The subject of product life cycle has stirred some lively debates in the year past, as firms come to realize that individual service lines – and the firm itself – may have a limited cycle that eventually requires either a revitalization of services or the loss of some revenue as the industry moves on to something else. Nowhere is that more evident than in the traditional accounting functions of trial balance and engagement software.

A sales tax is a tax paid to a governing body for the sales of certain goods and services. It differs from a use tax, which is assessed on tangible personal property purchased for use, storage, or consumption in a locality regardless of where the purchase took place. While those definitions may be clear, the remittance of these taxes is not. The collection, accounting and remittance of sales and use taxes has always been a mess, and is hardly less so in 2014.

The Internal Revenue Service estimates that there are more than 1.5 million organizations in the United States that qualify as tax-exempt under Section 501(c) of the US Tax Code.  That’s a decline of some 22 percent over 2010 levels, and despite a recent increase in applications for some types of tax-exempt entities, it is clear that the challenges facing Nonprofit organizations are intensifying.

• 42% of survey respondents report that they do not have the right mix of financial resources to thrive and be effective in the next 3 years.
• 1 in 4 nonprofits has 30 days or less cash-on-hand.
• Over the next twelve months, 39% plan to change the main ways they raise and spend money.
• 23% will seek funding other than grants or contracts, such as loans or investments.

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