Want to increase your not-for-profit’s revenue? First try analyzing current income as a professional auditor might. Then, you can apply your conclusions to setting annual goals, preparing your budget and managing other aspects of your organization.
If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Click here to learn more.
Estate and succession planning strategies aren’t always compatible and family members often have conflicting interests. By starting early and planning carefully, however, it’s possible to resolve these conflicts and transfer the business in a tax-efficient manner.
In times of turmoil, your board of directors should be your not-for-profit’s rock-solid foundation. However, what if your board is understaffed or simply doesn’t provide the leadership your nonprofit requires?
If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. However, there may be a silver lining: You may qualify for a tax break for paying the premiums.
The recently released 2020 Association of Certified Fraud Examiner’s (ACFE’s) occupational fraud study, Report to the Nations, reveals that the most common behavioral red flag exhibited by fraud perpetrators is living beyond their means. Click here to learn more.
If you still owe money on an auto loan, the lender may not allow you to transfer the title to the trust. However, even if you own the vehicle outright (whether you paid cash for it or a loan has been paid off), there are risks in making such a transfer. Click here for more details.
Every two years, the Association of Certified Fraud Examiners (ACFE) publishes what has become the definitive guide for preventing and detecting workplace fraud. The recently released Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse draws conclusions from more than 2,500 fraud incidents — including 191 in not-for-profit organizations. Click here to learn more.
It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home. However, an exception involves a “spousal” IRA. It allows a contribution to be made for a nonworking spouse.
If you have outstanding loans to your children, grandchildren or other family members, consider forgiving those loans to take advantage of the current, record-high $11.58 million gift and estate tax exemption.
Traditionally, audit procedures for private companies tend to focus on the balance sheet. That is, auditors evaluate whether the book values of the company’s assets are overstated and its liabilities are understated. However, the income statement needs attention, too, especially in light of the updated guidance on recognizing revenue from contracts and the potential for misstatement.
In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The (SECURE) Act brings numerous changes to the retirement and estate planning landscape. Click here to learn about the most significant changes.
Businesses and fraud experts often face a long, arduous process when investigating any occupational fraud incident. You need a plan to prevent interference and facilitate the collection of evidence that can be used in court, if necessary. Click here to learn more.
The (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. Here are some of the most important developments for employers, many of which took effect for plan years beginning after December 31, 2019.