It’s Time to Start Thinking About Year-End Tax Planning for Your Small Business
With Labor Day behind us, now is the perfect time to take proactive steps to reduce your small business’s taxes for both this year and next. A common strategy involves deferring income and accelerating deductions to minimize taxes, while bunching deductible expenses into one year or the next can also maximize their tax impact. However, […]
Are Your Nonprofit Board Meetings as Efficient as They Should Be?
According to BoardSource, nonprofit boards that meet monthly should wrap up all business within one to two hours. If your meetings often run longer, it could be a sign of poor planning and focus. This lack of structure may frustrate busy board members, cause them to lose confidence in leadership, or even lead them to […]
Combatting Negative Public Perceptions of Your Nonprofit
A 2023 survey by Indiana University’s Lilly Family School of Philanthropy offered nonprofits both encouraging and concerning insights. While the public trusts philanthropic organizations more than government and businesses, 30% of respondents feel nonprofits are on the “wrong track,” and only 18% believe they’re on the “right track.” The remainder were undecided. As a nonprofit […]
IRS Tax Relief for Connecticut Residents Affected by August 2024 Severe Storms: Deadlines Extended to February 2025
The IRS has announced tax relief for individuals and businesses in Connecticut who were impacted by the severe storms, flooding, landslides, and mudslides that began on August 18, 2024. This relief extends key tax filing and payment deadlines, providing much-needed time for those recovering from these disasters. Who Qualifies for This Relief? If you live […]
When Your Nonprofit’s Debt-Financed Income Is Subject to Tax
For nonprofits, investment income from sources like dividends, interest, rents, and annuities is typically excluded from the calculation of unrelated business income tax (UBIT). However, when this income is derived from debt-financed property, it often becomes taxable. To avoid triggering unwanted IRS scrutiny, it’s crucial to segregate income from such properties and include it in […]
CFOs Need More Than Accounting Skills: What to Look for When Hiring
Are you in the market for a new CFO? Recent findings reveal that hiring managers are seeking more than just financial expertise when evaluating CFO candidates. According to executive recruiting firm Crist Kolder, only 38.5% of CFOs at Fortune 500 and S&P 500 companies were licensed CPAs in 2023. So, what additional skills are essential […]
Could an LLC Be the Perfect Fit for Your Small to Medium-Sized Business?
Choosing the right business structure is a critical decision for any entrepreneur. The type of entity you select can significantly impact your taxes, personal liability, and overall business operations. For many small to medium-sized businesses, a Limited Liability Company (LLC) offers a compelling combination of benefits. An LLC can be structured to provide the liability […]
Surprise Audits are Proven to Fight Fraud
According to the Association of Certified Fraud Examiners (ACFE) in their “Occupational Fraud 2024: A Report to the Nations,” four antifraud controls are associated with at least a 50% reduction in both fraud loss and duration: financial statement audits, reporting hotlines, surprise audits, and proactive data analysis. Interestingly, the study found that surprise audits and […]
Protecting Your Organization: The Role of Internal Controls and Audits in Preventing Data Breaches
The average cost of a data breach has surged to $4.88 million, reflecting a 10% increase from the previous year, according to a recent report. As businesses increasingly depend on technology, the sophistication and frequency of cyberattacks are growing, leading to heightened risks. So, how can your organization safeguard its profits and assets from these […]
Gaining Real-Time Insights with Flash Reports
Preparing financial statements that comply with accounting standards can take anywhere from two to six weeks. The process can be even longer if an external accountant reviews or audits the reports. However, timely information is essential for making informed business decisions and adjusting strategies when results deviate from expectations. To gain quicker insights, many proactive […]
