Protecting Nonprofit Finances: Safeguarding Against Fraud Risks
When it comes to financial fraud, nonprofits often operate on thin margins, making every dollar crucial to their mission. While it’s encouraging that nonprofits typically experience lower median losses from fraud compared to for-profit entities, this doesn’t diminish the importance of vigilance. In fact, with limited resources at their disposal, nonprofits can ill-afford any financial […]
Maximizing Tax Benefits: When to Rethink Income and Deductions for Your Business
While the typical strategy for businesses is to defer taxable income to subsequent years and expedite deductions in the current year, there are instances where an alternative approach can be advantageous. As a leading tax firm, we guide businesses to navigate these complex scenarios effectively. So, why might a business opt for this contrary strategy, […]
Seizing the Opportunity: Why Your Business Should Embrace Retirement Plans Now
If your business hasn’t embraced a retirement plan yet, now might be the perfect opportunity. The current retirement plan regulations offer generous tax-deductible contribution allowances. For instance, self-employed individuals can establish a SEP-IRA and contribute up to 20% of their self-employment income, capped at $69,000 for 2024 (up from $66,000 in 2023). If you’re an […]
Unlocking Savings: Navigating Sales Tax Exemptions for Manufacturers in Connecticut
As a manufacturing company, you’re likely familiar with the sales tax exemptions available for machinery and tools used in your production process. However, did you know that there are also exemptions for utilities? Considering utilities often represent a significant cost within manufacturing, understanding, and leveraging this exemption can lead to substantial savings for eligible businesses, […]
Maximizing Tax Savings: Coordinating Sec. 179 Deductions with Bonus Depreciation
At Accavallo & Company, LLC we understand the importance of optimizing current year depreciation write-offs for businesses with newly acquired assets. To achieve this, businesses can leverage two significant federal tax incentives: the first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. When utilized correctly, these deductions can potentially allow businesses to write off […]
Unlocking Tax Benefits: How Nonprofits Can Benefit from the Inflation Reduction Act
When the Inflation Reduction Act (IRA) was enacted in late 2022, many tax-exempt organizations may have overlooked its potential benefits assuming it was irrelevant to them. Contrary to this belief, the IRA offers provisions that can be advantageous for tax-exempt entities. Let’s delve into the details to explore how your nonprofit can leverage these tax […]
Maximizing Your QBI Deduction: Seize the Opportunity Before It Expires
At Accavallo & Company, we understand the importance of leveraging every available tax-saving opportunity. The Qualified Business Income (QBI) deduction presents a significant chance for eligible businesses to reduce their tax liability. However, this deduction is scheduled to sunset after 2025. Hence, if you qualify, it’s crucial to capitalize on this benefit while it’s still […]
Should Your Company Embrace the New Emergency Savings Accounts for Employees?
In the wake of the SECURE 2.0 law, a novel benefit option has emerged for employees grappling with unforeseen emergencies. Dubbed as Pension-Linked Emergency Savings Accounts (PLESAs), this provision, effective for plan years that begun January 1, 2024, offers a lifeline to employees in times of need. The IRS has recently issued guidelines regarding these […]
Strategic Inventory Management: A Comparative Analysis of JIT and Accurate Response Systems
For businesses with substantial inventory holdings, the associated costs can be significant. From warehousing expenses to salaries, insurance, taxes, transportation, depreciation, and shrinkage, the financial burden can weigh heavily on the balance sheet. Moreover, tying up working capital in inventory can detract from potential strategic investments. Minimizing these expenses is crucial for enhancing profitability and […]
Optimizing Reimbursement Procedures: A Guide for Nonprofit Organizations
Prepare Now to Compensate Staff, Board Members, and Volunteers Regardless of how infrequently your not-for-profit organization needs to compensate staff, board members, or volunteers, there will likely come a time when reimbursement requests arise. Will your organization be equipped to handle these requests efficiently and in accordance with IRS regulations? A well-defined reimbursement policy is […]
