It’s about time: Don’t waste that of your board members
Most not-for-profit board members are unpaid volunteers. They’ve agreed to serve because they care about your mission and the impact your organization is making.
Expenses that teachers can and can’t deduct on their tax returns
As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses can’t be written off.
Employers can truncate SSNs on employees’ W-2s
The IRS recently issued final regulations that permit employers to voluntarily truncate employee Social Security Numbers (SSNs) on copies of Forms W-2 furnished to employees. The purpose of the regs is to aid employers’ efforts in protecting workers from identity theft.
The tax implications of a company car
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars.
Expanded 529 plans offer unique estate planning benefits
If you’re putting aside money for college or other educational expenses, consider a tax-advantaged 529 savings plan. Also known as “college savings plans,” 529 plans were expanded by the Tax Cuts and Jobs Act (TCJA) to cover elementary and secondary school expenses as well.
A few basics of safe harbor 401(k) plans
Many growing businesses and other types of employers want to offer a 401(k) plan but don’t want to deal with the stress and administrative challenges of following the IRS’s nondiscrimination testing rules for elective deferrals and matching contributions.
Reporting discontinued operations
Financial reporting generally focuses on the results of continuing operations. But sometimes businesses sell (or retire) a product line, asset group or another component. In certain situations, such a disposal should be reported as a discontinued operation under U.S.
4 tough questions to ask about your sales department
Among the fastest ways for a business to fail is because of mismanagement or malfeasance by ownership. On the other hand, among the slowest ways is an ineffective or dysfunctional sales department.
What to expect during a franchise audit
It’s important for franchisors to periodically audit individual franchisees. These routine “check-ups” are especially valuable in a store’s early years of operations or if performance starts to deteriorate.
Should you elect S corporation status?
Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level).