Delegating so you can focus on your mission

- by Lumix CPAs & Advisors

You have specific talents but you are not good at everything. As the President, CEO or Executive Director your time and talent can best be devoted to creating and implementing the organization’s vision and pursuing rapidly emerging opportunities.  This should be your core focus.   So why are you spending your precious time and talent building an internal finance function, an information technology process, or other noncore operations? Continue reading “Delegating so you can focus on your mission” »

How do we save money by outsourcing?

- by Lumix CPAs & Advisors

Maintaining an in-house fully staffed accounting department weighs heavily on your overhead cost. Lumix, PC can provide you all the layers of experience and expertise of a well functioning accounting department at a fraction of the cost. Continue reading “How do we save money by outsourcing?” »

Non-Cash Donations

- by Lumix CPAs & Advisors

For those of us who don’t like organizing a yard sale and hassling over a fair price for our precious collection on the Doobie Brother albums, there is always the option of calling the Salvation Army, or a similar not-for-profit organization that will pick up our unwanted items in exchange for a receipt.  The Pension protection Act of 2006 (PPA 2006) includes several provisions that require enhanced recordkeeping of these charitable contributions. Continue reading “Non-Cash Donations” »

Gifts to Employees

- by Lumix CPAs & Advisors

There are times when an employer feels the need to reward an employee outside of a regular bonus, or to reward for an outstanding job done on a particular project. Continue reading “Gifts to Employees” »

Continuity as a benefit of outsourcing

- by Lumix CPAs & Advisors

The financial history of any organization is partially recorded in the accounting system through transactions and adjustments.  But there are undocumented bits and pieces of information that are accumulated through years which are very impractical to document.  Continue reading “Continuity as a benefit of outsourcing” »

Accounting Policies and Procedures Manual

- by Lumix CPAs & Advisors

A robust Accounting Policies and Procedures Manual (APP manual) is the organization’s written blue print defining the process and responsibility of each accounting/financial function in the organization.   With the recent changes in the accounting profession which affect a not-for-profit’s governance and reporting to the Internal Revenue Service, the APP manual has become increasingly relevant but also in desperate need of revision. Continue reading “Accounting Policies and Procedures Manual” »

Employees Expense Reimbursements: Beware of IRS’s accountable plan requirement!

- by Lumix CPAs & Advisors

Under IRC sections 62(a)(2) and 62(c), reimbursements for travel (including amounts allowable under established per diem rates) that meet established tests for an accountable plan, are not subject to employment taxes (federal income tax withholding, social security and Medicare). Continue reading “Employees Expense Reimbursements: Beware of IRS’s accountable plan requirement!” »

Feng Shui and your old documents

- by Lumix CPAs & Advisors

Are your tax records still cluttering your desk or dining room table, even though you filed your return? Continue reading “Feng Shui and your old documents” »

Need to use retirement funds right away?

- by Lumix CPAs & Advisors

In today’s economic turmoil, many face hardship and need to use the funds in their retirement account in order to make ends meet.  While withdrawing funds out of your retirement account is not a recommended strategy for a long term investment; however, if it is the inevitable last resource to cope with hardship, it is important to know and weight your options. Continue reading “Need to use retirement funds right away?” »