Latest posts
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Increase estate planning flexibility by decanting an irrevocable trust
Irrevocable trusts provide various estate planning benefits, such as reducing estate taxes and helping to ensure assets are distributed as you wish. But estate planning isn’t a “set it and forget it” process. Families, tax laws and financial circumstances can change. A major downside of irrevocable trusts is that they’re difficult to update once they’ve…
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When nonprofit teams don’t see eye to eye on financial reporting
Tension between Accounting and Development teams is more than a simple workplace issue. It can have real financial consequences for a nonprofit organization. Misaligned processes and poor communication can affect financial reporting, compliance and even grant funding. Strengthening coordination between these departments may require refining procedures and fostering collaboration. Speaking different financial languages The first…
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When should you update your estate plan?
Many people think of estate planning as a “one-and-done” task — something you complete and file away. But an estate plan should evolve as your life and finances and relevant laws change. An outdated plan can create confusion, unintended tax consequences or outcomes that no longer reflect your wishes. The higher federal gift and estate…
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Putting a price on donated goods: What nonprofits need to know
Nonprofits of all sizes often receive donations of tangible property, from clothing and household goods to artwork and equipment. But determining how to value those items isn’t always straightforward. Whether an organization is newly formed or well established, uncertainty around valuation can create challenges for accurate financial reporting and donor documentation. Understanding the basic rules…
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How to get inventory under control
Uncertainty regarding inflation, demand and foreign tariffs has made inventory management even harder for businesses than it was previously. Although there are many unknowns right now, one thing is generally certain: Carrying excess inventory is expensive. If you’d like to trim your buffer stock and maximize profitability, there are effective ways to do it without…
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Enterprise risk management built for nonprofits
Nonprofit leaders might assume that enterprise risk management (ERM) is something only large, complex organizations need (or can afford). But the truth is, organizations of all sizes can benefit from an ERM framework — and it doesn’t have to be complicated or resource-intensive. Whether your organization has a handful of staff or multiple departments, ERM…
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IRS releases critical guidance on calculating tips and overtime deductions for 2025
The One Big Beautiful Bill Act (OBBBA) creates new income tax deductions for tax years 2025 through 2028 for qualified cash tips and overtime compensation. If you receive tips or overtime pay, you likely have questions about whether you’re eligible for a deduction and how big it might be. The IRS has issued guidance on how…
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Where should you hold your company retreat?
As remote and hybrid work have become more common, corporate retreats have surged in recent years. Some or all of your employees may now work from home and experience little in-person interaction with coworkers. A retreat can foster collegial relationships and, ultimately, greater productivity. But the first decision you’ll likely need to make is whether…
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Beware: Accounting missteps can trip up new businesses
Launching a start-up comes with no shortage of big decisions and fast-moving priorities. In the rush to grow, financial fundamentals can sometimes take a back seat — often with costly consequences. Some common accounting missteps that new business owners should avoid include: Overlooking day-to-day spending. Starting a new business is exciting, and it’s natural to…
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Remote auditing is here to stay: How it’s changing the audit process
Once considered a temporary workaround, remote auditing is now a permanent part of how audits are planned and performed. Technological advances and evolving workforce expectations have pushed audit firms to rethink traditional, fully on-site approaches. The question isn’t whether remote auditing will continue (it will), but how firms and clients can use it effectively while…
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2026 tax calendar
To help make sure you don’t miss any important 2026 deadlines, we’re providing this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance meeting them. February 2 Businesses: Provide Form 1098, Form 1099-MISC (except for…
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Pay equity can benefit employees and businesses
Pay equity is the philosophy and practice of “equal pay for equal work.” Employers known for fair pay practices stand out in today’s competitive labor market. Fostering pay equity can also help reduce the risk of employment law litigation. But what does pay equity mean in practice? What it does and doesn’t mean First and…