What’s considered “healthy” diversity in a nonprofit board will vary by organization. But, at a minimum, your board should reflect your community and the people you serve. Learn how to increase board diversity.
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You want to be able to deduct business expenses on your tax return. But in order to be deductible, expenses must be ordinary, necessary and reasonable. Here are the rules.
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Sometimes donors ask for their money back. Must your nonprofit comply? It depends on several factors. But the best defense against these requests is an effective offense: Create a gift refund policy.
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Moving to another state could reduce or eliminate state-level estate tax, but certain steps must be taken.
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There are tax implications if you hit a sizable jackpot in the lottery or while gambling. Here are the basic rules.
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Trust tends to be the biggest potential fraud weakness for nonprofits. But by beefing up certain internal controls, you can continue to operate like a happy family and still reduce employee-perpetrated fraud.
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Your choice of a family member to be your estate’s executor may not be the best option.
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You have a few choices to accommodate your art collection in your estate plan. Learn about three options here.
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The leaves are beginning to turn in some areas so it’s time for businesses to start thinking about year-end tax strategies. It’s also a good time to think about the fourth quarter 2023 tax filing deadlines.
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Many employers offer Health Savings Accounts to their workers. You may also be able to open one of these tax-saving accounts through some banks and other financial institutions. Here are the basic rules.
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With fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through year end.
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Although there are potentially a few disadvantages to board term limits, they generally benefit nonprofits. Read on for more about how term limits can promote diversity and cooperation.
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For some investors, 2023 has been a wild ride in the stock market. How will that affect your 2023 tax bill? Here’s how to determine the tax impact.
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The SECURE 2.0 Act’s new retirement catch-up contribution rules caused problems and confusion for employers and employees alike. The IRS has now provided guidance.
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Many spouses operate small businesses together. Here’s a look at some of the tax issues they may face.
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The estate and gift tax exemption amount is scheduled to be cut drastically in 2026 when the related Tax Cuts and Jobs Act provisions expire (unless Congress acts to extend them). Making tax-free gifts before then can cut the size of your taxable estate and may be one way to address this potential threat.
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Could your nonprofit benefit from having an accountable plan? It provides a tax-advantaged way to reimburse staffers for certain work-related expenses. Read on for more about the advantages and possible drawbacks.
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Do you want to provide for your spouse after your death but ensure that your children ultimately receive the inheritance you desire? A qualified terminable interest property trust may be the answer.
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Inflation has some beneficial side effects. One is that the amount of depreciation tax breaks your business can claim has increased for 2023. Here are the rules.
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If you’re selling your principal residence, or you already sold your home in 2023, some or all of the profit may be tax-free. It depends on the amount of profit and your income. Take a look at the basic rules.
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