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Some people make video recordings of their will signings in an effort to create evidence that they possess the requisite testamentary capacity. For some, this strategy may help stave off a will contest. However, unless the person signing the will delivers a flawless performance, a challenger will pounce on the slightest hesitation as “proof” that […]

When it comes time to transition your role as business owner to someone else, you’ll face many changes. One of them is becoming a mentor. As such, you’ll have to communicate clearly, show some patience and have a clear conception of what you want to accomplish before stepping down. Here are some tips on putting […]

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July […]

Debt is an integral part of many for-profit companies’ strategic plans, yet it has traditionally carried a stigma in the not-for-profit world. That view is changing, as more organizations borrow money for major capital purchases, new program funding and other reasons. But before your nonprofit borrows, know that it takes prudent financial management and reliable […]

Savvy managers examine financial statements closely. They compute ratios and benchmark performance over time and against industry norms. The income statement is a good place to start this analysis. Focus on key ratios, including gross profit, net profit, and returns on assets and equity. If profitability declines, find the cause. Clues may be found in […]

All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction. Take vehicle donations, for example. If you donate your vehicle, the value of your deduction can vary […]

Every company has at least one owner, but not every company has strong governance. This is the set of rules and practices by which a business is directed and controlled. Strengthening it can help ensure productivity, reduce legal risks and ease ownership transitions. Begin by looking at your business structure. Corporations must take certain actions, […]

Many not-for-profit youth sports leagues are at risk for fraud and don’t even know it. But you can protect your league by taking a few simple steps. The most important is to segregate duties. This means that no single individual receives, records and deposits funds coming in, pays bills and reconciles bank statements. Every payment […]

Intra-family loans can provide your family financial assistance without triggering unwanted gift taxes, as long as they’re properly structured. A family bank is a family-owned, family-funded entity designed for the sole purpose of making intra-family loans. By “professionalizing” family lending activities, a family bank can preserve the tax-saving power of intra-family loans while minimizing negative […]

A potential downside of tax-deferred saving through a traditional retirement plan is that you’ll have to pay taxes when you make withdrawals at retirement. Roth plans, on the other hand, allow tax-free distributions; the tradeoff is that contributions to these plans don’t reduce your current-year taxable income. Unfortunately, your employer might not offer a Roth […]

Income and losses from investment real estate or rental property are passive by definition, unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax, and passive losses generally are deductible only against passive income, with the excess carried forward. To qualify as a […]

Own a business? Have children who are teens, college students or new grads? If you hire them this summer, not only can they benefit but you can enjoy tax savings, too. By shifting some business income to a child as wages for services performed by him or her, you can turn high-taxed income into tax-free […]

Working capital — current assets minus current liabilities — is a common measure of liquidity. High liquidity generally equates with low risk, but excessive amounts of cash tied up in working capital may detract from growth opportunities and other spending options, such as expanding to new markets, buying equipment and paying down debt. Here are […]

Mortgage interest rates are still at low levels, but they likely will increase as the Fed continues to raise rates. So if you’ve been thinking about helping your child — or grandchild — buy a home, consider acting soon. There also are some favorable tax factors that will help: 0% capital gains rate. If the […]

Whether you’re planning to raise funds for your not-for-profit with a simple bingo game or raffle, or with a more elaborate casino night, you need to understand and follow the federal rules that govern these kinds of activities. Gaming activities can open the door to unexpected taxes and trigger requirements for specific IRS filings. Filings […]

Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your […]

Many business owners use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for some businesses, choosing a fiscal tax year can make more sense. What’s a fiscal tax year? A fiscal tax year consists […]

If running a business is like going on a road trip, then a full set of pro forma financials is your road map or GPS app. Projected balance sheets, income statements and cash flow statements tell investors and lenders 1) where you are, 2) where you want to go, 3) when you’re likely to experience […]

If your estate plan calls for making non-cash gifts in trust or outright to beneficiaries, you need to know the values of those gifts and disclose them to the IRS on a gift tax return. For substantial gifts of non-cash assets other than marketable securities, it’s a good idea to have a qualified appraiser value […]

Whether you filed your 2016 tax return by the April 18 deadline or you filed for an extension, you may be overwhelmed by the amount of documentation involved. While you need to hold on to all of your 2016 tax records for now, it’s a great time to take a look at your records for […]

Will your C corp.’s buy-sell agreement produce adverse tax consequences? In a redemption (the company buys back a departing owner’s shares), share value may rise without boosting owners’ basis, increasing tax if shares are later sold. In a cross-purchase (owners buy back the shares), basis increases. But if owners are required to buy back shares […]

Own a business? Interested in starting a business? Join us to hear from licensed attorneys, CPAs, and experienced financial specialists about important legal, accounting, and financial principles to build a successful future for your business. This event is FREE to attend. Lunch will be provided. Click here for Event Page & Registration  

Where are you going for your next business loan? You should be just as picky with lenders as lenders are with your financials. If you have a long-standing relationship with a bank, call them first. But if you’d like a better offer, or just want to learn what else is out there, shop around. Don’t […]

What are the three financial statements under U.S. GAAP, and what’s included in each? If you can’t immediately answer these questions, you’re not alone. Many business owners are so focused on building revenue that they don’t have time to regularly monitor the 1) income statement, 2) balance sheet and 3) cash flow statement. But doing […]