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Beware of the Trust Fund Recovery Penalty

July 8, 2020

Business owners are required to withhold Social Security and income taxes from their employees' wages. The funds have to be turned over to the government and if you, as the employer, do not comply, you could be at risk for a severe tax penalty called the “Trust Fund Recovery Penalty”.

Appealing to Next Generation of Supporters

July 8, 2020

Factors such as wealth level, education, and even whether people volunteer, probably will tell you more about potential donors than their generation. But some broad generalizations about age can help nonprofit organizations target particular groups for support.

Regaining Tax-Exempt Status From Failure to File 990s

June 29, 2020

The most common reason nonprofits lose their status is the failure to file an annual Form 990 or 990-N for three consecutive years. If your organization has landed on the IRS’s revocation list for this reason, don’t panic.

Good Records = Tax Deductions & Trouble-Free IRS Audits

June 19, 2020

If you operate a small business or starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled.

Rebuilding Your Nonprofit’s Board

June 11, 2020

In times of turmoil, including the challenges of the Covid-19 pandemic, your board of directors should be your not-for-profit’s rock-solid foundation. But what if your board is understaffed or simply doesn’t provide the leadership your nonprofit requires?

Rioting Damage and Casualty Loss Deductions

June 8, 2020

The recent riots around the country have resulted in many storefronts, office buildings and business properties being damaged or destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property.

Nonprofit Fraud is Here

June 8, 2020

Every two years, the Association of Certified Fraud Examiners (ACFE) publishes what has become the definitive guide for preventing and detecting workplace fraud.

Quid Pro Quo Contribution

May 21, 2020

A quid pro quo contribution occurs when a nonprofit receives a payment that includes a contribution and the nonprofit provides the donor with goods or services valued for less than the total payment.

NonProfits: Is Your Tap Running Dry?

May 15, 2020

If cash flow has dried up, your organization may need to do more than trim expenses. Here’s how to assess your financial condition and take appropriate action.

Review and Replace Ineffective Programs at Your Nonprofit

April 3, 2020

It’s all too easy to let ineffective not-for-profit continue, even as they consume budget resources. To help ensure your resources are being deployed efficiently and effectively, consider using the tradition of spring cleaning to review and, potentially, replace ineffective programs.

Business Strategies for Manufacturers in Uncertain Times

April 2, 2020

COVID-19 has surely brought uncertain times to all of us. It has also brought business planning strategies to the forefront of positioning and maintaining a business. On top of the day-to-day demands, management has several other critical areas of the company to tighten down. Here are some ideas to think about.

Can Your Board See the Red Flags?

March 27, 2020

A key fiduciary duty of your not-for-profit’s board of directors is to oversee and monitor the organization’s financial health. Some financial warning signs — such as the loss of a major funder — may jump out immediately. But other red flags can be more subtle. Here are some of them.

Matching Gift Program Boosts Impact of Donor Gifts

March 26, 2020

Many large U.S. companies offer their employees a matching gift program which helps boost the impact of their employees’ charitable gifts. Double the Donation estimates that $2 to $3 billion is donated through matching gift programs every year.

NonProfit Executive Search Plan

March 18, 2020

Every nonprofit should have an executive search plan. Even if you aren’t facing an imminent vacancy, your organization is smart to prepare for what can be a long process. Executive searches generally take several months — even if you end up hiring someone already known to your nonprofit.

Thinking of Opening Your Own Business?

February 26, 2020

Have you ever thought about opening your own business? If so, you will join the group of people who launch small businesses and start out as sole proprietors. Here are nine important tax rules and considerations that sole proprietors need to keep in mind.