Only some not-for-profit organizations are required to conduct independent annual audits. For example, the federal government and many states mandate an audit if a nonprofit receives more than a specific amount in charitable donations. Some grantmakers and lenders may do… Read More
Blog
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How companies can spot dangers by examining concentration
At first glance, the word “concentration” might seem to describe a positive quality for any business owner. You need to concentrate, right? Only through laser focus on the right strategic goals can your company reach that next level of success…. Read More
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Explore SEP and SIMPLE retirement plans for your small business
Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple of options to consider. Let’s take a look at a Simplified… Read More
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An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing
Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline is coming up the same day, and it’s essential for certain taxpayers. It’s the deadline for making the first quarterly estimated tax payment for… Read More
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Small business alert: Watch out for the 100% penalty
Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from employees’ paychecks. In this situation, the IRS can assess the trust fund recovery penalty, also… Read More
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Nonprofits: How to attract the best, most qualified interns
Summer will be here before you know it, and for many not-for-profits, that means internships. Although students and recent graduates are often eager to gain job experience as interns, many also expect to be paid. However, according to consulting firm… Read More
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Is your business on top of its tech stack?
Like many business owners, you’ve probably received a lot of technology advice. One term you may hear frequently is “tech stack.” Information technology (IT) folks love to throw this one around while sharing their bits and bytes of digital wisdom…. Read More
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Discover if you qualify for “head of household” tax filing status
When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or qualifying widow(er). Only some people are eligible to file a return as a head of… Read More
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Are you a tax-favored real estate professional?
For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct PALs only to the extent of passive income from other sources, if any. For example,… Read More
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Should your nonprofit outsource to an AMC?
If you’re like most nonprofit leaders, you want to dedicate your time to mission-critical work. But if you run a relatively new nonprofit with a bare-bones staff, you probably need to pay considerable attention to administrative and business tasks. Hiring… Read More