Nonprofits: Be smart when accepting cryptocurrency donations
Several years ago, when cryptocurrency was still a novel concept, many not-for-profits chose not to accept crypto donations. Now, crypto is so ubiquitous that it’s difficult — and probably a mistake — to refuse it. Yet crypto remains a risky and even unstable form of currency.
Potential roadblocks to valuing a business in divorce proceedings
Divorce is never easy. But when the marital estate includes a private business interest, matters can become especially complicated. Here are some challenges that may be encountered when divorce proceedings require a business valuation. Data sharing
Use an S corporation to mitigate federal employment tax bills
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder!
Asset protection: How to shield your wealth from lawsuits and creditors
Much of estate planning focuses on transferring your wealth to loved ones in a tax-efficient manner. But for some people, it’s equally important to protect that wealth against frivolous lawsuits or baseless creditors’ claims.
Do you need to shake up your nonprofit’s culture with new ideas?
Most not-for-profits develop a culture over time that comes to define the organization. But even if your organization has a successful record and reputation, your staffers can become complacent and growth and productivity can suffer.
How to get the attention of high-net-worth philanthropists
Even if your not-for-profit’s fundraising results have been lackluster recently, one high-net-worth donor can turn your year around and make it a fundraising success. The question is: How do you find ultra-wealthy individuals with philanthropic intentions?
The best way to survive an IRS audit is to prepare
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audits these days, that will be little consolation if yours is one of them.
Small businesses: Stay clear of a severe payroll tax penalty
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business from its employees’ wages. Contact our business tax advisors for payroll tax compliance help.
How the pros use public data to value private businesses
Business valuation professionals often use public stock market data to value private businesses — even though there are critical differences between closely held and publicly traded companies.
Smart strategies to minimize the tax implications of your lottery winnings
In case you have been living under a rock, the Powerball jackpot is nearing record highs, exceeding $1 billion, and an estimated cash value of nearly $517 million.