cuts and Jobs Act law) that passed late last year is the impact on net operating losses.  The full effect of the changes won’t be felt until 2019 because only NOLs generated after 12-31-17 are subject to the new guidelines.  Traditionally, any taxable losses generated in one year could be carried forward to fully shield any taxable income generated in subsequent years.  The initial losses could be carried forward up 20 years (and optionally back two years) until such losses were fully absorbed.  Under the pre-TCJA…

Credit Card Skimming

Credit Card Skimming All accountants would agree, one of the most important things for you to do, is protect your financial assets. Often we forget that we are only one swipe away from being scammed out of our money at the gas pump, restaurants, and ATM machines. “How is this possible?”, you may ask. A fraudulent tactic called credit card skimming allows this to happen. What is Credit Card Skimming? Not be confused with a the occupational fraud of skimming, which is taking money from your boss before it’s recorded in the books, credit card skimming is used by thieves…

Top 5 most interesting facts from ACFE 2018 Report to the Nation

Every two years the Association of Certified Fraud Examiner releases a study on fraud in their Report to the Nation. The 2018 report was recently released and I found the following facts to be very interesting. Over $7 billion in total losses. This number continues to increase.   A majority of the victims recovered nothing. It’s best to make sure you’re not a victim in the first place.   Small businesses (fewer than 100 employees) lost almost twice as much per scheme to fraud. I suppose this has to do with the lack of internal controls at smaller organizations. Also,…

Non-Profit Organizations Need to Make a Profit?

I come across a lot of people who think non-profits (NPO) don’t need to make money. In fact, it’s called “non-profit” because it’s not supposed to make a profit. Right? Wrong. A NPO needs to make money and even show a “profit”. What is profit? Profit is when revenues/support exceed expenses. We use a different terminology when working with a NPO. The word non-“profit” refers to the purpose of the organization, not to their positive cash flow.  We don’t say they make a “profit”. We usually refer to revenue/support over expenses as an increase in net assets. IRS doesn’t even…

How the Tax Cuts and Jobs Act Could Affect Not-For-Profit Organizations

Not-for-profit organizations may not be the first thing that comes to mind when reviewing the provisions of the Tax Cuts and Jobs Act of 2017. However, this major tax reform significantly changes how taxes are assessed for corporations, pass-through entities, and individuals. These entities are a core component of a not-for-profit organization’s donor base, and what financially affects donors will financially affect not-for-profit organizations. According to Charity Navigator, 72% of charitable giving in 2016 came from individuals. With this in mind, it important to note the Tax Cuts and Jobs Act just about doubled the standard deduction (increasing from $12,700…

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