It has been almost a year since many non-profit organizations sent staffers home to work remotely. For many non-profits and employees, remote work has been a positive experience. And as the pandemic fades, you will probably need to decide whether employees should remain where they...
Many business owners generate financial statements, at least in part, because lenders and other stakeholders demand it. You are also likely aware of how insightful properly prepared financial statements can be — especially when they follow Generally Accepted Accounting Principles. The question is – how can...
If you have a traditional individual retirement account (IRA) or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you will be penalized. The Coronavirus Aid, Relief, and Economic Security (CARES)...
You may have the best internal controls in the business world, but if your employees do not follow them, your company is at serious risk for fraud. The same is true if workers are not aware of your company’s risks and cannot recognize red flags....
There is a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After sending the forms to recipients, taxpayers must file the forms with the IRS by...
To help you make sure you do not miss any important 2021 deadlines, we have provided this summary of when various tax-related forms, payments, and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines...
Businesses and non-profit entities capitalize machines, furniture, buildings, and other property, plant, and equipment (PPE) assets on their balance sheets. Here is a refresher on some common questions about how to properly report these long-lived assets under U.S. Generally Accepted Accounting Principles (GAAP). What is included...
In mid-January, the IRS issued final regulations that clarify the application of employer shared responsibility provisions under the Affordable Care Act (ACA), as well as nondiscrimination rules, to Health Reimbursement Arrangements (HRAs). The regulations also address Individual Coverage Health Reimbursement Arrangements (ICHRAs). These accounts allow employers...
Your estate plan may include several different trusts. The reason is that various types of trusts can accomplish a myriad of estate planning goals. Thus, it is critical to understand the role of a trustee. The Trustee’s Duties The trustee is the person who has legal responsibility...
Most non-profit organizations collect vast volumes of data. But according to a study conducted by EveryAction and Nonprofit Hub, only 40 percent of non-profits regularly use that data to drive decisions. The majority of organizations that do not analyze and apply data say they lack...