It’s not always easy to calculate a nonprofit’s risk of falling afoul of the commerciality doctrine. We explain the threat and some risky practices and activities.
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Reduce your taxable estate by making annual gift tax exclusion gifts.
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If you need cash, you may want to tap your traditional IRA. But if you’re not yet 59½, you may have to pay a penalty tax if you do. Here are 11 exceptions to the penalty.
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Removing a trustee can be difficult. However, there are ways to make it easier without giving too much power to the beneficiaries.
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Concerned about your 2023 tax liability? Consider these year-end tax planning strategies.
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Ever heard of a cost segregation study? It’s a strategy that can yield tax benefits, but it’s not the right move for every business. Here’s how it can help accelerate depreciation deductions on the building that houses your enterprise.
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When planning your estate, pairing a pour-over will with a living trust can act as a backstop for certain wayward assets.
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Do you own assets jointly with your child or other heir? Learn the pitfalls associated with this estate planning strategy.
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The IRS has created a path that businesses can use to withdraw unprocessed ERTC claims if they determine the claims are invalid.
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The IRS recently announced the special “per diem” rates that became effective Oct. 1, 2023. Here are the basics of these rates.
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Does your employer offer a 401(k) plan, but you haven’t started participating? Here are the basic features of these plans to illustrate why you should strongly consider it.
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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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