Not-for-Profit

Categories

Charitable Donations

April 28, 2022

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

C-Corporation to S-Corporation

April 11, 2022

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.

Business Meal Deduction

April 4, 2022

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.

Maybe Accelerate and Defer?

March 28, 2022

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?

Tax-Favored Retirement Plan

March 28, 2022

VIDEO: 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.

Nonprofit Audit Preparation

March 4, 2022

A regular audit can reassure donors and other stakeholders that you take seriously your responsibility. Advance audit preparation can make the process a success.

Spouse’s Travel Costs

February 22, 2022

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.

Keeping Remote Workers Connected

February 16, 2022

Many employees have appreciated the opportunity to work from home, but not all of them and some remote 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

February 11, 2022

Sole proprietor tax issues are important considerations for new and existing businesses. In this article are eight important issues to consider.

Recruiting NFP Staff

February 2, 2022

The Great Resignation has hit not-for-profit organizations hard, and recruiting NFP staff will most likely require you to up your recruiting game. As many for-profit businesses have raised pay and hiring incentives to hire new staff, nonprofits have lost staff.

Deductible Expenses & Good Records

January 31, 2022

Two things that business owners need to remember are that deductible expenses & good records can make life easier when filing taxes and help defend the expenses if the IRS conducts an audit.

How Many NFP Directors are Needed

January 25, 2022

When a nonprofit is new, it may struggle to find an adequate number of board members. But as it grows, its board is also likely to grow — sometimes, to an unwieldy size. The important question is: How many nonprofit directors are needed for your organization to effectively pursue its mission?

Nonprofit Restricted Gifts

January 17, 2022

Occasionally, a nonprofit will receive restricted gifts. With an unrestricted gift, organizations have the flexibility to use the money where it’s needed most. However, gifts with restrictions require a higher level of responsibility.

Nonprofit Financial Resilience

January 7, 2022

Despite COVID-19 and other roadblocks, your nonprofit needs financial resilience for the upcoming year and beyond. Forecasting can be difficult, but your staff and the board’s finance committee have ways to deal with obstacles. Here are three suggestions:

2022 First-Quarter Tax Deadlines

January 4, 2022

Businesses face several 2022 first-quarter tax deadlines. This list is not all-inclusive, and additional deadlines may apply to you. Also, remember that this list isn’t all-inclusive, so there may be other deadlines that apply to you.