Hughey's Debits & Credits: Bookkeeping. Payroll. Taxes.

All posts tagged payroll

W-2 Form
Have your employees started to ask “When will I receive my W-2?”

January is speeding by and you realize it’s nearly halfway through the month when that big question starts looming. Pretty soon, everyone will be seeking your immediate answer.  You may think to yourself “Didn’t we JUST ring in the new year?”  Yes, there’s one thing you can count on, everyone on your staff excited about an anticipated refund wants their W-2 FAST.

It’s time to get that important task off your plate and it’s best to start ASAP. Read more

During year endNonProfits Review-Year End Checklist- Accounting-Nonprofits-Hugheys Debits & Credits, we all need help remembering what all is required of us or is it just me? This checklist is to help my fellow Nonprofit Accountants remember what’s needed to close out the year. Follow this checklist to save time so you can spend it with your family during the holidays!

 

We strive to make your life easier, so if you would like this checklist in PDF form, click hereContact us today to assist you with your Nonprofit needs.

-Ronda

 

Checklist 2It’s crunch time! The holidays are here and you are scrambling trying to decorate, plan parties, and hide gifts. Oh wait! You still have to close out the calendar year for your NonProfit! Let us make it easier with a end of the year to-do list!

  1. Federal Reporting – IRS Form 990 is the NonProfit version of Form 1040. It is an annual report required to filed by all 501(c)3 organizations. The form is due 5 ½ months after the end of your fiscal year. For example, if your fiscal year end is September 30, your form would be due February 15. 
  2. Grant Reporting – It is the end of quarter four (two if you are on a fiscal year end of 6/30) and grant contracts require certain reports to be filed to see the financial status of the grant. Ensure each grant is separated financially per state requirements.
  3. State Reporting – There are state specific filing requirements through the Secretary of State such as Charitable Solicitation renewal as well as the Annual Report. You can check your deadlines here.
  4. Donor Appreciation – This is the season of fundraising and you are wrapping up your year-end campaign, don’t forget to send a thank you to those you took the time to support your cause! I know each of you have done this because you read our previous blog “Does My Donation Matter?” If not, read it here.
  5. Board Updates – Use the holiday season to capitalize on all the great ideas your board will have about next year’s agenda. Also take time to review board members, agency policies, review and approve financial items like budgets and financial statements, and create a strategy how to further achieve your mission! Read more

Employee or Contractor?

One of the largest expenses in your nonprofit is payroll and all that goes with it. In addition to payroll, you also have to pay payroll taxes, unemployment, leave, insurance benefits, and training.

On more than one occasion, a client has wanted to switch an employee to an independent contractor in order to save money. However, that decision is not mine or even yours to make. The Internal Revenue Service (IRS) determines the difference here in a more extensive definition while the Department of Labor only uses 6 determining factors here.

Like my clients, I am sure you do not have time to research the difference or read the monstrous qualifications detailed by the IRS. Therefore, I am going to give you my version of the difference in these top 3 points: Read more