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How private foundations can avoid accusations of self-dealing


Private foundations that violate conflict-of-interest rules risk costly taxes and even loss of their tax-exempt status. That’s why you need to know what types of transactions are off-limits and which stakeholders are prohibited from participating in them.

Tags: nonprofit

3 traditional midyear tax planning strategies for individuals that hold up post-TCJA


Tax planning might not be something you want to think about during the summer months. But midyear planning is important, especially this year. Here are three strategies to consider.

Tags: tax

Close-up on the new QBI deduction’s wage limit


The TCJA’s new deduction for owners of pass-through entities can be 20% of qualified business income. But a wage-based limit applies if an owner’s taxable income exceeds certain levels. Find out how the limit works.

Tags: tax

Consider these financial reporting issues before going private


Public companies that “go private” can reduce compliance costs and allow management to focus on long-term goals. But delisting requires detailed public disclosures that must be presented with the utmost transparency and fairness.

Tags: audit

When it comes to revenue, nonprofits need to think like auditors


If you want to make the best-informed decisions about your nonprofit’s future, rigorously review your revenue figures. Revenue data can enhance activities from budget development to goal setting. Learn more.

Tags: nonprofit

What you can deduct when volunteering


Assuming a charity is qualified, you may be able to deduct some of the out-of-pocket costs you incur when volunteering for the organization. But the rules are complex.

Tags: tax

How to avoid getting hit with payroll tax penalties


Small-business owners can face a harsh penalty if payroll taxes aren’t remitted to the federal government. Learn about your obligations and whether you could be personally liable.

Tags: tax

Home green home: Save tax by saving energy


If you invest in certain green equipment at home, you can save green in the form of tax credits (not to mention the savings on energy costs going forward). Learn what qualifies and how much you can save.

Tags: tax

Does your business have to begin collecting sales tax on all out-of-state online sales?


In late June, the U.S. Supreme Court expanded the ability of states to collect sales tax from out-of-state online retailers. If your business makes online sales to out-of-state customers, here’s what you need to know.

Tags: tax

Using analytical procedures in an audit provides many benefits


Analytical procedures help test financial statement relationships and balances. Here’s why everyone wins with audit analytics.

Tags: audit