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A not-for-profit’s growth stage generally starts two or three years after formation and continues until maturity at around age 7. This period comes with a sense of accomplishment and the opportunity to refine and expand, but these “adolescent” years can pose challenges as well.

Board shifts
Perhaps th...

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business. 
A family ...

Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. 

A critical requirement
Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may ...

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to non corporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorship, partnerships, S corporations and, typically, limited ...

Auditors examining a not-for-profit’s financial statements spend considerable time on the revenue figures. They look at the accounting methods used to record revenues and perform a detailed income analysis. You can use the same techniques to increase your understanding of your organisation's re...

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced individual income tax rates, which apply to sole proprietorship and pa...

With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers need to revisit their tax planning strategies. Certain strategies that were once tried-and-true will no longer save or defer tax. But there are some that will hold up for many taxpaye...

Are you comfortable communicating electronically with your auditors? If so, a logical next step might be to transition from on-site audit procedures to a more “remote” approach. Remote audits can help reduce the time and cost of preparing audited financial statements. 

21st century audits
Traditi...

In June, the Federal Trade Commission (FTC) announced “Operation Main Street: Stopping Small Business Scams,” a partnership between federal and state authorities and the Better Business Bureau. The initiative supports what fraud experts have long known: Small businesses can be easy targets for scams...

The bookkeeper is one of any company’s most trusted employees. Unfortunately, that trust isn’t always deserved. Bookkeepers — particularly those in small and midsize businesses — are ideally positioned to embezzle from their employers.

Less means more
When bookkeepers go bad, there are plenty of ways ...