As the pandemic finally seems to be fading, your not-for-profit may be making plans for its post-pandemic future. If those plans include a merger, know that it can provide your organization with greater stability. There are good reasons to merge, such as to enjoy economies of scale, gain access to a new audience or reduce
Joan Ellenbogen
Jun 15, 2021
Is a merger in your nonprofit’s post-pandemic plans?
- By Joan Ellenbogen
- Non-Profit
- 0 Comments
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Jun 9, 2021
The IRS has announced 2022 amounts for Health Savings Accounts
- By Joan Ellenbogen
- Business
- 0 Comments
The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is
Jun 1, 2021
Still have questions after you file your tax return?
- By Joan Ellenbogen
- Taxes
- 0 Comments
Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can
May 18, 2021
Fending off “friendly” fraud
- By Joan Ellenbogen
- Fraud
- 0 Comments
Fraudulent behavior isn’t necessarily perpetuated by people hiding their identities. For example, legitimate customers sometimes use the credit card chargeback process to their advantage — and to the disadvantage of merchants. Others routinely abuse chargebacks to steal merchandise. Here’s how to protect your business from these types of “friendly” and sometimes dishonest fraud. Chargeback mechanics
May 11, 2021
Minimize the need to make year-end financial adjustments
- By Joan Ellenbogen
- Non-Profit
- 0 Comments
If your not-for-profit periodically prepares internal financial statements for your board, you may have noticed that your auditors propose adjustments to these interim statements at year end. Why do auditors do this? Generally, it reflects differences due to cash basis vs. accrual basis financial statements. But you can help minimize the need for such adjustments.
May 5, 2021
Why it’s important to meet the tax return filing and payment deadlines
- By Joan Ellenbogen
- Taxes
- 0 Comments
The May 17 deadline for filing your 2020 individual tax return is coming up. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty is 1/2% for each
Apr 29, 2021
Spendthrift trusts aren’t just for spendthrifts
- By Joan Ellenbogen
- Estate
- 0 Comments
Now that the federal gift and estate tax exemption has reached an inflation-adjusted $11.7 million for 2021, fewer estates are subject to the federal tax. And even though President Biden has proposed reducing the exemption to $3.5 million, it’s uncertain whether that proposal will pass Congress. If nothing happens, the exemption is scheduled to revert
Apr 27, 2021
Simple retirement savings options for your small business
- By Joan Ellenbogen
- Business
- 0 Comments
Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the administrative burdens involved in providing a traditional pension plan? Two relatively easy options are a SEP or a SIMPLE plan. When you set up a SEP for yourself and your employees, you’ll make deductible contributions to
Apr 15, 2021
What happens if your spouse fails to designate you as beneficiary of his or her IRA?
- By Joan Ellenbogen
- Estate
- 0 Comments
One advantage of inheriting an IRA from your spouse is that you’re entitled to transfer the funds to a spousal rollover IRA. The rollover IRA is treated as your own IRA for tax purposes, which means you need not begin taking required minimum distributions (RMDs) until you reach age 72. This differs from an IRA
Apr 8, 2021
Tax advantages of hiring your child at your small business
- By Joan Ellenbogen
- Business
- 0 Comments
As a business owner, you should know that you can save family income and payroll taxes by putting your child on the payroll. You may be able to turn high-taxed income into tax-free or low-taxed income by shifting some business earnings to a child as wages for services performed. In order for your business to