In today’s marketplace, conditions are ever-changing. By the time you issue year-end financial statements, you may be dealing with a major development that’s affecting your company’s performance. Which developments must be recognized or disclosed in your financials?
Your nonprofit needs a conflict-of-interest policy. Good governance demands it, your stakeholders expect it and even the IRS wants to know how you prevent conflicts.
Is your nonprofit’s current strategic plan uninspiring? Does it prevent you from leveraging current opportunities? Real-time strategic planning enables organizations to capitalize on their competitive advantages.
Most nonprofits aren’t required to undergo audits. But you may want to engage an auditor anyway. Here’s how to make the process go smoothly and reduce time and costs.
The IRS is providing penalty relief for certain pass-through entities required to file Schedules K-2 and K-3 for 2021.
Has your organization received any COVID-19 relief funds, tax incentives or other type of government assistance in recent years? If so, you may need to disclose the key details about the transaction in your 2022 financial statements.
Is your board staring at financial red flags without knowing it? Although some warning signs — such as those experienced when the pandemic first hit — are obvious, others are easy to overlook. Here are several signs of trouble that board members need to be aware of and prepared to act on.
Business owners who offer employees a qualified retirement plan should familiarize themselves with the term “leakage” and how to help prevent it.
Many employees have embraced the opportunity to work from home during the pandemic — but not all of them. Some workers have experienced feelings of disconnection and isolation. So if your not-for-profit plans to make remote working a longer-term proposition, you should look for ways to make everyone feel connected to the job and their colleagues.
Financial statements should be more than an exercise in compliance. Fit companies put their financials to work for them.
Audited financial statements contain footnotes that disclose a wealth of useful information. Too often, however, no one bothers to read them.
If you receive payments through services such as Venmo or PayPal, be aware that there are new tax reporting requirements beginning this year.