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Tag: Nonprofits

Ernst & Young, Guy Who Plays Boy Wizard to be Recognized by Trevor Project

Having seen the rabid crowds outside FAO Schwarz to see this guy first hand, it’s hard telling what kind of internal battle there is at E&Y to rub elbows with Harry Potter (even if he’s likely to be sans spectacles).

Daniel Radcliffe will be honored by The Trevor Project with the Trevor Hero Award during “Trevor LIVE” at Capitale (130 Bowery, NY, NY). The annual show benefits the life-saving work of The Trevor Project and will also honor Ernst & Young LLP with the Trevor 2020 Award.

If you’re not familiar with the Trevor Project, they do great work, focusing on “suicide prevention efforts among lesbian, gay, bisexual, transgender and questioning (LGBTQ) youth.” Kudos to E&Y for the recognition.

Notable Charitable Donation of the Day: Useless Pittsburgh Steelers Super Bowl Champions Merchandise Not so Useless

Cheer up Steelers fans! All those cheesy hats and t-shirts you were dying to wear will go to those in need over seas, thanks to the good people at World Vision:

Preprinted shirts, sweatshirts and hats that claim the Steelers won Super Bowl XLV will be shipped to people in other countries. Volunteers at World Vision, in Sewickley, prepared the clothing for shipment on Wednesday. The organization received 150 boxes of items valued at nearly $200,000. The items will be shipped within the next few months and for the first time ever a group of NFL players will help deliver the merchandise.

$200k In Steelers Super Bowl Victory Gear Donated To Needy Countries [WPXI]

An Accounting Job Search Strategy for the International Student

The following post is republished from AccountingWEB, a source of accounting news, information, tips, tools, resources and insight — everything you need to help you prosper and enjoy the accounting profession.

In my experience, the most important thing you need to consider when looking for a job in the U.S. as a foreigner is how to work here legally. International students looking for part-time work are allowed to work no more than 20 hours a week to maintain F-1 visa. After graduation, to stay in the United States, one must find an employer willing to sponsor your working visa (called an H-1B visa).

I came to the U.S. last August from China, and am enrolled in a master of accounting program at George Washington University in Washington, DC. Like other international students in a completely new place, I initially felt hopeless as to where to start my job search. I began searching recruiting websites, but found that these websites aren’t as helpful for students without experience.

Another method I tried was to take advantage of all the resources my school offered, including a career center. These often offer more entry-level opportunities. You can often find networking opportunities through career centers as well.


I was honored to act as the president of the student chapter of IMA® at my university in my first semester and actively took part in the events held by the local professional chapter every month. During this time, I not only got to know some professionals but also got an understanding about business culture in the U.S. – a great help in my job hunting.

In my second semester, I secured my first unpaid internship with a nonprofit organization located in Washington, DC. At the same time, I volunteered to help prepare tax returns. These experiences helped build up my résumé and enhanced my communication skills. Likewise, for those international students who do not have any working experience, it might be a good start to focus on volunteer opportunities and unpaid internships. Nonprofit and international institutions are more willing to sponsor foreign students since they know the process quite well. For those who work in companies that are hesitant to sponsor your working visa, try talking with your supervisor or the HR department to explain that the visa sponsorship process is simple.

This past summer, through on-campus recruiting, I was offered a challenging internship with a government contractor. After spending the summer there, I gained a deeper understanding of accounting issues on daily basis and had more responsibilities.

In addition to adding professional experience to my résumé, I was also looking to strengthen my academic background and social skills, which included passing the CMA® exam and becoming more involved with IMA. I will also attend the 11th annual IMA Student Leadership Conference in California this November. Currently, I am working as an intern at a financial institution which has relationships with banks in China. In addition to assuming some financial and accounting responsibilities, I will also be involved in projects aimed at the Chinese market.

Thanks to my former experience, I got used to my new position quickly and was able to perform my work with minimal supervision. The company even expressed their willingness to sponsor me for the H-1B when I graduate. This shows how it is very useful to rely on your educational and professional background and seek out job opportunities with links to your home country.

Accounting News Roundup: Political Nonprofits Pushing the Limits with Ads; Familiar “Outrage” Over Big 4 Audit Industry Dominance; Obama Attacks GOP Tax Policy in Weekly Address | 10.18.10

Groups Push Legal Limits in Advertising [NYT]
“The basic rule of thumb for nonprofit groups organized under Section 501(c) of the tax code is that more than 50 percent of their annual activities cannot be political. Although it is a matter of debate how spending on traditional issue ads would be categorized by the Internal Revenue Service, it is indisputable that spending on express advocacy would be classified as political.”

Lords to hear top six firms on audit reform [Accountancy Age]
“A showdown has been planned for the UK’s top six acevidence is heard at a House of Lord’s inquiry into audit reform.

The House of Lords Economic Affairs Committee will take evidence from the heads of the Big Four – PwC, Deloitte, KPMG and Ernst & Young – followed by their mid-tier rivals – BDO and Grant Thornton – during its inquiry into audit competition.”

Accounting industry sees ray of light on the horizon [Crain’s]
“Demand for accountants is forcing large CPA firms to bump salaries by as much as 3.8% next year, the steepest jump since 2008. U.S. companies with more than 20 employees plan to increase hiring of full-time accountants and finance personnel this quarter for the first time since early 2009, says Michael Shapow, a senior vice-president at Menlo Park, Calif.-based staffing firm Robert Half International Inc.

During the dot-com era, bachelor’s degrees in accounting fell from 53,000 in the mid-1990s to 35,000 in 2002, according to the American Institute of Certified Public Accountants in Washington, D.C. The figure has boom-eranged, rising to 49,000 in 2008, creating a new problem: not enough professors.”

Systemic Risk! Dominance! Momentum! Auditors In Crisis. Again. [Re: The Auditors]
The “outrage” and “risk” over the dominance by the Big 4 in the audit industry is so played.

Obama Attacks Republicans on Tax Policy [TaxProf Blog]


AICPA to SEC: Companies Will Need as Much as Five Years to Ready for IFRS Adoption [JofA]
“In the portion of its letter regarding the impact of IFRS conversion on contractual arrangements, the AICPA voices support for a requirement for companies adopting IFRS to file one year of comparative financial statements rather than two. ‘Our research indicates that companies will need five years preparation time to adopt IFRS if the SEC requires two years of historical comparative financial statements. If only one year of comparative financial statements is required, a four-year transition period would be needed to adopt IFRS.’ The SEC has not said what the requirement would be.”

Dear Nonprofits, Today Is Really Your Final 990 Deadline (No Seriously, Final)

Just in case you have been hiding under a rock for most of 2010, the big deal for nonprofits has been this whole 990 requirement and, more specifically, the fact that many still haven’t filed information returns despite every trick in the book by our friends at the IRS to get them to comply.

First they asked nicely. Then they sent out reminders. And then they went so far as to give procrastinating charities an extension on the May 15th deadline so they could get their butts in gear and start filing away. Apparently this wasn’t enough for some offenders so the Service stepped it up a notch by calling everyone out in the hopes that being publicly humiliated might do the trick. We can only hope.


We found it especially interesting to see the Cal State Sacramento Accounting Society on the list of California 990 slackers but unfortunately didn’t have the time nor energy to comb through all 1,162 pages to see who else we know on the list. 1,162! In California alone!

We did manage to skim it, finding Oakland’s “Get Legit” and “Get It Together Inc” charities hilariously ironic considering the Service is just trying to get these lazy procrastinators to get it together. Perhaps those guys need to focus efforts on their own affairs and stay out of the community until they can figure this simple little task out. Get it together!

Listen people, this is serious. Sure the IRS said it was serious months ago but we’re serious it’s serious, one need look no further than the IRS document calling these guys out to know just how serious. “Exempt Organizations At-Risk of Revocation” makes it pretty clear at this point. Now we’re not saying today’s deadline is absolutely 100% but we’re pretty sure the Service is done playing around while nonprofits figure this out.

Want another good laugh? The American Tax Reform Committee, American Tax Reform Foundation and the American Taxpayers Alliance (all DC-based) must have been so busy trying to hook us up on some tax reform that they forgot to do some important interacting with their favorite agency. Whoopsie.

Even funnier, apparently the DC Internal Revenue Agents Association and Internal Revenue Service Employees Beneficial Association must have missed out on the memo as they are on the 990 slacker list too. Shock that.

P.S. – Internal Revenue Service Bowling League of Dallas, you guys are on the list too. Put down the ball and get on it instead, you of all people should have been the first ones with your 990s ready to go! Let’s not forget the IRS Employees Association of the District Direct in NY, Internal Revenue Service Employees Fund of Des Moines and Internal Revenue Service Employees Association of Wilmington, you guys have some ‘splainin to do.

Your Next Sunday Sermon: Tax Cuts with a Twist of Fire and Brimstone

Isn’t church boring and preachy enough?

Current law prohibits pastors from speaking on politics or endorsing a political candidate, but David Barton of WallBuilders says the IRS’s intimidation of removing a church’s tax exemption status is unconstitutional. Even though some pastors have intentionally crossed the line, Barton does not think the IRS wants to take them to court because it may lose.

“The IRS doesn’t have any interest in doing this because if they do, I believe they know they are going to lose. And if they lose, you have 370,000 pastors in America who suddenly find out that there’s no restriction on them,” Barton suggests.

But this isn’t about politics, this is about TRUTH!

“You cannot lose your tax exemption as a church because as a church, you have a constitutional standing for tax exemption,” he points out. “So with that basis, losing your letter means absolutely nothing — and that’s something pastors are now figuring out.”

Barton argues that the pulpit was and should continue to be the news perspective for America, so he encourages all pastors to speak out and stand for truth.

Barton: No need for pastors to fear IRS [One News Now]

Minnesota Pol Invites Nonprofit Leaders to Hear Some Hot Air as Opposed to Filing Tax Returns

Attention Twin Cities nonprofit leaders! Looking to blow off your responsibilities for one more day? Don’t know what we’re talking about, you say? Yeah, losing your tax-exempt status isn’t really that important.

Anyway, Congresswoman Betty McCollum (who, apparently, isn’t aware of more pressing issues) is giving you the opportunity today at 1 pm local time to discuss HR 5533 rather than file your delinquent 990(s) that are DUE TOMORROW.

Washington, DC – Congresswoman Betty McCollum (MN-04) will join nonprofit leaders in a public discussion about how to strengthen Minnesota communities by improving the partnership between nonprofits and the federal government. The conversation will be an opportunity for local nonprofit and foundation leaders to engage in dialogue about the Nonprofit Sector and Community Solutions Act (H.R. 5533), federal legislation introduced by the Congresswoman.

There has already been a tremendous response from the nonprofit community. The event has reached its full capacity of nearly 200 attendees.

Although the nonprofit sector plays a significant role in the U.S. economy and is critical for the implementation of government policies and programs, no federal entity is responsible for promoting the success of the nonprofit sector as a whole. In an attempt to bridge that gap, Congresswoman McCollum introduced the Nonprofit Sector and Community Solutions Act in June. This bipartisan legislation takes the first steps toward integrating the nonprofit sector into the federal policymaking process by establishing formal structures in Congress and federal administrative agencies focused on the success of nonprofits. To date, H.R. 5533 has 20 cosponsors and is officially supported by over 500 nonprofit organizations across the country.

WHO: Congresswoman Betty McCollum (MN-04) (keynote)
Jon Pratt, Executive Director, Minnesota Council of Nonprofits (keynote)
Pham Thi Hoa, Executive Director, CAPI
Mark Peterson, President and Chief Executive Officer, Lutheran Social Service
Sandra Vargas, President and CEO, The Minneapolis Foundation

WHEN: Thursday, October 14, 2010, 1:00 – 2:30 PM

WHERE: Neighborhood House, 179 Robie Street East, St. Paul, Minnesota, 55107-2360

Congressman Who Apologized for Apologizing to Tony Hayward Now Wants the IRS to Snoop Around the BCS

Rep. Joe Barton (R-TX) – who probably isn’t in any danger of losing reelection – appears to be pandering to key fanatical college football voter bloc.

“As public charities that take in millions of dollars each year, they receive significant tax exemptions and benefits that must not be abused,” wrote the four House members in a letter to IRS Commissioner Doug Shulman, obtained Tuesday by The Associated Press. The lawmakers, all critics of the BCS, added: “We therefore ask that you act on our request and thoroughly examine these troubling claims” made about the bowls.

Tax cuts and estate tax policy being ignored and these ‘troubling claims’ are you are bringing to the IRS’s attention? We’re all for a playoff in college football and we understand that tax policy can make your head hurt sometimes but but FOR THE LOVE OF GOD this is what some people in DC are doing:

The letter was signed by Texas Republican Joe Barton, who has sponsored legislation aimed at forcing college football to switch to a playoff system to determine its national champion; Wyoming Republican Cynthia Lummis, a co-sponsor of Barton’s bill; Texas Democrat Gene Green, who has co-sponsored a resolution calling for a playoff system and for a Justice Department investigation; and Utah Republican Jason Chaffetz, a former BYU kicker.

Lawmakers urge review of bowl game tax complaint [AP]
Earlier:
Anti-BCS Group Sics IRS on Bowl Games Over Tax-Exempt Status

Big 4 Firms Score Perfect on 2011 Corporate Equality Index

Yesterday The Human Rights Campaign Foundation released their Corporate Equality Index for 2011. If you’re not familiar with the survey, it “assesses American workplaces on lesbian, gay, bisexual and transgender equality.”

We’re happy to report that the Big 4 are perfectly gay friendly which probably surprises no one (or not?). The firms go to great lengths to be inclusive, especially in public eye and a ranking like the HRC’s is a perfect opportunity to call attention to their efforts.

This is the ninth year for the survey and its largest – with 844 companies being rated. Scores are determined based on the following criteria:

Criterion 1a Prohibits Discrimination Baation (15 points)

Criterion 1b Provides Diversity Training Covering Sexual Orientation (5 points)

Criterion 2a Prohibits Discrimination Based on Gender Identity or Expression (15 points)

Criterion 2b Provides Diversity Training Covering Gender Identity OR Has Supportive Gender Transition Guidelines (5 points)

Criterion 2c Offers Transgender-Inclusive Insurance Coverage for at Least One Type of Benefit (5 points)

Criterion 2c+ Offers Transgender-Inclusive Insurance Coverage, Including Surgical Procedures (4 )

Criterion 3a Offers Partner Health Insurance (15 points)

Criterion 3b Offers Partner Dental, Vision, COBRA and Dependent Coverage Benefits (5 points)

Criterion 3c Offers at Least Three Other “Soft” Benefits for Partners (5 points)

Criterion 4 Has Employer-Supported Employee Resource Group OR Firm-Wide Diversity Council (15 points) Would Support ERG if Employees Express Interest (half credit)

Criterion 5 Positively Engages the External LGBT Community (15 points)

Criterion 6 Responsible Citizenship Employers will have 15 points deducted from their score for a large-scale official or public anti-LGBT blemish on their recent records (-15 points)

Big 4 spin-off Accenture also scored a perfect 100 while Capgemini scored a 60, receiving no points for any of the #2 criteria or criterion 5. We took a quick glance through and didn’t notice any more accounting firms, although McGladrey parent H&R Block is on the list, scoring at 65, missing on criteria 2a, 2c and 5.

This seems like a pretty easy diversity win for most firms. Prohibiting discrimination is a piece of cake (enforcing it is another discussion) while providing training and benefits is simply good business. Likewise, if a company has an “employer-supported resource group” or “diversity council,” engaging the LGBT community should be a natural progression.

Where firms may get tripped up is the “Responsible Citizenship Employers” criterion. “[A] large-scale official or public anti-LGBT blemish” consists of the following:

Scores on this criterion are based on information that has come to HRC’s attention related to topics including but not limited to: undue influence by a significant shareholder calculated to undermine a business’s employment policies or practices related to its LGBT employees; directing corporate charitable contributions to organizations whose primary mission includes advocacy against LGBT equality; opposing shareholder resolutions reasonably aimed at encouraging the adoption of inclusive workplace policies; revoking inclusive LGBT policies or practices; or engaging in proven practices that are contrary to the business’s written LGBT employment policies.

While it isn’t likely that any firm would fall victim to this, law firm Foley & Lardner was dinged for representing clients that opposed gay marriage even though they provided many services to many LGBT causes.

As much as we don’t like it, bigoted, well-funded nonprofits need professional services and they pay accounting firms lots of money to provide them with services. As of now, the HRC doesn’t seem to be holding that against professional services firms but this is a divisive issue, not matter how you slice it. And until total equality is achieved, the HRC will likely keep a close eye on companies that assist groups it opposes.

Workplace Equality Takes Center Stage with Record Number of Companies Rated in HRC’s 2011 Corporate Equality Index [HRC]

Is Anyone Surprised That Christine O’Donnell’s Nonprofit Failed to File Their Tax Returns?

We were really hoping to avoid the whole Christine O’Donnell anti-masturbating/witchcraft/evolution-is-a-myth dealio but we can’t, in good conscience, ignore the fact that the nonprofit group founded by a candidate for the U.S. Senate hasn’t bothered to file tax returns in three years.

The AP got their hands on IRS documents that show O’Donnell’s “pro-abstinence outreach organization” failing to file their 990 for the past three years. This, as you may know, means that the anti-pre-marital bumping uglies organization could lose its tax-exempt status.


O’Donnell’s camp is blowing this off (seems to be standard operating procedure), “It’s not any big deal. I’m dealing with this for all kinds of clients right now,” the AP quotes the campaign’s lawyer, “There are thousands of nonprofits doing this. Everyone is scurrying around.”

According to the AP, the most recent return filed by Savior’s Alliance for Lifting the Truth (SALT) shows $2k in contributions and $1,973 in expenses.

Since this attorney seems to be on top of the situation, we probably don’t have to tell her that the nonprofit can likely file a 990-N in less time than it would take for a young Salty to engage in a manual override. Or cast a spell on the IRS. Whichever.

O’Donnell nonprofit failed to file [AP]

Accounting News Roundup: Southwest Loves AirTran; PCAOB Starts Negotiations with European Counterparts; Debunking the ObamaCare Tax on Home Sales | 09.27.10

Southwest Airlines to Buy AirTran [WSJ]
“Southwest Airlines agreed to acquire AirTran Holdings Inc. for $1.4 billion in cash and stock, the first major merger among healthy U.S. discount carriers.

The proposed deal follows Southwest’s failed effort to acquire Denver-based Frontier Airlines earlier this year and would revive its stalled efforts to launch international services by accessing AirTran’s network to the Caribbean.”

Troubling Trades Found Ahead of Flash Crash [DealBook]
“The Chicago data firmed strange patterns — dubbed “crop circles” — in stock market data around the flash crash on May 6 has put together a new analysis that it says backs the theory that one or more trading firms was intentionally trying to flood exchanges with orders.

The firm, Nanex, hopes the Securities and Exchange Commission and the Commodity Futures Trading Commission will be able to address its analysis in their long-awaited report on the flash crash due to be published before the end of this month.”

Treasury Said to Prepare AIG Exit, Repayment Plan [Bloomberg]
“The U.S. Treasury Department may announce plans as early as this week to return American International Group Inc. to independence and recoup taxpayer money from the insurer’s bailout, according to three people with knowledge of the talks.

The biggest part of that strategy is for Treasury to begin converting its $49 billion preferred stake into common stock for sales by the first half of next year, said the people, who declined to be identified because the negotiations are private. The timing of an announcement depends on the pace of talks between regulators and the New York-based insurer, and discussions may extend beyond this week, the people said.”

PCAOB Begins Negotiations With European Regulators [Compliance Week]
“Now that Congress and the European Union have removed a big obstacle to international audit inspections, the Public Company Accounting Oversight Board is trying to forge some new relationships with its counterparts overseas to get back on track.

PCAOB spokesman Colleen Brennan said the board is beginning to negotiate with various audit regulators in Europe to see how it can proceed in each country inspecting audit firms that audit financial statements in U.S. capital markets. The board is hopeful it can reach bilateral agreements with individual regulators to perhaps gain access to work papers that will enable the board to fulfill its inspection mandate under the Sarbanes-Oxley Act.”

IRS Offers Olive Branch to Business [CFO]
“The Internal Revenue Service has taken taxpayers’ comments to heart and revised its proposal on uncertain tax positions, in a way that is much more favorable to corporations. The final Form 1120, called Schedule UTP, and its instructions eliminate two draft requirements that companies argued were particularly onerous: the calculation and inclusion of a maximum tax adjustment for each position, and disclosures around positions that are not subject to an accounting reserve.

IRS Commissioner Douglas Shulman announced the release of Schedule UTP on Friday, in a speech delivered to the American Bar Association in Toronto. The agency has instituted a five-year phase-in period for filing the schedule, said Shulman.”


Job Interview Is Where Most Mistakes Are Made, According to Survey [FINS]
If you make a faux pas during an interview, rather than faint consider five suggestions that FINS has to keep your hopes alive.

PwC names industry leaders and academics as non-execs [Accountancy Age]
“Dame Karen Dunnell; Sir Ian Gibson; Professor Andrew Hamilton; Sir Richard Lapthorne; and Paul Skinner and come from the fields of business, academia and the public and professional services sectors.

They will sit on a newly-formed public interest body where they will be joined by partners fo [sic] the firm but have a majority.”

Cloud Computing: What Accountants Need to Know [JofA]
A crash course.

Finding Surprises in the Small-Business Jobs Bill [You’re The Boss/NYT]
“Most of the controversy surrounding the small-business jobs bill that cleared the House of Representatives on Thursday — after nearly a year of discussion — concerned a $30 billion small-business lending fund to be established by the Treasury Department.

But like most of the legislation, the lending fund is a temporary fix. It will make investments in banks for just one year. The tax breaks in the bill, worth about $12 billion, are mostly good for a year or two.”

Dodd-Frank Lets Small-Company Auditors Off the Internal Controls Hook: Putting a Partial Lid on the Sarbox [Re:Balance]
Jim Peterson reflects on Dodd-Frank’s ‘get out of jail free’ for small company filers.

Would “ObamaCare” (Health Care Reform) Tax the Sale of Your Home? Probably Not. [Tax Foundation]
“There has been a story and an e-mail floating around for some time claiming that the recent health care reform bill (PPACA) would impose a 3.8 percent “sales” tax on the sale of every home. The e-mail has been rightfully debunked by the usuals (Factcheck.org and Snopes), but here is what the bill would actually do regarding taxation of the sales of homes.”

Pastors Defy IRS On ‘Pulpit Freedom Sunday’ [ABC News]
“The pastors, along with the Scottsdale, Ariz.-based nonprofit Alliance Defense Fund, planned today’s event as a reaction to a law stating that churches are not allowed to support politicians from the pulpit, according to the ADF.

The growing trend is a challenge to the IRS from the churches, and may jeopardize their all-important tax-exempt status. But some pastors and church leaders said they are willing to defy the law to defend their right to freedom of speech.”