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What has your organization done to minimize the risk of financial misstatement? The median loss from these schemes is a whopping $766,000, according to a recent study. Financial statement audits, surprise audits and forensic accounting investigations can identify your organization’s vulnerabilities to these schemes and help prevent and detect them. One area auditors target is

If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. How can you protect your deduction? First, be aware that in

Looking for a recruiting (and retention) edge? Consider spiffing up your employee benefits menu. Many benefits valued by nonprofit staffers are surprisingly low-cost.

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in

If you have a child or grandchild planning to attend college, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs on a tax-favored basis. There are two types of programs: Earnings build up tax-free

With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. You may not itemize because of the high 2024 standard

If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate. Basics of this strategy Interest rates have increased over the last couple years. As a result, shareholders

Bookkeeping refers to the systematic storing of financial documentation and recording of daily financial transactions. Bookkeepers record journal entries for each transaction using accounting software. They also may be responsible for sending invoices, processing payments and payroll, conducting banking activities, and reconciling accounts. The records maintained by the bookkeeper are used to generate historic and

Elite athletes cross-train to promote full-body strength, enhance performance and reduce the risk of injury. Nonprofits that cross-train staffers on one another’s jobs can reap similar results. If your employees understand the basic functions of other positions, they can jump in and help out if someone goes on disability leave or there’s a work surge

Accurate bookkeeping is essential to operating a successful small business. Unfortunately, it’s common for entrepreneurs to underestimate the importance of maintaining organized books and records. Common pitfalls include commingling personal and business bank accounts, relying on spreadsheets instead of accounting software to track business transactions and using personal credit for business expenses. Plus, some owners