News & Articles
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Virtual Education Session with Salvatore Caruso CPA and Matthew O’Dell CPA: Understanding and Interpreting Financial Statements
Join our friends at Condon O’Meara McGinty and Donnelly, for an interactive and informative discussion on fiscal management, including financial statement analysis and interpretation, trends, and how to effectively manage your club using financial metrics.
Corporate Transparency Act
The Corporate Transparency Act (“CTA”) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the United States. Beginning in 2024, in an effort to create a national database for use by national security and...
Electronic Filing Threshold for Information Returns Significantly Changes in 2024
The Internal Revenue Service (“IRS”) released final regulations that significantly expand the electronic filing (“e-file”) requirements for tax-exempt organizations. Effective January 1, 2024, organizations must electronically file information returns (i.e. Form 1099...
Electronic Filing Threshold for Information Returns Significantly Changes in 2024
Read TaxViews - NEW Efile Requirement for Information Returns
E-File Requirement Form 8300
Effective Jan. 1, 2024, clubs, generally speaking, must now electronically file (e-file) Forms 8300. To file electronically Form 8300, a club must set up an account with the Financial Crimes Enforcement Network's BSA EFiling System. The IRS will ensure the privacy...
Swipe Fees and Credit Cards: An Antitrust Case (Private Clubs)
By Matt O’Dell & Brad D. Steele, J.D. For decades, organizations have been wrestling with the high cost of credit card company interchange fees, or so-called swipe fees. Traditionally, these fees are between 2% and 4% of a total credit card transaction cost. They...
Swipe Fees and Credit Cards: An Antitrust Case (Nonprofit)
For decades, private clubs have been wrestling with the high cost of credit card company interchange fees, or so-called swipe fees. Traditionally, these fees are between 2% and 4% of a total credit card transaction cost. They represent a service charge paid to the card company, or its bank, covering the costs associated with allowing individuals to use their Visa, Mastercard or other credit card for purchases. Regrettably, these charges can be hefty for a club on an annual basis.
ASC Topic 842 – Accounting for Leases (Nonprofit)
The FASB’s new lease accounting standard has rapidly approached for organizations with operating and finance leases. Under Accounting Standards Codification (“ASC”) Topic 842, Leases (the “new standard”), all lease obligations (operating and finance) are required to...
ASC Topic 842 – Accounting for Leases (Private Clubs)
The FASB’s new lease accounting standard has rapidly approached for organizations with operating and finance leases. Under Accounting Standards Codification (“ASC”) Topic 842, Leases (the “new standard”), all lease obligations (operating and finance) are required to...
How is Inflation affecting the dues dollar?
By Daniel T Condon & Matthew P O’Dell Membership dues are a key component of any healthy private club, and its correlation to payroll is quite remarkable. As clubs continue to navigate through all the regulations related to the COVID-19 pandemic another opposite...
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