Drawing a line between employees and contractors requires nonprofits to use their judgment. Getting it wrong can result in penalties and other costs, so take steps to get it right.
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Even though for many families federal estate tax isn’t currently a concern, life insurance may offer several benefits for their estates.
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If your nonprofit operates in or serves clients in a disaster zone, you know how difficult the recovery process can be. Unfortunately, fraud perpetrators attempting to profit off the misery of others can make rebuilding difficult. Construction fraud is particularly common. If you have damage, be sure to work with your insurance company, carefully vet potential contractors, ask for proof of insurance, put everything in writing and don’t pay for work until it’s completely finished. Also watch out for fake relief workers. Real FEMA officials will never ask for payment. Contact us with questions.
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A common piece of estate planning advice is to review your estate plan in light of a major life change. This can include getting married, having a baby or getting a divorce. Add one more event to that list: moving out of state.
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Getting contacted by the IRS and told your tax return is being audited may cause business owners to panic. But you’ll fare better if you understand IRS audits.
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The cost of college has risen steeply in recent years so families are wise to begin saving early. Here’s how 529 plans can help you save on a tax-advantaged basis.
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Many small businesses are in need of new employees and may get creative in their hiring. The Work Opportunity Tax Credit can help if you hire from certain targeted groups.
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By planning ahead now, you may be able to save on your 2022 and 2023 tax bills. Here are some ideas to consider.
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It’s time for businesses to start thinking about year-end tax strategies. It’s also a good time to think about the fourth quarter 2022 tax filing deadlines.
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The public nature of probate is a primary reason many people wish to avoid the process to the extent possible. Implementing the proper strategies in your estate plan can protect your privacy.
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It’s not easy to get at the root of charitable donor motivation. We look at some of the financial, social and emotional reasons people give and how your nonprofit might want to act on them.
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There are two special taxes that may have a significant effect on the tax bills of high-income folks: the 3.8% net investment income tax and a 0.9% additional Medicare tax on wage and self-employment income. Here are the basic rules.
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Your nonprofit may not have always approached its budget efficiently and productively or received the results it wanted. But it’s never too late to try some new budgeting ideas.
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Families with a disabled child face difficult estate and financial planning challenges. Two options available to them are a special needs trust and an ABLE account. How do they compare?
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Separating the ownership of a business’s real estate from the business isn’t always advisable. But it might be worthwhile in some situations.
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Pitfalls abound when creating and maintaining an estate plan. Here are four to be especially aware of.
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A limited liability company can give you corporate-like protection from creditors while providing the benefits of taxation as a partnership. Can it work for you?
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The Inflation Reduction Act is about to become law. Learn how its tax provisions might affect you.
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You don’t have to wait for the next scheduled audit to assess your nonprofit’s financial health. Instead, think like an auditor and review revenue numbers for negative trends. Here’s how.
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Don’t wait until a questionable donor offers your nonprofit a gift. Create a gift acceptance policy so you’ll know how to respond to donors who could potentially damage your organization’s reputation
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