Episode 29 – Why Specialist Expertise for Nonprofits Matters
Host: May Harris, Esq.
Guest: Mike Payne
“Nonprofit law and tax just aren’t taught in school. You have to seek that education yourself — learn on the job, serve on a board, and invest the time to really understand it.”
- Mike Payne
In This Episode
Learn best practices for Form 990 preparation and understanding the unique disclosure requirements that differ from traditional business tax returns
Nonprofit accounting and legal services require specialized expertise that most professionals lack. On this episode of Nonprofit Counsel, host May Harris speaks with Mike Payne, founder and CEO of Boss Advisors, about why combining these disciplines creates better outcomes for charitable organizations. Mike shares his journey from Ernst & Young's tax-exempt organization practice to building an innovative firm that integrates nonprofit CPA services with legal counsel. They discuss critical topics, including Form 990 preparation, board governance, conflict of interest policies, and why professionals should never dabble in nonprofit tax compliance. This conversation explores the benefits of combining legal and accounting services for nonprofits, while avoiding costly mistakes that could jeopardize their tax-exempt status.
Key Takeaways
Insightful moments and lessons from the conversation.
Nonprofit accounting and legal services must be integrated to avoid putting clients in the awkward position of translating information between their accountant and lawyer, which often results in missed critical details affecting nonprofit tax compliance.
Practitioners should never dabble in tax-exempt organizations' work—whether lawyers or CPAs—because the specialized knowledge required means mistakes can result in excise taxes, intermediate sanctions, or complete loss of tax-exempt status for the organization.
Every board governance structure needs the ABCs plus D: articles of incorporation, bylaws, conflict of interest policy, and annual disclosure statements that board members must review and sign to ensure proper understanding and compliance.
Guest Bio: Mike Payne
Michael Payne, JD, CPA, is a licensed attorney and Certified Public Accountant with over 20 years of experience serving business owners, individuals, and nonprofit organizations across the nation. As Founder and CEO of Boss Advisors, Mike leads the Advisory Practice, specializing in entity structuring, tax strategy, and compliance solutions that maximize efficiency and savings for clients. Having worked with large CPA and law firms before starting his own practice, Mike combines Big Four expertise with personalized service for local businesses and nonprofit organizations across the nation. A proud Arizona native and father of five, Mike holds a bachelor's degree in Accounting from NAU and a Juris Doctorate from ASU's Sandra Day O'Connor College of Law.
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