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Tax Tips For Start-Ups: Sales And Employment Withholding Tax
Tax ranks high among the many structural issues a start-up needs to consider. In her article in the Metropolitan Corporate Counsel, Alyssa Forslund, notes that even tax responsibilities that seem straightforward – such as collecting sales tax and setting up withholding for employees – can be challenging and need to be approached carefully
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Endowment Accounting under FASB Topic 958-205 (Formerly FSP 117-1) and NYPMIFA, 2011-07-28
A PREAMBLE NYPMIFA calls for: Prudence, donor notification and investment management. As the Beatles said, “Dear Prudence, won’t you come out and play?” Do not mistake NYPMIFA and FASB 958-205 for being the same. Legal issues and accounting issues do not always agree. In legal terms, as it relates to endowments, you can “borrow”, but you can’t “steal”. In accounting terms, you can’t “hide”. EXAMPLES OF ENDOWMENT RESTRICTIONS True endowment with no use restriction-My contribution should be kept intact and the income is to be used for the organization. True endowment with use restriction-same as above except the income from the contribution is to be used for supplies for the organization. Endowment for a term of years-keep the gift intact for 20 years, during which time the income is for supplies and after 20 years, the gift has no restrictions.

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