Thousands of not-for-profits lose their tax-exempt status every year because they’ve neglected to file required annual forms with the IRS for three consecutive years.
Natural disasters and other calamities can affect any company at any time.
Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax.
Need cash in a hurry? Here’s how business owners can look to their financial statements to improve cash flow.
Amanda J. Bernard, CPA, CFE, CMA
Principal, Maillie LLP
Every company, big or small, should have a mission statement. Why?
Countless nonprofits have partnered up for strength and survival in recent years. But the success of these arrangements depends on careful planning and oversight.
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Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses.
Business owners often complain that they’re required to provide too many disclosures under U.S. Generally Accepted Accounting Principles (GAAP).
The number of taxpayers who itemize deductions on their federal tax return — and, thus, are eligible to deduct charitable contributions — is estimated by the Tax Policy Center to drop from 37% in 2
You’ve probably heard or read the term “big data” at least once in the past few years.
Rowland, Johnson and Company, P.A. merged with Maillie LLP on January 1, 2018.
"the manufacturers' deduction"
Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t th
Owners of private businesses often wonder: How much is my business interest worth? Financial statements are a logical starting point for answering this question.
Not-for-profit board officers, directors, trustees and key employees must avoid conflicts of interest because it’s their duty to do so.
For many years, owners of small and midsize businesses looked at outsourcing much like some homeowners viewed hiring a cleaning person. That is, they saw it as a luxury.
Today’s auditors spend significant time determining whether amounts claimed on the income statement capture the company’s financial performance during the reporting period.
After a flurry of year-end fundraising, you and your not-for-profit’s staff are probably ready for a little break. Your supporters may be tired, too.
For many companies, there comes a time when owners must decide whether to renew a lease, move on to a different one or buy new (or pre-existing) space.
The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation.
Do you remember the high-profile fraud that happened at drugstore chain Phar-Mor in the 1990s?