Latest posts
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How the EU’s Data Protection Regulations Might Affect U.S. Nonprofits
Your not-for-profit may have paid little attention to the European Union’s (EU’s) General Data Protection Regulation (GDPR), which took effect May 25, 2018. The GDPR revises standards for privacy rights, information security and compliance in the EU. Yet it might also apply to U.S.-based organizations, such as your not-for-profit. Big steps beyond GDPR requirements are…
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Accounting for Contributions and Grants is Now Easier
Accounting for contributions and grants has often proven complicated for not-for-profits, especially when they come with donor-imposed conditions. But 2018 guidance from the Financial Accounting Standards Board (FASB) provided some much-needed clarification of earlier instructions. Provider factor Traditionally, nonprofits have taken varying approaches to characterizing grants and similar contracts as exchange transactions (also known as…
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Watch Out for Tax-Related Scams
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. Criminals can contact victims through regular mail, telephone calls and email messages. Here are just two of the scams the tax agency has seen in recent months. Fake property liens. A tax bill is sent from…
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Use a Coverdell ESA to Help Pay College, Elementary and Secondary School Costs
There are several ways to save for your child’s or grandchild’s education, including with a Coverdell Education Savings Account (ESA). Although for federal tax purposes there’s no upfront deduction for contributions made to an ESA, the earnings on the contributions grow tax-free. In addition, no tax is due when the funds in the account are…
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Selling Securities by Year End? Avoid the Wash Sale Rule
If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule. How the rule works Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the…
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IRA Charitable Donations are an Alternative to Taxable Required Distributions
Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. IRA distribution basics A popular way to transfer IRA assets to charity is through a tax provision…
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You May be ABLE to Save for a Disabled Family Member with a Tax-Advantaged Account
There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related expenses. Eligibility…
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Using Your 401(k) Plan to Save This Year and Next
You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end.…
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Deciding Whether a Merger or Acquisition is the Right Move
Merging with, or acquiring, another company is one of the best ways to grow rapidly. You might be able to significantly boost revenue, literally overnight, by acquiring another business. In contrast, achieving a comparable rate of growth organically — by increasing sales of existing products and services or adding new product and service lines —…
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At The Very Least, Update the Financials in Your Business Plan
Every new company should launch with a business plan and keep it updated. Generally, such a plan will comprise six sections: executive summary, business description, industry and marketing analysis, management team description, implementation plan, and financials. Now, ideally, you would comprehensively update each section every year. But if the size, shape and objectives of your…
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A Shadow Board Could Shed Light on Your Company’s Best Future
In many industries, market conditions move fast. Businesses that don’t have their ears to the ground can quickly get left behind. That’s just one reason why some of today’s savviest companies are establishing so-called “shadow” (or “mirror”) boards composed of younger, nonexecutive employees who are on the front lines of changing tastes and lifestyles. Generational…
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Is Multicloud Computing Right for Your Business?
Cloud computing — storing data and accessing apps via the Internet — has been widely adopted by businesses across industry and size. Like many technological advances, though, new derivatives continue to emerge — including so-called multicloud computing. Under this approach, companies don’t rely on a single cloud service; rather, they distribute their data and computing…