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Accounting Reminders for January 2014

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Start the New Year Right with These Quick Accounting Reminders

accounting reminders for the new year

With the holiday season behind us, we finance and administrative folk turn our attention to the tasks of the new year. Here are two quick accounting reminders for non-profits to get you off to a great start in 2014.

501(c)(4) Regulations Proposed Changes Education Opportunity

Independent Sector’s Free Conference Call is January 10

As you may be aware, IRS proposed new regulations last November that would redefine political activity for 501(c)(4) organizations. Independent Sector is holding a free conference call this Friday from 1:00 – 2:30 Eastern time to inform and engage nonprofit members in this issue. The call is hosted by the president and CEO of Independent Sector. Four other knowledgeable folks will be speaking on the call – two are involved in the Bright Lines Project, which has been working on the issue of free speech vs. political speech in nonprofits for several years; all four serve at high levels in nonprofit organizations.

The call is open to all nonprofits, but registration is required.You can sign up here: https://www.independentsector.org/surveys/survey.cfm?code=/IRS501c4_sector_call#sthash.Qny8Nu4I.POGrz5lb.dpbs.

2014 Standard Mileage Reimbursement Rate

IRS has issued the new rate for business miles effective January 1 and it is $0.56 per mile. You can reimburse staff at this rate or lower, according to your organization’s policy. You can reimburse them at a higher rate as well, but if you do, the difference should be reported as taxable income to them. The rate for 2014 is half a cent lower than last year’s, reflecting lower gasoline prices, most likely.

The deduction taxpayers can take for charitable miles driven is $0.14 and for medical or moving miles, it’s $0.235 – 23 and a half cents.

Chime in below if you have any of your own new year accounting reminders to share.

Happy New Year Everyone!

-Nancy

Nancy Church

About Nancy Church

A CPA in Portland, Oregon with over 20 years experience in auditing, accounting and consulting for nonprofit organizations, Nancy Church is the director and primary driving force behind NFP Accounting Help. A mother of three children, Nancy enjoys music, dancing, working on her old house, hiking, and thinking about how NFPs can create a more effective and efficient accounting process.

The post Accounting Reminders for January 2014 appeared first on Not For Profit Accounting Help.


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