Small Business Expense Deductions: What You Can (and Can’t) Write Off
For small business owners, deductions are one of the most powerful tools to reduce taxable income—but they’re also one of the most misunderstood. With increased IRS scrutiny in recent years, it’s more important than ever to know what qualifies as a legitimate business expense. The general rule is simple: a deductible expense must be “ordinary […]
PPP & Relief Program Compliance: Key Lessons for Small Businesses
Recent news involving a Connecticut accountant sentenced for misusing Paycheck Protection Program (PPP) funds serves as an important reminder for small business owners: government relief programs come with strict rules, and compliance matters long after the funds are received. Keep Detailed Documentation Relief programs like PPP require accurate applications and proper use of funds. Business […]
Year-End Tax Checklist: Documents Your CPA Will Ask For
As the year comes to a close, a little preparation now can save time, money, and stress later. Meeting with your tax advisor before year-end is one of the smartest financial moves you can make—but only if you come prepared. Gathering the right documents ahead of time allows your advisor to identify tax-saving opportunities, avoid […]
Is Your Nonprofit Board Truly Independent? IRS Guidelines to Know
Are the members of your not-for-profit’s board truly independent? You might instinctively say “yes,” but ensuring director independence goes beyond simply avoiding conflicts of interest. The IRS has a specific four-part definition of independence, and if a majority of your board members don’t meet these criteria, your organization’s governance could be questioned by the IRS, […]
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 […]
