News & Insights

August 10, 2021

IRS issues ERC guidance as Congress mulls early termination

The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the credit through 2021 by the American Rescue Plan Act (ARPA).
The guidance comes as Congress weighs ending the ERC early to help offset the costs of the pending infrastructure bill. As of now, the credit is worth as much as $28,000 per employee for 2021, or $7,000 per quarter.

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August 6, 2021

Have you followed up on the management letter from your audit team?

Auditors typically deliver financial statements to calendar-year businesses in the spring. A useful tool that accompanies the annual report is the management letter. It may provide suggestions — based on industry best practices — on how to fortify internal control systems, streamline operations and reduce expenses.
Managers generally appreciate the suggestions found in management letters. But, realistically, they may not have time to implement those suggestions, because they’re focusing on daily business operations. Don’t let this happen at your company!

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June 23, 2021

Is your nonprofit complying with federal procurement requirements?

If your nonprofit doesn't comply with recently updated federal procurement guidelines, it could risk its funding.  Here's how to ensure your policies and purchases adhere to the rules.

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June 16, 2021

Don't assume your profitable company has strong cash flow

If your business's bottom line is strong, that's good news. But you still need to keep a close eye on cash flow.  Here's why.

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June 16, 2021

Overcoming benchmark resistance in your nonprofit

Who needs benchmarking? You, your nonprofit’s employees and board of directors do! We explain how best to measure performance to reach mission-critical goals.

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June 9, 2021

What nonprofit board members need to know about fiduciary duties

From financial oversight to risk management to avoiding conflicts of interest, there's a lot that nonprofit board members need to know.  Here's a quick summary.

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June 2, 2021

The long and short of succession planning

Have you created a viable succession plan for your business?  This daunting task can be made easier by choosing the right perspective

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May 28, 2021

How to strengthen your internal controls

A strong internal control system can protect your organization from a variety of risks, including recordkeepting errors and employee theft.  Here are three basic controls that you should take a look at annually.

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May 21, 2021

Using your financial statements to evaluate capital budgeting decisions

Taking your business to the next level may require a major infusion of capital.  A disciplined approach to evaluating capital investment decisions can help get the biggest bang for your buck.

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May 21, 2021

Biden administration proposes far-reaching tax overhaul

If you're trying to keep straight all of the tax proposals the Biden administration has recently announced, here's a handy guide.

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May 5, 2021

New rules for non-profits to report gifts in kind

(such as land or services) take effect for annual periods starting after June 15. So if you haven’t already familiarized yourself with the rules, now’s the time.

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April 30, 2021

Liabilities for unused time off mount as pandemic lingers

From staycations to road trips, people are using paid time off differently (or not at all) during the pandemic. When employees forego paid leave, employers may see their accruals skyrocket. Plus, there may be hidden costs, too.

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