Not-for-Profit

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Nonprofit board-designated assets refer to funds that haven’t been restricted by donors but are subject to self-imposed limits on their use. They’re typically intended to ensure that funding is available when needed. Board-designated funds also can play a role in fundraising by demonstrating an organization’s commitment to a specific plan
The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated tax payments. You want your business to pay the minimum estimated tax payment without triggering the penalty for underpayment of estimated tax.
The IRS recently announced the HSA amounts for 2023, which have been adjusted for inflation. High inflation rates will result in next year’s amounts being increased more than they have been in recent years.
VIDEO: Grooming future leaders and mapping out a succession plan in advance is one of the best ways to mitigate the risk of losing key personnel and prepare for the future needs and growth of an organization. This video offers tips and best practices for creating and implementing a succession
Tax rules for charitable donations aren’t static. In fact, rules that allowed nonitemizers to deduct up to $300 in 2020 and 2021 have lapsed for 2022. Your nonprofit should help donors understand current rules. Although most charitable donors aren’t primarily motivated by potential tax breaks, they still need to know
Should you switch from a C Corporation to S Corporation?  If you are thinking about switching entity types, there are a number of important issues you need to look at before finalizing your decision of which is best in your particular circumstances.
Believe it or not, the federal government is helping to pick up the tab for certain business meals. To help struggling restaurants during the pandemic, the Consolidated Appropriations Act temporarily doubled the business meal deduction for 2021 and 2022. Under a provision that’s part of one of the COVID-19 relief
Here are some of the key 2022 second-quarter tax deadlines that apply to businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the
Typically, businesses want to defer recognition of taxable income into future years and accelerate deductions into the current year. However, sometimes would it be prudent to do the opposite and maybe accelerate and defer?  And why would you want to?
If your business doesn’t already have a retirement plan, now might be a good time to explore the benefits of a tax-favored retirement plan. Current retirement plan rules allow for significant tax-deductible contributions.
For a not-for-profit organization, writing and actively adhering to a strong conflict of interest policy is a way to ensure the organization remains well-regarded by the public and donors. In 2021, in an Independent Sector survey, 57% of Americans said they trust not-for-profits to “do what is right.”  However, well-publicized
Even if your nonprofit has no audit requirement, a regular audit can reassure donors and other stakeholders that you take seriously your responsibility. An audit can also help you identify risks before they become intractable problems. Here’s how to initiate and prepare for an audit.
Company owners frequently ask what costs are deductible if their spouse accompanies them on a business trip. One must remember that the rules for deducting a spouse’s travel costs are very restrictive unless your spouse is a bona fide employee.  This requirement prevents tax deductibility in most cases. 
Many employees have appreciated the opportunity to work from home, but not all of them. As a result, some workers feel disconnected and isolated. If you plan to make remote working a part of your company, you need ways of keeping remote workers connected to their jobs and colleagues.
Sole proprietor tax issues are important considerations for new and existing businesses. In this article are eight important issues to consider.
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