Understanding Your Obligations: Does Your Business Need to Report Employee Health Coverage?
Offering employee health coverage is a key component of many companies’ benefits packages, but managing the associated reporting requirements can be challenging. A major part of this involves understanding what federal agencies like the IRS require from your business. Here’s a breakdown of what you need to know about reporting employee health coverage. When is […]
Spread the Word About IRA Qualified Charitable Distributions
The SECURE 2.0 Act introduced new provisions for IRA qualified charitable distributions (QCDs) that can significantly benefit your not-for-profit organization—if your donors are aware of them. By familiarizing yourself with these updates and communicating their tax benefits effectively, you can inspire your supporters to contribute more through their IRAs. From QCDs to RMDs Let’s start […]
2024 Q4 Tax Calendar: Important Deadlines for Businesses and Employers
As the fourth quarter of 2024 approaches, here are some key tax deadlines that may impact businesses and employers. This list is not exhaustive, so additional deadlines might apply to your situation. Reach out to us to ensure you meet all applicable deadlines and to discuss your specific filing requirements. Note: Tax-filing and payment deadlines […]
Reminder: Profits and Cash Flow Are Not the Same
Many profitable businesses experience cash flow shortages, especially during periods of rapid growth. Business owners may find themselves puzzled by owing taxes while struggling to cover everyday expenses. The confusion often stems from the fundamental differences between profits and cash flow. Understanding Operating Activities Profits are closely linked to taxable income and are reported at […]
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 […]
