Some nonprofit organizations may accept contributions of nonfinancial assets, such as land, services, and supplies. If your nonprofit accepts this kind of contribution, you should know about Financial Accounting Standards Board (FASB) rules approved last year.
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- May 3, 2021
Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge.
- April 30, 2021
Auditors of not-for-profits sometimes propose year-end adjustments to interim financial statements prepared by nonprofit staff for the board. Why do auditors do this?
- April 28, 2021
If you are interested in alternative energy technologies to help manage your business energy costs, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property.
- April 21, 2021
Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends.
- April 12, 2021
If you want to set up a retirement plan for yourself and your employees, but want to avoid the financial commitment and administrative burdens involved in providing a traditional pension plan, you do have options.
As a business owner, you can save family income and payroll taxes by putting your child on the payroll.
- April 2, 2021
Many not-for-profits are just starting to emerge from one of the most challenging environments in recent memory due to the COVID-19 pandemic. Even if your organization is in good shape, don’t get too comfortable.
- March 10, 2021
Benchmarking is widely used by for-profit companies but sometimes is overlooked by charities and other nonprofits. A not-for-profit organization should be committed to benchmarking because it offers many benefits, including long-term sustainability.
- March 10, 2021
While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors.
- March 9, 2021
Nearly 100 years ago, Olsen Thielen was founded on the belief that personal attention, trust, and quality service were the key elements to helping our clients succeed, and that commitment remains. commitment to their clients and their community.
- March 4, 2021
Events of the past year may have put a dent in many not-for-profit organizations' reserves. You possibly could have tapped into your reserve fund to buy personal protective equipment or maybe to pay salaries when your budget no longer proved adequate.
- March 2, 2021
A recent law extended the Work Opportunity Tax Credit (WOTC) for businesses who hire individuals from one or more targeted groups. The credit is generally limited to eligible employees who began work for the employer before January 1, 2026.
- February 24, 2021
Fraud and embezzlement schemes cost not-for-profit organizations more than just money. The hit to a group’s reputation may scare off donors, grantmakers, and other supporters.
- February 22, 2021
During the past year, many more people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.