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If you’re asked to be an executor, be sure you’re up to the task
Make no mistake, serving as an executor (or a “personal representative” in some states) is an honor. But the title also includes significant responsibilities. So if a family member or a close friend asks you to be the executor of his or her estate, think about your answer before agreeing to the request. Let’s take…
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Act soon: The OBBBA ends clean energy tax breaks
The newly enacted One, Big, Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to roll back a number of clean energy tax incentives originally introduced or expanded under the Inflation Reduction Act (IRA). Below is a summary of the key individual tax credits that will soon be scaled back…
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President Trump signs his One, Big, Beautiful Bill Act into law
On July 4, President Trump signed into law the far-reaching legislation known as the One, Big, Beautiful Bill Act (OBBBA). As promised, the tax portion of the 870-page bill extends many of the provisions of the Tax Cuts and Jobs Act (TCJA), the sweeping tax legislation enacted during the first Trump administration. It also incorporates…
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Receivables Rx: Key metrics to assess the health of your cash flow
For many businesses, accounts receivable (AR) is one of the largest assets on the balance sheet. It represents the cash you’ve earned but haven’t yet collected. Efficient AR management is critical for maintaining healthy cash flow, reducing bad debt and fueling growth. But a key question often goes unasked: How do your company’s receivables compare…
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Tap into the 20% rehabilitation tax credit for business space improvements
If your business occupies a large space and you’re planning to relocate, expand or renovate in the future, consider the potential benefits of the rehabilitation tax credit. This could be particularly valuable if you’re interested in historic properties. The credit is equal to 20% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building…
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The One, Big, Beautiful Bill could change the deductibility of R&E expenses
The treatment of research and experimental (R&E) expenses is a high-stakes topic for U.S. businesses, especially small to midsize companies focused on innovation. As the tax code currently stands, the deductibility of these expenses is limited, leading to financial strain for companies that used to be able to expense them immediately. But proposed legislation dubbed…
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4 common accounting errors for nonprofits to avoid
It may be tempting to try to save money and perform your nonprofit’s accounting tasks internally. But if your staff isn’t experienced and properly trained, mistakes are likely to occur — with potentially serious repercussions. Some accounting mistakes are common among newer nonprofits and smaller organizations that attempt to go it alone. In particular, work…
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Is college financial aid taxable? A crash course for families
College can be expensive. According to the College Board, the average sticker price for tuition and fees at private colleges was $43,350 for the 2024–2025 school year. The average cost for tuition and fees for out-of-state students at public colleges was $30,780. For in-state students, the cost was $11,610. Of course, there are additional costs…
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DOs and DON’Ts to help protect your business expense deductions
If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting…
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How to keep cost cutting from increasing fraud risk
In the process of slashing expenses? Just be careful not to cut essential items, such as sufficient staffing to maintain strong internal controls, from your not-for-profit’s budget. Internal controls are critical for preventing occupational theft. Cybersecurity is something else your organization can’t afford to do without. The good news is fraud prevention measures don’t have…
