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Whether it’s in the business, government or not-for-profit sector, ethics seem to be on everyone’s minds these days. To ensure your supporters and community understand your nonprofit organization’s values and the policies that uphold them, a formal code of ethics is essential. Here’s how to create one.1. Identify rules of conductYou probably already have a mission statement that explains your values and goals. So why [...]

Some business owners — particularly those who founded their companies — may find it hard to give up control to a successor. Maybe you just can’t identify the right person internally to fill your shoes. While retirement isn’t in your immediate future, you know you must eventually step down.One potential solution is to find an outside buyer for your company and undertake a long-term deal [...]

Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision.  Income, property and sales taxChoosing a state that has no personal income tax may appear to be the best option. But that might not be the case once you consider property taxes and sales taxes.For example, suppose you’ve narrowed your [...]

Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency. While most smaller businesses aren’t yet accepting bitcoin or other virtual currency payments from their customers, more and more larger businesses are. And the trend may trickle down to smaller businesses. Businesses also can [...]

In many ways, the days of employers offering only “traditional” employee benefits are history. Now, novel perks such as on-site gyms, free snacks and pet insurance are all the rage. But it’s often the more traditional benefits that provide the most value to employees in the long run. Case in point: disability coverage.A common worryDisability insurance is neither sexy nor widely offered. Yet the 2016 [...]

Your not-for-profit probably already ensures that donors receive a receipt with information about claiming a charitable contribution deduction on their tax return. But your obligations may go further than that. For noncash donations, you might have responsibilities related to certain tax forms.Form 8283 for donorsWhen filing their tax returns, donors must attach Section A of Form 8283, “Noncash Charitable Contributions,” if the amount of their [...]

Do bad sales months often take you by surprise? If so, don’t forget the power of flash reports — that is, snapshots of critical data for quick, timely viewing every day or week.One specific way to use them is to track bookings vs. shippings. Doing so can help you determine what percentage of volume for certain months should be booked by specific dates. These reports [...]

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring can make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA).How it works By shifting some of your business earnings to a child as wages for services [...]

Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might have a tax-saving opportunity in the form of the Section 83(b) election.Convert ordinary income to long-term capital gainsRestricted stock is [...]

Paid parental leave isn’t required under federal law. This means the United States is among only a few developed nations without a mandate for employers to offer compensated time off to mothers and fathers following the birth or adoption of a child. (Some states do have laws on the books.) Prevailing public opinion and the recent moves of some large employers, however, indicate a rising [...]

If your not-for-profit relies heavily on a few funding sources — for example, an annual government or foundation grant — what happens if you suddenly lose that support? The risk may be compounded if you generally spend every penny that comes in the door and fail to build adequate reserves. Bottom line: If your nonprofit hopes to serve its community many years into the future, [...]

Most businesses approach technology as an evolving challenge. You don’t want to overspend on bells and whistles you’ll never fully use, but you also don’t want to get left behind as competitors use the latest tech tools to operate more nimbly.To refine your IT strategy over time, you’ve got to regularly reassess your operations and ask the right questions. Here are a few to consider:Are [...]

When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit! Dollar-for-dollar savingsDay camp (but not overnight camp) is a qualified expense under the child and dependent care credit, which is worth 20% of qualifying expenses (more if your adjusted gross income [...]

Employees don’t always fill out their W-4 forms accurately. For example, some may wrongly write “exempt” on the withholding portion of the form to ensure that no federal or state tax is withheld. Others may be inadvertently underwithholding because of recent tax law changes.Although the employees themselves are liable for improperly completing their W-4s, you can do them a favor by reminding them of possible [...]