Bookkeeping

Reference guide for tax-exempt organizations KPMG United States
An excise tax equal to 25% of the excess benefit is imposed on each excess benefit transaction between an applicable tax-exempt organization and a disqualified person. The disqualified person who benefited from the transaction is liable for the tax. If the 25% tax http://www.angelicsoftware.com/en/help/source/key-benefits.html is imposed and the excess benefit transaction isn’t corrected within the tax period, an additional excise tax equal to 200% of the excess benefit is imposed. These rules only apply to certain applicable section 501(c)(3),...
Empire State Subcontractor’s Association
Most construction contracts require the contractor to hold back a particular proportion of the contract amount (usually 5% or 10%) until the project is substantially completed. This causes cash flow issues in an already cash-strapped industry, the technique is far too frequently abused, and it is, of course, governed by complex regulations that make it challenging to implement. Retainage (or retention) is one of the biggest culprits of cash flow issues for construction companies—especially for subcontractors. It’s a long-standing...

Login