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On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. How is this massive $2 trillion recovery package poised to help your not-for-profit organization? It depends on your group’s size, financial condition and other factors. But most nonprofits affected by the coronavirus (COVID-19) outbreak are eligible for some relief under […]

A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Individual cash payments Under the new law, an […]

Scam artists know how anxious business owners are during the current coronavirus (COVID-19) crisis. They know that as you struggle to meet customer demands, pay employees and stay solvent, you’re more likely to drop your guard and fall for a fraud scheme. The last thing your business needs right now is to suffer additional financial […]

The new COVID-19 law provides businesses with more relief On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  Employee retention credit The new law provides a […]

Start button in car

A slightly lower IRS mileage rate means smaller tax deductions for business miles in 2020. The optional standard mileage rate used to calculate the deductible costs of operating an auto for business has decreased by by one-half cent to 57.5 cents per mile. It was 58 cents for 2019 and 54.5 cents for 2018. This […]

COVID-19 Fraud

As governments around the globe mobilize to defend their populations from the novel coronavirus (COVID-19), criminals are also mobilizing — to fleece people. These opportunists have already found ways to use the fear and chaos associated with the pandemic to enrich themselves. But you can protect yourself and your business. Ripe opportunity Phishing emails that […]

If you are employed in Pennsylvania and are unable to work because of Coronavirus disease (COVID-19), you may be eligible for Unemployment or Workers’ Compensation benefits. The Department of Labor & Industry will continue to provide important employment benefit updates as the situation evolves. https://www.uc.pa.gov/Pages/covid19.aspx

A family walking in a park

Traditional estate planning strategies generally are based on the assumption that all family members involved are U.S. citizens. However, if you or your spouse is a noncitizen, special rules apply that may require additional planning. Defining “residency” and “domicile” If you’re a U.S. resident, but not a citizen, you’re treated similarly to a U.S. citizen […]

A man slipping money into his suit pocket

In theory, investigating executives for fraud shouldn’t differ from investigating rank-and-file employees. In reality, an executive can slow, even shut down, a fraud investigation. Your company needs a plan to prevent interference and facilitate the collection of evidence. This starts by working with HR and legal advisors to brief the suspect’s superior. If employees are […]

Peson reviewing graph, pie and bar charcts

As with any type of fraud, the sooner financial statement manipulation is detected, the more likely losses can be mitigated. One tool management and fraud experts might use to assess the likelihood of earnings manipulation is the Beneish model, which measures the probability that a company’s revenue has been inflated and expenses understated. The model […]

Four people riding bycicles in a bike lane

Whether you’re moving to another country for work-related reasons, retirement or simply want an opportunity to experience a new culture, it’s important to understand the potential tax and estate planning implications. If you don’t, you could be hit with some unpleasant surprises. Here are three possible pitfalls: Double taxation. If you’re a citizen of the […]

Married couples often wonder if they should file joint or separate tax returns. It depends on your individual tax situation. In general, you should use the filing status that results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” […]

If you’re in line to inherit property from a parent or other loved one, it’s critical to understand the basis consistency rules. Current tax law, passed in 2015, provides that the income tax basis of property received from a deceased person can’t exceed the property’s fair market value as finally determined for estate tax purposes. […]

Brightly colored highlighters

Among other things, office supply scams con businesses into paying for products they didn’t order. To prevent your company from falling victim to phony invoice and fake promotional schemes, designate one or two buyers to follow specific procedures for documenting and approving purchases. Buyers should instruct vendors to include your company’s purchase order numbers on […]

Two business owners going over paperwork

Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction, subject to limitations. The deduction […]

Three generations of women; mother, daughter, & granddaughter

For 2020, the lifetime gift and estate tax exemption has reached a whopping $11.58 million ($23.16 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there’s no need to file gift tax returns? Not necessarily. There […]

Three employees having a meeting

Whether an employee has alleged harassment or reported a coworker for fraud, your company needs to handle misconduct complaints seriously. Several best practices can help you get to the bottom of an allegation quickly and avoid legal complications. For example, take every precaution to maintain confidentiality, both for the accuser and accused. Also maintain detailed […]

Timeline with a pushpin at 2020

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900 […]

A women sorting clothes to be donated

The deductibility of most charitable gifts hasn’t changed since passage of the Tax Cuts and Jobs Act, but some recordkeeping requirements have. Helping your donors who itemize deductions understand the rules and benefits of their gifts can strengthen your not-for-profit’s ties with them — and may help increase contributions. Allowable deductions Generally, donors can deduct […]

Puzzle pieces on a table and the last piece doesn’t fit

Not-for-profit board directors, trustees and key employees must not have a direct or indirect financial interest in a transaction or arrangement that might benefit them personally. This is why nonprofits are required to have a written conflict-of-interest policy. To stress the importance of this requirement, the IRS asks you to acknowledge the existence of a […]