Cox and Associates CPAs

What You Need to Know About The IRS Nonprofit Checklist

By sophia | September 10, 2018 | 0 Comments
the IRS non-profit checklist video

The Big 3 Accounting Services-Part Two: Reviews

By sophia | May 26, 2014 | 0 Comments

The second of the three major types of assurance services that you might encounter in the world of church and non-profit organizations is called a review. My previous blog was about compilations, the most basic service provided by a CPA firm. Which of these would benefit your organization most? The answer depends primarily on expectations…

The Nondiscrimination Form

By sophia | May 7, 2014 | 0 Comments

The IRS deadline for filing the document commonly known as “The Nondiscrimination Form” is fast approaching. It is always due five months after the organization’s fiscal year end. So for organizations that have a calendar fiscal year your form is due May 15! The official name of the document is the “Annual Certification of Racial…

The Big 3 Accounting Services-Part One: Compilations

By sophia | April 29, 2014 | 0 Comments

There are three major types of assurance services that accounting firms can offer churches and non-profit organizations: compilations, reviews and audits. The best type of engagement for your nonprofit depends on your need for the financial statements, expectations of third parties such as granting agencies or creditors, the volume of your financial activity or the…

Clergy Housing Exclusion – An Update

By sophia | April 15, 2014 | 0 Comments

It was a deafening gavel that banged tremors throughout the religious communities in the United States. Last November, a federal judge in Wisconsin sided with an organization called the Freedom From Religion Foundation (FFRF) that filed a lawsuit against the IRS code that excludes clergy from taxes on housing costs received from the church she…

Safeguarding Church Donations

By sophia | March 31, 2014 | 0 Comments

“It’s hard to believe that someone would steal from a church.” That thought is not uncommon and it’s probably one of the reasons that theft actually happens. When church leaders, ordained and lay, can’t imagine someone stealing from the church, they are likely not to implement financial safeguards and processes that remove the opportunities for…

An Internal Audit of Social Media

By sophia | March 31, 2014 | 0 Comments

Upon reading the title of this blog you might have thought, “What does social media have to do with accounting principles or financial management?” I thought the same thing—until I began expanding into the use of social media marketing for my company. I just want to share these thoughts so that you can take action…

Self-Dealing Transactions

By sophia | February 22, 2014 | 0 Comments

Here’s an all-too-frequent scenario in nonprofit organizations that places the organization at risk to be assessed excise tax payments by the IRS. A board member of an Organization purchases land adjacent to the nonprofit knowing that the it is looking to either purchase or lease adjacent properties. The board member then leases the property to…

The IRS Scandal What It Means to You

By sophia | July 25, 2013 | 0 Comments

Many non-profit organizations are understandably shaken and disturbed by the revelations coming out of the current scandal at the Internal Revenue Service. The IRS has been accused of using its power to prevent or delay ideologically conservative non-profit organizations from securing their tax-exempt status. Whether the reason for the delay is politically motivated or not,…

Who Commits Financial Fraud?

By sophia | July 25, 2013 | 0 Comments

As someone charged with the management or governance of a non-profit organization, you have a responsibility to your supporters to be a good steward of the monies you receive. While this responsibility includes the obvious, such as making and using a good budget and keeping administrative costs low, it also includes a responsibility to beware…