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Auditors examining a not-for-profit’s financial statements spend considerable time on the revenue figures. They look at the accounting methods used to record revenues and perform a detailed income analysis. You can use the same techniques to increase your understanding of your organization’s revenue profile. In particular, consider:Individual contributions. Compare the donation dollars raised to past years to pinpoint trends. For example, have individual contributions been [...]

Technology is tricky. Much of today’s software is engineered so well that it will perform adequately for years. But new and better features are being created all the time. And if you’re not getting as much out of your financial data as your competitors are, you could be at a disadvantage.For these reasons, it can be hard to decide when to upgrade your company’s accounting [...]

For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not only to withhold the appropriate taxes — including both income tax and employment taxes — [...]

Once an employer identifies a prospect for an open position and sets up an interview, another great challenge arises: How do you effectively use the interview to determine whether this person is right for your organization?One way is behavioral interviewing — a technique in which you frame your questions to candidates to elicit real-world stories from previous work experience. The answers your interviewees give can [...]

If your not-for-profit wants to improve its budgeting, forecasting, fundraising or other functions but is having a hard time identifying both problems and solutions, data analytics can help. This form of business intelligence is already considered invaluable in the for-profit world. But it can be just as useful to nonprofits.Informed decision makingData analytics is the science of collecting and analyzing sets of data to develop [...]

On one level, every company’s inventory is a carefully curated collection of inanimate objects ready for sale. But, on another, it can be a confounding, slippery and unpredictable creature that can shrink too small or grow too big — despite your best efforts to keep it contained. If your inventory has been getting the better of you lately, don’t give up on showing it who’s [...]

“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the home.Invest in green and save greenFor 2018 and 2019, you [...]

You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors. And state and local governments are pleased to potentially be able to collect more sales [...]

Although the Tax Cuts and Jobs Act (TCJA) was passed months ago, many employers are still grappling with its impact. One area that’s easy to overlook is executive compensation. If your organization offers stock options or substantial salaries to execs and other employees, it’s important to review these arrangements in light of the TCJA.Qualified equity grantsGrants of stock options and restricted stock units (RSUs) are [...]

Auctions have long been lucrative fundraising events for not-for-profits. But these events come with some tax compliance responsibilities.Acknowledging item donationsIf you auction off merchandise or services donated to your charity, you should provide written acknowledgments to the donors of the auctioned items valued at $250 or more. You won’t incur a penalty for failing to acknowledge the donation, but the donor can’t claim a deduction [...]

By and large, today’s employees expect employers to offer a tax-advantaged retirement plan. A 401(k) is an obvious choice to consider, but you may not be aware that there are a variety of types to choose from. Let’s check out some of the most popular options:Traditional. Employees contribute on a pretax basis, with the employer matching all or a percentage of their contributions if it [...]

There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs. Here’s how to make sense of this alphabet soup of health care accounts. HSAsIf you’re covered by a qualified high-deductible health plan (HDHP), you can contribute pretax income [...]

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced individual income tax rates, which apply to sole proprietorships and pass-through entities, including partnerships, S corporations, and, typically, limited liability companies (LLCs). [...]

An employer may occasionally receive a National Medical Support Notice (NMSN). If this ever happens to your organization, here’s what you should know.What is it? An NMSN is a medical child support order used by a state child support enforcement agency to obtain employer-provided group health coverage for a child. If appropriately completed, an NMSN is deemed to be a qualified medical child support order [...]