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June 25, 2022

Help when needed: Apply the research credit against payroll taxes

Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits that you earn against your payroll taxes instead of your income tax. This payroll tax election may influence some businesses […]

Filed Under: Featured, Small Business Tax

June 24, 2022

Partners may have to report more income on tax returns than they receive in cash

Are you a partner in a business? You may have come across a situation that’s puzzling. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why does this happen? It’s due to the way partnerships and partners are taxed. […]

Filed Under: Featured, Small Business Tax

June 23, 2022

Oversight and controls are key to limiting fraud in nonprofits

The 2022 Report to the Nations from the Association of Certified Fraud Examiners reports that not-for-profits are the least likely type of organization to experience occupational fraud. Sounds like good news, right? Unfortunately, the $60,000 median loss is more than most nonprofits can afford. Fewer financial and staff resources and less vigorous oversight and enforcement […]

Filed Under: Featured, Not for Profit

June 22, 2022

Find your nonprofit’s next leader with a team and a plan

If your not-for-profit hasn’t conducted an executive search since before the pandemic, anticipate an altered search landscape. For example, the job market now is tighter and, given the prevalence of working from home, candidates may not want to consider relocating. A search committee of board members should keep comprehensive, up-to-date job descriptions for executive positions […]

Filed Under: Featured, Not for Profit

June 21, 2022

For nonprofits, quid pro quo isn’t a simple exchange

In general, quid pro quo donations occur when a not-for-profit receives a contribution of more than $75 and it provides the donor with goods or services valued at less than the donation amount. These arrangements create reporting obligations for your nonprofit. You must give written notice to donors that they can deduct only the amount […]

Filed Under: Featured, Not for Profit

June 20, 2022

Your estate plan: Don’t forget about income tax planning

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted […]

Filed Under: Featured, Individual Tax

June 19, 2022

Businesses: Prepare for the lower 1099-K filing threshold

Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the threshold has dropped significantly for the filing of Form 1099-K, “Payment Card and Third-Party Network Transactions.” Businesses and workers in […]

Filed Under: Featured, Small Business Tax

June 17, 2022

Private business owners: Don’t wait until year end to evaluate financial performance

How often does your company generate a full set of financial statements? It’s common for smaller businesses to issue only year-end financials, but interim reporting can be helpful, particularly in times of uncertainty. Given today’s geopolitical risks, mounting inflation and rising costs, it’s wise to perform a midyear check-in to monitor your year-to-date performance. Based […]

Filed Under: Business, Featured

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Recent News and Posts

Help when needed: Apply the research credit against payroll taxes

Should the Advanced Premium Tax Credit be permanent?

Partners may have to report more income on tax returns than they receive in cash

EV Credit phasing out….but there is a push for more!

Oversight and controls are key to limiting fraud in nonprofits

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