If you were fortunate enough to get out in 2022 to attend a conference that enriched and energized you or your staff, then we hope you are planning with your team to put the tidbits you took away into action for 2023.If you weren’t able to make it to a conference, then we have you covered.
Here are some of the top tips and takeaways we compiled during our conference travels that could be beneficial for your not-for-profit organization.
Fraud – Unfortunately, fraud continues to trend in headlines for not-for-profit organizations. As headcount shrinks and more people go remote, there are many challenges to make sure you stay on top of reducing the risk of fraud:
Audit Prep – If you are a calendar year-end, you are likely in the throes of audit prep. Here are some tips we took away from Baker Tilly Digital’s recent presentation at Sage Transform on how to take your audit process paperless:
Try to digitize as much as possible –
Get all team members involved –
Get Auditors on board –
Use a Dashboard –
Sage Intacct has wonderful dashboard and reporting capabilities to make a smooth, paperless audit. Learn more about how Baker Tilly Digital uses Sage Intacct with not-for-profit organizations at Sage Intacct - Baker Tilly
Tax Updates – There have been key tax laws introduced in the last 12-18 months that not-for-profit organizations need to know. At Baker Tilly’s Value Architect Summit in December, we received some updates that we want to pass along:
Inflation Reduction Act
Employee Retention Credits
Remote Employee Rules
Out-of-state remote employees can have more of an impact on your organization beyond being a headache for the payroll department. If you are in this situation (or thinking about hiring remote out-of-state employees), make sure to address potential Human Resource issues specific to the new state and the impact on state registration requirements (register to do business, solicitation registration, Form 990 equivalent filing requirements, etc.).
Please let us know if you have other Top Tips to share from conferences you attended that benefit not-for-profit organizations. We look forward to attending and presenting at more conferences this year and hope to see you there.
Please reach out to your Baker Tilly advisor if you have questions.
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.