October 2020
How effectively does your business manage risk?
From natural disasters and government shutdowns to cyberattacks and fraud, risks abound in today’s volatile, uncertain marketplace.
Nonprofits: Internal audits still matter
Fraud doesn’t simply take a vacation during crises, such as the COVID-19 pandemic.
Now more than ever, carefully track payroll records
The subject of payroll has been top-of-mind for business owners this year.
Divorcing couples should understand these 4 tax issues
When a couple is going through a divorce, taxes are probably not foremost in their minds.
New business? It’s a good time to start a retirement plan
If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees.
5500 Changes
by Edward Fronczkowski, CPA
Best practices when forecasting cash flow
Cash flow is a top concern for most businesses today. Cash flow forecasts can help you predict potential shortfalls and proactively address working capital gaps.
Why your nonprofit must make time for accountability
“Accountability” may seem like one of those popular management concepts you know would be nice to implement if your not-for-profit had the time and budget.
Inventory management is especially important this year
As year-end draws near, many businesses will be not only be generating their fourth quarter financial statements, but also looking back on the entire year’s financials
The 2021 “Social Security wage base” is increasing
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing.
Buying and selling mutual fund shares: Avoid these tax pitfalls
If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares.
Reviewing your disaster plan in a tumultuous year
It’s been a year like no other.
Candid communication can help ease nonprofit staffers’ anxiety
It would be an understatement to say 2020 has been challenging.
Understanding the passive activity loss rules
Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in?
What tax records can you throw away?
October 15 is the deadline for individual taxpayers who extended their 2019 tax returns.
More time: FASB delays long-term insurance standard … again
On September 30, the Financial Accounting Standards Board (FASB) finalized a rule to defer the effective date of the updated long-term insurance standard for a second
4 steps to improving your company’s sales
Most salespeople would tell you that there are few better feelings in life than closing a deal.
Your nonprofit may have a license to print money
In this pandemic year, many not-for-profits are scrambling to find new sources of revenue to replace donor contributions and other lost income.
There may be relief from tax liability for “innocent spouses”
If you file a joint tax return with your spouse, you should be aware of your individual liability.
The easiest way to survive an IRS audit is to get ready in advance
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined.
Gifts in kind: New reporting requirements for nonprofits
On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions char