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Jill Gilbert Welytok
Jill Gilbert Welytok, JD, CPA, LLM, practices in the areas of corporate law, nonprofit law, and intellectual property. She is the founder of Absolute Technology Law Group, LLC (www.abtechlaw.com). She went to law school at DePaul University in Chicago, where she was on the Law Review, and picked up a Masters Degree in Computer Science from Marquette University in Wisconsin where she now lives. Ms. Welytok also has an LLM in Taxation from DePaul. She was formerly a tax consultant with the predecessor firm to Ernst & Young. She frequently speaks on nonprofit, corporate governance–taxation issues and will probably come to speak to your company or organization if you invite her. You may e-mail her with questions you have about Sarbanes-Oxley at [email protected].
Articles & Books From Jill Gilbert Welytok
Cheat Sheet / Updated 03-27-2016
If you're forming a nonprofit, it's important to start from a well-informed base. These basic start-up guidelines can get your organization up and running smoothly, and being aware of current tax and finance standards can help your nonprofit avoid legal pitfalls.
Article / Updated 03-26-2016
Whether you’re starting a new business, launching a new division or a new product line, or simply preparing for the future, you need to develop a strategic plan — your business’s road map to the future. The plan reminds you, your employees, and third parties what you do, how you do it, the customers you do it for, and maybe even how you’ll do it in a superior way.
Article / Updated 03-26-2016
To ensure the success of your nonprofit organization, you need to start with a solid foundation. Take a look at the following fundamentals checklist so your nonprofit is set up properly and legal issues are covered right from the beginning.
Clearly define your mission and its scope: Every nonprofit has a mission.
Article / Updated 03-26-2016
A direct labor variance is caused by differences in either wage rates or hours worked. As with direct materials variances, you can use either formulas or a diagram to compute direct labor variances.
Utilizing formulas to figure out direct labor variances
To estimate how the combination of wages and hours affects total costs, compute the total direct labor variance.
Article / Updated 06-01-2017
The Limited Liability Company or LLC is an alternative type of business entity. A Limited Liability Company or LLC is like a corporation regarding limited liability, and it’s like a partnership regarding the flexibility of dividing profit among the owners. An LLC can elect to be treated either as a partnership or as a corporation for federal income tax purposes.
Article / Updated 03-26-2016
Non-profit organizations are generally tax-exempt and don't need to file revenue forms, but the Internal Revenue Service still requires lots of information — all to be painfully extracted and meticulously organized on IRS Form 990.
Not every tax form requires a payment of tax. Sometimes information is what the IRS is after.
Article / Updated 03-26-2016
Standard costs need to account for overhead (the miscellaneous costs of running a business) in addition to direct materials and direct labor. Overhead is much more difficult to measure than direct materials or direct labor standards because overhead consists of indirect materials, indirect labor, and other costs not easily traced to units produced.
Article / Updated 03-26-2016
Issues of executive compensation and governance are closely intertwined thanks to the influence of the Sarbanes-Oxley Act (SOX). The IRS is always concerned as to whether governing boards of nonprofit organizations exercise a sufficient degree of due diligence in setting the compensation for leaders of their organizations.
Article / Updated 03-26-2016
An organization's board of directors is responsible for forming committees when necessary. Committee members must be drawn from the current members of the board itself, so having a talented and diverse board is an extremely important ingredient to the success of an organization. The board's power to form committees is usually addressed in the organization's bylaws.
Article / Updated 03-26-2016
U.S. nonprofit organizations are entering an era of the most intense federal and state regulation in history. After cracking down on corporate America by enacting the Sarbanes-Oxley Act (SOX) in 2002, lawmakers and enforcement officials are now setting their sights on the country's 1.8 million nonprofits. Many provisions in the Pension Protection Act of 2006 are a direct response to high-profile scandals in the nonprofit sector.