Maintaining strong internal controls over an organization’s cash and bank accounts is critical. A key control in this area is to segregate the duties of the accounting staff. Unfortunately, in today’s economic environment nonprofit organizations often find themselves understaffed in many key areas. One particular area that is often lacking in manpower is the accounting Read More…
Every day we hear questions, comments and misconceptions from people in the nonprofit community about their Form 990s, especially in light of the recent IRS news. Some common concerns are: Do all nonprofits need to file a Form 990? What is the filing deadline? Is the Form 990 an income tax return? Do all nonprofits Read More…
If you’re self-employed and work out of an office in your home, and if you satisfy the strict rules that govern those deductions (portion of a residence exclusively used on a regular basis for business purposes), you will be entitled to favorable “home office” deductions – that is, Schedule C business expense deductions. These home Read More…
Operating a business without a valid buy-sell agreement is like driving a car without insurance. Buy-sell agreements provide much-needed protection when an owner involuntarily leaves – or voluntarily wants out of the business. A comprehensive agreement not only defines the term “value,” but it also incorporates buyout terms and includes provisions for various buy/sell scenarios Read More…
One officer of a Company said, “If I had known he needed money, I would have loaned it to him”. Another asked, “How could this happen”? And yet another exclaimed, “We are ruined! We can’t make payroll!” All of these are reactions to the discovery of fraud in their Company. Hindsight will eventually bring Read More…
Attorneys and their clients sometimes ask professional valuators to provide preliminary estimates, called “calculations”, rather than full-fledged business appraisals, formerly known as a conclusion of value. While such requests might save money up front, a recent Iowa case, In re Marriage of Hagar, illustrates why calculations are not a substitute for valuations. Dry cleaners divorce Read More…
You may be thinking about setting up a retirement plan for yourself and your employees, but are concerned about the financial commitment and administrative burdens involved in providing a traditional pension or profit-sharing plan. An alternative program you may want to consider is a “simplified employee pension,” or SEP. SEPs are intended as an alternative Read More…
On July 31, 2013 you can expect the first of several fees that are enacted by the Affordable Care Act on self-insured group health plans and/or issuers of insured health policies providing accident and health coverage. The Affordable Care Act establishes the creation of the Patient-Centered Outcomes Research Institute to assist patients, clinicians, purchasers and Read More…
Taxpayers can transfer substantial amounts free of gift taxes to their children or other donees through the proper use of this exclusion. The amount of the exclusion for 2013 is $14,000. The exclusion covers gifts an individual makes to each donee each year. Thus, a taxpayer with three children can transfer a total of $42,000 Read More…
For 2013, the medical deduction can only be claimed to the extent your unreimbursed costs that exceed 10% of your adjusted gross income (AGI), up from 7.5% of AGI in 2012. However, the more favorable 7.5%-of-AGI threshold continues to apply through 2016 if you or your spouse has reached age 65 before the end of Read More…
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