For concise news on the changed social security tax rates for 2011, see New Changes in Payroll Taxes, a post by Autum Awalt at the Faith-Based Accounting blog.
Jim Ulvog
Comparing GDP of US states with foreign countries
You’ve played the word game — if California was a separate country, it would be the Xth largest economy in the world.
The Economist magazine has revised the game with a graph that matches the GDP of each state with another country with the closest GDP. Map is here. The ‘population’ button at the top changes the map to match each state with a country with the closest population size.
A few fun observations:
Differing dollar cutoff for filing California 199N and federal 990-N
The cut off for organizations being able to file a 199N with the California Franchise Tax Board instead of the longer 199 is gross revenue normally $25,000 or less. The cut off to file a 990-N instead of the longer 990-EZ with the IRS is $50,000.
What to do if your income is between 25,000 and 50,000?
Is an engagement letter required for a compilation or review?
I have a post up on my other blog addressing this question. You can find it here, since I won’t be cross posting the entry.
New filing requirement with the FTB for small California nonprofit organizations
Starting January 1, 2011, very small tax-exempt organizations in California must file an e postcard with the state Franchise Tax Board. This is very similar to the federal e-postcard. Form FTB 199N is used for the FTB while Form 990-N is used with the IRS.
Key things you need to know:
Some thoughts from the webinar on ECFA’s Commission
Previous posts here and here for background.
There are a few comments worth repeating from the the ECFA’s webinar on the formation of their Commission on Accountability and Policy for Religious Organizations. The Commission will provide input to the Senate Finance Committee. A few of my thoughts as well.
What issues will the ECFA Commission address?
Sen. Charles Grassley has asked ECFA to lead an independent, private sector commission to provide input on some of the major accountability and policy issues affecting the religious nonprofit community, particularly churches. Previous post here. ECFA’s press release here.
Dan Williams, of PSK, an accounting firm in Arlington, Texas, has some comments at Faith-Based Accounting.
In a webinar on January 14, Michael Batts, CPA and Dan Busby, CPA and President of ECFA, gave background on the Commission and what it will be addressing.
Here are a few of the issues on the commission’s plate:
ECFA Commission on Accountability for Religious Organizations
One sentence explanation of the difference between an audit and a review
I have discussed the differences between audits, reviews, and compilations here and here. Even developed a visual illustration here. Ask any CPA and you can get a long explanation of the distinctions.
For something shorter, consult this article by Angus Loten in the Wall Street Journal, which said:
Q: How can audits pay for themselves?
Standard mileage rates for 2011 – longer explanation
Peering Forward posts combined into a page
The series of posts on looking into the future have been combined into one page. This allows you to read the posts in chronological order. You can find them in the “Peering Forward” tab at the top of this page or you can click here.
Peering forward – We need to try really hard to see reality clearly
Why are cartoons such a popular explanation of economics right now?
Amity Shlaes, in her current Forbes column, Economics by Cartoon, points out that the cartoon Quantitative Easing Explained and the rap debate between Keynes and Hayek have received 3.5 million and 1.7 million hits on YouTube, respectively. I’ve mentioned these videos here on this blog and here on my other blog. (Just checked – the QE cartoon is up to 4.0 million visits.)
Over 5.7 million hits on YouTube video explanations of what is going on? Why?
My future shall be shaped by my will…
“My will shall shape my future. Whether I fail or succeed shall be no man’s doing but my own. I am the force; I can clear any obstacle before me, or I can be lost in a maze. My choice, my responsibility, win or lose, only I hold the key to my destiny. ”