Insights

For the fourth year, Meyers Brothers Kalicka, P.C. (MBK) partnered with A Bed for Every Child, based out of Lynn, MA. This year was special; People’s Bank (PB) joined the initiative and co-hosted the event with MBK.

Not every transaction between a disqualified person and a nonprofit is necessarily prohibited under excess benefit transaction rules.

Tax Tip: Heirs don’t have to report inheritances to the IRS. However, an estate’s executor must file a final income tax return for the deceased person and, if the estate is large enough, must file an estate tax return and pay estate taxes.

Selling appreciated real estate can trigger significant taxes that reduce reinvestment opportunities.

MBK hosted for a second year the Law Enforcement Torch Run for Special Olympics Massachusetts as the Guardians of the Flame carried the Flame of Hope to Boston, MA.

Thoughtful planning and tracking can provide a measure of stability, even when nonprofits are facing macroeconomic headwinds. If it doesn’t already, your nonprofit should monitor key performance indicators (KPIs).

Nonprofits struggling to secure the capital needed for capital projects might want to look at the New Markets Tax Credit.

Extending a warm welcome to Mackenzie Lagoy, Associate, to the firm's Taxation department!