Taxes on the transfer of wealth upon death can be substantial. The tax burden, which is typically based on the value of the estate assets on the date of death, can be additionally painful if the value of the transferred assets declines in value after the date of death.
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Setting up an advisory board could be a valuable asset to your nonprofit. You may be thinking--"we already have a board of directors — so why would we need an additional advisory board?" There are a few reasons.
- 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”.
- 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.
- June 29, 2020
The 2020 presidential election is fast approaching and your not-for-profit has a stake in its outcome. But that doesn’t mean your organization is free to participate in campaign activities.
- 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.
- 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.
- 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?
- 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.
- 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.
- 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.
- 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.
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.
- 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.
- 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.