For many key employees, the use of a company car is a cherished perk. But before you hand over the keys, make sure you understand the federal tax rules.
Read MoreBefore you know it, 2024 will be here. But until then, there may still be time to reduce your 2023 federal tax liability by taking these steps.
Read MoreIt’s not always easy to calculate a nonprofit’s risk of falling afoul of the commerciality doctrine. We explain the threat and some risky practices and activities.
Read MoreReduce your taxable estate by making annual gift tax exclusion gifts.
Read MoreIf you need cash, you may want to tap your traditional IRA. But if you’re not yet 59½, you may have to pay a penalty tax if you do. Here are 11 exceptions to the penalty.
Read MoreRemoving a trustee can be difficult. However, there are ways to make it easier without giving too much power to the beneficiaries.
Read MoreConcerned about your 2023 tax liability? Consider these year-end tax planning strategies.
Read MoreEver heard of a cost segregation study? It’s a strategy that can yield tax benefits, but it’s not the right move for every business. Here’s how it can help accelerate depreciation deductions on the building that houses your enterprise.
Read MoreWhen planning your estate, pairing a pour-over will with a living trust can act as a backstop for certain wayward assets.
Read MoreDo you own assets jointly with your child or other heir? Learn the pitfalls associated with this estate planning strategy.
Read MoreThe IRS has created a path that businesses can use to withdraw unprocessed ERTC claims if they determine the claims are invalid.
Read MoreThe IRS recently announced the special “per diem” rates that became effective Oct. 1, 2023. Here are the basics of these rates.
Read MoreDoes your employer offer a 401(k) plan, but you haven’t started participating? Here are the basic features of these plans to illustrate why you should strongly consider it.
Read MoreWhat’s considered “healthy” diversity in a nonprofit board will vary by organization. But, at a minimum, your board should reflect your community and the people you serve. Learn how to increase board diversity.
Read MoreYou want to be able to deduct business expenses on your tax return. But in order to be deductible, expenses must be ordinary, necessary and reasonable. Here are the rules.
Read MoreSometimes donors ask for their money back. Must your nonprofit comply? It depends on several factors. But the best defense against these requests is an effective offense: Create a gift refund policy.
Read MoreMoving to another state could reduce or eliminate state-level estate tax, but certain steps must be taken.
Read MoreThere are tax implications if you hit a sizable jackpot in the lottery or while gambling. Here are the basic rules.
Read MoreTrust tends to be the biggest potential fraud weakness for nonprofits. But by beefing up certain internal controls, you can continue to operate like a happy family and still reduce employee-perpetrated fraud.
Read MoreYour choice of a family member to be your estate’s executor may not be the best option.
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