If your nonprofit operates in or serves clients in a disaster zone, you know how difficult the recovery process can be. Unfortunately, fraud perpetrators attempting to profit off the misery of others can make rebuilding difficult. Construction fraud is particularly common. If you have damage, be sure to work with your insurance company, carefully vet
Victor Dozzi
Oct 19, 2022
Oct 13, 2022
Worried about an IRS audit? Prepare in advance
- By Victor Dozzi
- Business
- 0 Comments
IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined. Plus, the IRS recently received additional funding in the Inflation Reduction Act to improve customer service, upgrade technology and increase audits of high-income taxpayers. But with
Oct 6, 2022
Work Opportunity Tax Credit provides help to employers
- By Victor Dozzi
- Business
- 0 Comments
In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware that the WOTC is available to employers that hire workers from targeted groups who face significant barriers to employment. The credit is worth as much as $2,400 for each eligible
Oct 4, 2022
If you’re moving out of state, review your estate plan
- By Victor Dozzi
- Estate
- 0 Comments
Are you planning to move to a different state? It may be due to a change in jobs, a desire for a better climate, an opportunity to downsize or to be closer to your kids. In any event, you’ll have to cope with some hassles, including securing motor vehicle registrations, finding new physicians and updating
Aug 23, 2022
For a stronger nonprofit, increase the number of income streams
- By Victor Dozzi
- Non-Profit
- 0 Comments
Not-for-profits that rely on a single income source, or only a few, are vulnerable to economic shocks. The COVID-19 pandemic has made this particularly clear. Most organizations have had to scramble to make up for lost revenue when at least some of their usual support dried up in 2020 — and has been slow to
Aug 16, 2022
Avoid these 4 estate planning pitfalls
- By Victor Dozzi
- Estate
- 0 Comments
No one likes to contemplate his or her own mortality. But ignoring the need for an estate plan or procrastinating in the creation of one is asking for trouble. If you haven’t started the process, don’t delay any longer. For your estate plan to achieve your goals, avoid these four pitfalls: Pitfall #1: Failing to
Aug 3, 2022
Dangerous donations: Should your nonprofit risk bad publicity?
- By Victor Dozzi
- Non-Profit
- 0 Comments
No not-for-profit wants to turn down donations — particularly if they’re large. Nevertheless, you need to consider the source of gifts and potentially refuse those attached to controversial donors. Bad publicity, particularly if it hits social media and goes viral, can be far more expensive for your organization in the long run. A look at
Jul 28, 2022
Interested in an EV? How to qualify for a powerful tax credit
- By Victor Dozzi
- Taxes
- 0 Comments
Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars on the road today, they’re increasing in popularity all the time. If you buy one, you may be eligible for a federal tax break. The tax
Jul 26, 2022
5 ways to stop employees from colluding in fraud
- By Victor Dozzi
- Fraud
- 0 Comments
What happens if two or more individuals in your organization collude to commit fraud? According to the Association of Certified Fraud Examiners’ (ACFE’s) 2022 Report to the Nations, fraud losses rise precipitously. The median loss for a scheme involving just one perpetrator is $57,000, but when two or more perpetrators are involved, the median loss
Jul 19, 2022
Businesses will soon be able to deduct more under the standard mileage rate
- By Victor Dozzi
- Business, Deductions
- 0 Comments
Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. Fortunately, the IRS is providing some relief. The tax agency announced an increase in the optional standard mileage rate for the last six months of 2022. Taxpayers may use the optional cents-per-mile rate to calculate the