Exploring financial statement footnotes can be a rewarding endeavor, especially in today’s uncertain marketplace. Comprehensive disclosures appear at the end of reviewed and audited financial statements. They can provide valuable insight into a company’s hidden risk factors.
If your business has more than one owner, a buy-sell agreement is strongly recommended. Here’s why and how they work.
Donors may automatically assume they can deduct the full amount of any charitable contribution. But what if your nonprofit provides goods or services in exchange for donations?
The Work Opportunity Tax Credit can lower your construction company’s tax bill dollar-for-dollar. Here’s a simple overview of how it works.
Costs are rising at levels we haven’t seen for decades. As you factor the effects of inflation into your financials, look beyond the income statement. Other aspects of your financial statements that might be hit by today’s high rate of inflation include inventory, acquired goodwill, investments, foreign currency transactions, long-term leases and variable-rate loans. These changes may have income tax consequences. And inflationary pressures can even lead to going concern issues. Contact us for help anticipating how inflation is likely to affect your company’s financials and brainstorming ways to manage inflationary risks.
The SECURE Act nixed the “stretch IRA” and replaced it with a new 10-year rule on inherited IRAs. However, subsequent IRS guidance has created confusion about when certain beneficiaries must begin taking distributions.
Should your nonprofit board designate unrestricted assets? Board-designated assets can provide a foundation and help ensure that funds are available when you need them. However, there are responsibilities involved.
Take your audited financials to the next level by implementing the improvements contained in the management letter.
With the April tax filing deadline in the rear view, now is the time to take certain tax-related action steps in preparation for next year.
Planning an in-person fundraiser for the first time since the start of the pandemic? Be more careful than usual, especially given current inflation rates and nonprofit staff shortages. Here are some additional tips.
SECURE 2.0 passed the U.S. House with strong bipartisan support. While the Senate is working on its own bill, learn about the provisions of the House’s version.
Does your nonprofit rely on contractors to get the work done? Make sure these workers are classified accurately or you may face federal scrutiny and financial penalties.