Partnerships are one of the most common ways for two or more people to run a business together. They can be simple to form and offer flexibility, but they also come with important responsibilities. From agreements and taxes to contributions, self-employment rules, and how partnerships can change over time, here are seven key points every business owner should understand before starting or joining a partnership.
Nonprofits must observe the rules laid out by the IRS to protect their status, treat everyone fairly and be transparent. The IRS has specific requirements for Non-profit accounting in New Jersey and this guide outlines them and suggests how your organization can mostly follow them. Before starting, we need to know Non-profit accounting in New Jersey basics and essentials
Running a non-profit organization comes with many responsibilities, particularly when it comes to financial reporting. While most non-profit leaders are aware of the annual IRS 990 report, not everyone knows there’s another critical filing that can have serious consequences if missed: the state report. In this blog post, we’ll explore both the federal and state […]
For non-profit organizations, one of the most significant challenges is effectively allocating costs. Proper cost allocation is essential for accurately reporting financial information and ensuring compliance with funding requirements. At Rakoty Accountants, we understand the complexities non-profits face when it comes to cost allocation, and we’re here to help. In this guide, we’ll discuss the […]
If you are a non-profit leader, understanding the importance of your accounting method is crucial, especially when it comes to transparency and compliance with regulations. At Rakoty Accountants, we highly recommend that non-profits switch from cash basis accounting to accrual basis accounting, particularly if you receive government funding or are subject to audits. In […]