Maybe one of your New Years Resolutions was to get more involved in the community by serving on a Board. Before you jump in, check out this article in the January 2014 Journal of Accountancy Consider This Before Serving on a Board Amy Waldron, CPA interviews attorneys James K. Thurston and Peter J. Larkin about the possible liabilities to be aware of when serving on a Board.
The one issue they note--personal liability for unpaid payroll taxes is one we address in our Board Boot Camp. We have seen some nonprofit clients get behind on payroll taxes--and the Board Members are not aware. Because Board Members can be personally liable for these unpaid taxes, it is important for Board Members to make sure their nonprofit is current.
The attorneys note a number of strategies a Board Member can take to reduce risk.
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