If you spend money personally on behalf of your closely held corporation, you want to make sure either you or the business can deduct the expense. Here are the rules.
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Have you inherited assets or are you planning your estate? If so, it’s crucial to understand the current “step-up” basis rules and why they might change.
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Which HR functions could your nonprofit potentially outsource? Here’s how to identify them and determine the benefits and drawbacks of engaging an outside service provider.
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Distinctions between taxable advertising and nontaxable sponsorships can be nuanced. Before seeking new income sources, figure out if they’re potentially subject to unrelated business income tax.
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Are you an investor or a trader? The difference is important for tax purposes.
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The IRS will impose the “Trust Fund Recovery Penalty” on certain business owners and managers personally if employment taxes aren’t paid to the government. Find out if you could be liable.
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Accepting cryptocurrency donations may seem risky. Price volatility is indeed a risk. But there are also ways for nonprofits to manage it. This article discusses them as well as reporting responsibilities.
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An IRS audit seems scary but may be nothing to worry about. In many cases, the IRS closes an audit after receiving requested documentation. Here are the latest IRS statistics, as well as some tips on how to help come out of an audit with a favorable result.
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Owners of “pass-through” businesses can claim a valuable tax deduction that was created by a 2017 law. Here’s how much it’s worth and who is eligible.
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If you have Medicare insurance (including supplemental), you know it can be expensive to get the coverage you want. But you may be able to deduct the cost of premiums, along with other medical expenses, on your tax return. Here are the rules.
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On the road again for business? Here’s a rundown of costs you can deduct for business travel.
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Your nonprofit doesn’t have to tackle big, complicated social challenges alone. Collective impact initiatives bring charities, businesses and communities together. Here’s how.
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Tax planning is still important after you retire. Here are some of the tax implications of retirement.
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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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Although you might want to enjoy the lazy days of summer, employers and businesses should be careful not to miss these third quarter 2021 tax deadlines.
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To help ensure the safety of their people and limit property damage, all organizations need to prepare for possible disasters. But some organizations need to plan more extensively. Is yours one of them?
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If you’re subject to the 3.8% net investment income tax, you should include it in your tax planning. Here is who the tax applies to and some strategies to minimize it.
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Are you a business owner with teenage or college-age children who constantly need cash? You may want to hire them to work at your business. You’ll save taxes and realize other benefits.
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There are worthwhile reasons for nonprofits to merge. But it’s also important to remember that mergers can fail. Read on for the pros and cons.
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Business owners that operate as an S corporation are subject to income tax, but not self-employment tax, on their share of the entity’s income. Here’s how the rules work.
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