Payable-on-death (POD) accounts provide a quick, simple, and inexpensive way to transfer assets outside of probate. They can be used for bank accounts, certificates of deposit, or even brokerage accounts. Setting one up is as easy as providing the bank with a signed POD beneficiary...
A majority of large U.S. companies offer matching gift programs to boost the impact of their employees’ charitable gifts. Double the Donation estimates that $2 to $3 billion is donated through matching gift programs every year. At the same time, between $4 and $7 billion...
Most companies would not go into business without some basic types of insurance in place, such as property coverage and a liability policy. For a company with more than one owner, there is an additional type of risk-management arrangement that needs to be established: a...
If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that is not true. First, keep in mind...
Every time your business interacts with customers is an opportunity to build trust, and it is an opportunity you cannot afford to neglect. Look at customer data. When customers disclose personal and financial data to your company, they expect you to do everything in your...
The Department of the Treasury Financial Crimes Enforcement Network (FinCEN) requires financial institutions to file currency transaction reports (CTRs) for certain cash transactions, and many transactions are performed by persons or legal entities doing business under a different name or names. FinCEN has provided clarification...
Accounts receivables are classified under current assets on the balance sheet if you expect to collect them within a year or within the operating cycle, whichever is longer. However, unless your company sells goods or services exclusively for cash, some of its receivables inevitably will...
The IRS recently updated its principal guidance on travel per diems. These are daily amounts that, subject to periodically adjusted limits, may be used in lieu of actual expense amounts to determine nontaxable travel allowances or reimbursements or to substantiate travel expense deductions. The rules were...
No one said estate planning is easy, and this is especially true if you have a ‘blended family.’ The good news is that there are two trust types — a qualified terminable interest property (QTIP) trust and an irrevocable life insurance trust (ILIT) — that...
Real-Time Strategic Planning (RTSP) offers non-profits a fluid approach to identifying, understanding, and acting on challenges and opportunities to advance their missions. Is this process right for your organization? Below we will discuss. What is it, exactly? RTSP was first introduced by non-profit consultant David La Piana...