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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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Review your nonprofit’s revenue like an auditor
Without a predictable revenue stream, you’ll have a hard time budgeting, funding priorities and planning for the future. Right now, many organizations are grappling with sudden federal grant cuts. If this is your nonprofit’s situation — and even if it isn’t — you should assess your revenue streams between audits using the same techniques professional…
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Your nonprofit has lost an executive. Now what?
A fictional nonprofit lost its executive director (ED) when she died unexpectedly. The charity had a basic contingency plan, but the document didn’t name an actual successor for the ED position. Fortunately, the plan outlined procedures for finding a new leader, and the already-assembled search team was able to interview several candidates and hire a…
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Still have tax questions? You’re not alone
If you filed your 2024 tax return, you may still have a few questions: 1) When will you get your refund? Go to the IRS website and click “Get your refund status.” You’ll need your Social Security number, filing status and the exact refund amount. 2) How long should you keep tax records? In general,…
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Disaster victims may qualify for tax relief … including on amended returns
Victims of presidentially declared disasters in recent years who couldn’t previously claim a casualty loss deduction may now be able to claim a refund. Additional tax relief also might be available. Read on to learn more about the potential opportunities for victims of certain disasters. Loosened restrictions for casualty losses The tax relief comes via…
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4 ways business owners can make “the leadership connection”
To get the most from any team, its leader must establish a productive rapport with each member. Of course, that’s easier said than done if you own a company with scores or hundreds of workers. Still, it’s critical for business owners to make “the leadership connection” with their employees. Simply put, the leadership connection is…
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Loan applications: How to strengthen your hand in today’s credit markets
In recent years, interest rates have increased and credit has tightened. Under these conditions, which are expected to persist in the coming months, securing a commercial loan can be challenging for businesses of all sizes. Whether you want to expand, stabilize your cash flow or simply build a financial cushion, being loan-ready is more critical…
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The tax rules for legal awards and settlements: What recipients should know
If you’ve received a legal settlement or award, it’s important to grasp the tax implications. While compensation for physical injuries is typically tax-free, awards for lost wages, emotional distress and punitive damages are usually taxable. Even if your attorney is paid directly from the settlement, you may be taxed on the full amount. The way…
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Beneficial ownership information reporting requirements suspended for domestic reporting companies
The twisty journey of the Corporate Transparency Act’s (CTA’s) beneficial ownership information (BOI) reporting requirements has taken yet another turn. Following a February 18, 2025, ruling by a federal district court (Smith v. U.S. Department of the Treasury), the requirements are technically back in effect for covered companies. But a short time later, the U.S. Department…
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Companies should take a holistic approach to cybersecurity
Today’s businesses have two broad choices regarding cybersecurity: wait for something bad to happen and react to it, or proactively address the threat. Not surprisingly, we recommend the latter approach. The grim truth is cyberattacks are no longer only an information technology (IT) issue. They pose a serious risk to every level and function of…
