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How to protect your nonprofit’s credit cards from misuse


If your nonprofit issues work credit cards to employees, make sure you have a policy that explicitly states how they can (and can’t) use them. Here are some best practices to follow.

Tags: nonprofit

What is your taxpayer filing status?


Should you file your tax return as a single person, a married couple filing jointly, a “head of household” or some other status? This explains what the federal tax filing statuses are and who can claim them.

Tags: tax

The tax implications if your business engages in environmental cleanup


Many businesses engage in cleaning up environmental contamination. Unfortunately, every type of environmental cleanup expense cannot be currently deducted on your tax return. Here are the basic rules.

Tags: tax

Close-up on pushdown accounting for M&As


It’s only natural to overlook accounting rule changes until they affect your company’s financial statements. So, you might not be aware of favorable changes to the post-M&A accounting rules, unless you’ve recently merged with or bought a business.

Tags: audit

Accounting for contributions and grants is now easier


As a result of recent accounting guidance, your nonprofit may treat grants and similar contracts as contributions more often than it has in the past. Why? And what exactly are the new rules?

Tags: nonprofit

Using your 401(k) plan to save this year and next


Have you been contributing enough in 2019 to your employer’s 401(k) plan or Roth 401(k)? Here are the contribution limits for this year and the just-announced limit for 2020.

Tags: tax

Small businesses: Get ready for your 1099-MISC reporting requirements


Has your small business paid independent contractors, vendors or others at least $600 for services during 2019? Here are the reporting requirements you may face.

Tags: tax

GAAP vs. tax-basis: Which is right for your business?


U.S. Generally Accepted Accounting Principles have become more complex in recent years. And more GAAP changes are in the works. Here’s a simpler alternative that could provide relief for some private companies.

Tags: audit

How the EU’s data protection regulations might affect U.S. nonprofits


Questions remain about enforcement of EU rules in the United States. But U.S.-based nonprofits should try to comply with the recent General Data Protection Regulation governing privacy rights. Here’s why.

Tags: nonprofit

You may be ABLE to save for a disabled family member with a tax-advantaged account


Do you want to provide extra money to a disabled family member but you don’t want them to lose eligibility for government benefits to which they’re entitled? Consider a tax-advantaged ABLE account.

Tags: tax