It’s a new year with new opportunities for your not-for-profit to boost its financial resilience. Although COVID-19 continues to make forecasting difficult, your staff and your board’s finance committee can take steps to negotiate obstacles. Here are three. 1. Managing reserves and cash flow Financial reserves have taken a hit across all types of nonprofits, […]
Are your social media accounts working for — or against — you?
Social media is an essential tool for not-for-profit outreach, engagement and fundraising. But social media also poses a reputational threat if your organization doesn’t clearly communicate rules for its use and prepare for “emergencies.” If you haven’t already, it’s time to implement some best practices. Rules of the road The line between employees’ personal and […]
How to forecast smarter
Forecasting key business metrics — such as sales demand, receivables, payables and working capital — can help you reduce excess inventory and other overhead, offer competitive prices, and keep your business on solid financial footing. Although historical financial statements are often the starting point for forecasts, you’ll need to do more than just multiply last […]
How will revised tax limits affect your 2022 taxes?
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. If you’re like most people, you’re probably more concerned about your 2021 tax bill right now than you are […]
Reporting and managing inventory
Ineffective inventory management and reporting can result in bloated working capital and impaired business profits. In industries that rely on overseas suppliers, best practices for managing inventory may have recently changed. In today’s uncertain marketplace, it’s clearly a good idea to review your current approach and make adjustments as needed. What’s the right reporting method? […]
Are you entitled to a foreign tax credit?
If you’ve paid or accrued foreign taxes to a foreign country and are subject to U.S. tax on the same income, you may be able to claim a foreign tax credit. Generally, only income, war profits and excess profits taxes qualify for the credit. The IRS recently issued final regulations relating to the foreign tax […]
2022 Q1 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January […]
Are they an employee or independent contractor?
How do you determine if a worker is an employee or an independent contractor? The IRS Office of Federal, State, and Local Government recently held a webinar to answer that question. Worker classification is determined by the relationship between a worker and the business, and whether the business can control how tasks are performed. A […]
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