13 Mar 2019

If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and you can make contributions to it that you can deduct on your 2018 income tax return. Contribution […]

12 Mar 2019

A formal whistleblower policy is critical to protecting your not-for-profit’s financial security and public reputation. Your policy should state which individuals (for example, staffers, volunteers and clients) and activities (such as fraud, conflicts of interest and discrimination) are covered. Also explain how reports will be investigated and what will happen when investigations end. It’s particularly […]

06 Mar 2019

Bankruptcy can be a valid business tool when used properly. Unfortunately, it can also enable less-than-honest business owners to profit at the expense of their creditors. Such is often the case with “phoenix” companies that rise from the ashes of businesses that were deliberately run into the ground. To avoid becoming the unpaid creditor of […]

05 Mar 2019

Directors and officers (D&O) liability insurance enables board members to make decisions without fear that they’ll be personally responsible for any related litigation costs. Such coverage is common in the business world, but many not-for-profits incorrectly assume that their charitable mission and the volunteer status of their board insulate them from lawsuits. To determine whether […]

28 Feb 2019

Restricted gifts can be difficult for not-for-profits to manage. Unlike unrestricted gifts, these donations can’t go into your general operating fund and be used where they’re most needed. Some donors will be determined to make restricted gifts, but you may be able to persuade others to remove restrictions if you explain how the money will […]

27 Feb 2019

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities. Not-so-ancient history Until […]

26 Feb 2019

If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on your 2018 income tax return. There are now two methods for claiming this deduction: the actual expenses method and the […]