Nonprofit and Government Times, Q1 2018

Nonprofit & Government Times



4 The Nonprofit AUDIT COMMITTEE’S EVOLVING ROLE Joseph Kanjamala 6 Recognizing the SYMPTOMS OF FRAUD John D’Amico 9 Four Components of MEANINGFUL INTERNAL FINANCIAL STATEMENTS for Nonprofits Matthew Estersohn 11 Using FORM 990 as a MARKETING TOOL Frances McKenna | Robert Lyons 13 Protecting Your Nonprofit from a CYBERATTACK Richard Nathan 15 Meet the MARKS PANETH TEAM

Tax Reform: A New Reality for Exempt Organizations BY FRANCES MCKENNA TAX DIRECTOR, NONPROFIT, GOVERNMENT & HEALTHCARE GROUP W ith the 2017 charitable giving season behind us, many exempt organizations (“EO”s) are concerned that their funding may start to decrease this year and in the foreseeable future as a result of the new Tax Cuts and Jobs Act (hereafter, “the Act”) passed into law on December 22, 2017. How is this possible? Effective January 1, 2018, the standard deduction has increased to $12,000 for individuals and $24,000 for couples filing joint returns. It may be advantageous for taxpayers who previously itemized their charitable contributions on Form 1040, Schedule A, to now elect the standard deduction instead.


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