There are worthwhile reasons for nonprofits to merge. But it’s also important to remember that mergers can fail. Read on for the pros and cons.
Read More
Business owners that operate as an S corporation are subject to income tax, but not self-employment tax, on their share of the entity’s income. Here’s how the rules work.
Read More
Nonprofit board retreats enable members to move past the mundane topics of regular meetings and get creative. Here’s how to plan a safe and successful in-person retreat.
Read More
Employee or independent contractor? That’s the question businesses ask when they bring on certain workers. Here are the basic rules to help keep you out of tax trouble.
Read More
The pandemic has caused some people to turn to “gig” work to make up for lost income. Here are the tax consequences of taking on these jobs.
Read More
If you’re trying to keep straight all of the tax proposals the Biden administration has recently announced, here’s a handy guide.
Read More
New rules for nonprofits to report gifts in kind (such as land or services) take effect for annual periods starting after June 15. So if you haven’t already familiarized yourself with the rules, now’s the time.
Read More
Americans got extra time to file their tax returns this year, but the deadline is looming. Here’s what to do if you’re not ready.
Read More
Some employers offer educational assistance plans as a recruitment and retention tool. Here are the rules to help ensure the fringe benefit is tax free to employees.
Read More
What could President Biden’s tax proposals mean for you? Here’s a brief rundown of the “American Families Plan.”
Read More
The IRS imposes penalties for failing to pay taxes due and failing to file required tax returns. With the May 17 filing deadline coming up, it’s a good time to review the amount of the penalties.
Read More
Why don’t your nonprofit’s interim and year-end financial statements match? It may come down to cash basis vs. accrual accounting. Here’s how to minimize the need to make adjustments.
Read More
There’s a great deal of interest in alternative energy technologies today. If your business invests in certain equipment or property, what are the federal tax benefits? This article explains.
Read More
Many nonprofits are wary of adding expensive insurance coverage. But a directors and officers (D&O) policy can protect board members from financial liability and ultimately save money.
Read More
Many tax changes have been enacted recently to help mitigate the financial damage caused by COVID-19. They may affect you if you collected unemployment last year or if you buy health insurance through a “Marketplace.”
Read More
To keep executive compensation deductible, C corporation owners want to ensure it’s reasonable. Otherwise, it could be deemed a dividend. Here’s why it matters.
Read More
When you sell your home, you’ll pay tax (or avoid it) based on the “basis” of the property. Here’s how to determine yours.
Read More
Small business owners are sometimes reluctant to set up retirement plans because of the administrative burdens. Here are two options to consider that have less stringent requirements than traditional qualified retirement plans.
Read More
Thinking about hiring your teenager to work in your business? There can be significant tax benefits.
Read More
After this past year, you and your nonprofit’s board may think they can overcome any financial challenge. But don’t get too comfortable. These financial warning signs merit immediate attention.
Read More