Social Networks
March 2018
Mature nonprofits face changing priorities
Successful not-for-profits typically proceed along a standard life cycle. Their early stage precedes a growth period that runs several years, followed by maturity.
Could your next business loan get “ratio’d”?
We live and work in an era of big data. Banks are active participants, keeping a keen eye on metrics that help them accurately estimate risk of default.
2018 Q2 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018.
Can you claim your elderly parent as a dependent on your tax return?
Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided.
Corporate culture: Rotten apples could spoil your financials
Auditors often say that the tone at the top of an organization trickles down to every level of the business. Is your company’s work environment ethical and open?
Defer tax with a Section 1031 exchange, but new limits apply this year
Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange.
Make telecommuting work for your nonprofit
Like their for-profit counterparts, not-for-profits are increasingly allowing employees to telecommute.
Home-related tax breaks are valuable on 2017 returns, will be less so for 2018
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream.
How materiality is established in an audit or a review
When accountants conduct an audit or review, they can’t test every transaction. Instead, they set a “materiality” threshold.
Is your nonprofit’s board providing adequate fiscal oversight?
Nonprofits don’t face the same government regulations or public scrutiny as for-profit public companies do. But that doesn’t mean your board can afford to get slack about financial governance.
Size of charitable deductions depends on many factors
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct.
Casualty losses can provide a 2017 deduction, but rules tighten for 2018
If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return.
Make sure repairs to tangible property were actually repairs before you deduct the cost
Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “impro
Feeling lucky? How to find a pot of gold in your financials
Every business experiences occasional cash shortages. When this happens, owners often assume they should go out and sell more.
Nonprofits spring cleaning: Review your programs and possibly replace some
Has your not-for-profit’s program lineup remained unchanged for at least a couple of years? If so, consider using the tradition of spring cleaning to review your offerings.
7 ways to prepare your business for sale
For some business owners, succession planning is a complex and delicate matter involving family members and a long, gradual transition out of the company.
What is your mileage deduction?
Individuals can deduct some vehicle-related expenses in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions.
2017 tax filing deadline for pass-through entities is March 15
When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about.
Income statement items warrant your auditor’s attention
Today’s auditors spend significant time determining whether amounts claimed on the income statement capture the company’s financial performance during the reporting period.
