Monday, January 23, 2012

Tip for Contributions

With everyone putting their tax information together these days just remember one thing about contributions...

If you are attending a fund raising event and you are lucky enough to win the silent auction and you end up paying $500 for a diamond that is worth $1000 - you DO NOT have a charitable contribution because you paid less than its fair market value. However if you paid $1250 for it you would be able to deduct as a contribution on Schedule A $250 (the difference from what you paid and what the FMV was).

As always consult with your tax professional before making any assumptions!

Friday, January 20, 2012

1/25 WEBINAR TO FOCUS ON BOARD MEMBER ETHICS

From London’s Baring’s Bank to Enron and WorldCom, lack of attention to ethics can be a corporation’s Achilles’ heel, with the potential for one employee to single-handedly destruct even the most established of companies.

On Wednesday, Jan. 25th from noon to 1 p.m., we'll be hosting a free Webinar for executive directors and non-profit volunteer board members addressing the ethical responsibilities of board members.

“The appearance of impropriety and illegality can be detrimental to non-profit organizations,” said Marvin and Company Managing Director Kevin McCoy, CPA. “Board members must be involved in the governance of an organization to a level that assures improper and illegal acts don’t occur.”

Kevin, who will lead the one-hour presentation, stressed that all board members must understand the mission and culture of the organization and be sure that a code of ethics is enforced throughout the organization.

“The dealings board members have with their organizations should be addressed and conflicts identified,” he said. “This Webinar will focus on all of the above issues, as well as provide tips on addressing ethical issues and dilemmas.”

Kevin, who has more than 25 years experience in tax and financial planning and litigation support, handles clients that represent a variety of businesses and industries. A past president of the Northeast Chapter of the New York State Society of CPAs, he has expertise servicing non-profits, privately held small businesses, professional practices and governments.

PC-based attendees are required to have Windows® 7, Vista, XP or a 2003 Server, while Macintosh®-based attendees need Mac OS X 10.5 or newer.

Space is limited. Reserve your seat now by going to: https://www2.gotomeeting.com/register/876347842

After registering you will receive a confirmation email containing information about joining the session.

For more information, give me a call at 785-0134 or email me at kpo@marvincpa.com.

Thanks!