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Whether your not-for-profit is holding an in-person or online auction to raise funds, you need to be careful to adhere to tax requirements. For example, you should provide written acknowledgments (including good faith estimates of any goods or services provided in return for contributions) to donors of items valued at $250 or more. Here’s an […]

Your not-for-profit organization can’t count its cybersecurity program effective unless it properly trains employees. If staffers visit “dangerous” websites, mix work and personal accounts, or can’t recognize a social engineering scheme, they may open the door to hackers. Both new employee training and refresher courses for longtime staffers can protect your organization. Leading cause of

If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are depreciated for tax purposes. Depreciation rules Business cars are

Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either all the time or on a hybrid basis. If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim deductions for home office expenses against your

Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes by putting your child on the payroll. It’s a win-win! Here are four tax advantages.

When professional auditors review a not-for-profit’s books, they usually spend significant time on revenue. Inadequate revenue — or revenue trending in the wrong direction — can provide an early warning of future trouble. But you don’t have to wait for your next audit to assess revenue. You can employ the same techniques an auditor uses

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report , but that’s little consolation if your return is among those selected to be examined. Plus, the IRS recently received additional funding in the Inflation Reduction Act to improve customer service, upgrade technology and increase audits of high-income taxpayers. But with proper

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020

People give to charity for many reasons — to “make a difference” or “give back,” to reduce their tax burden and even to impress their peers. These many motivations can be frustrating for not-for-profits looking for a magic formula. In the absence of one, you need to keep your eyes and ears open and be