Getting personal for fundraising success
According to a recent survey conducted by fundraising platform Front Stream, the vast majority (87%) of Americans say they’re donating to charity in 2021. And almost 20% claim they’re giving more [...]
Claiming a theft loss deduction if your business is the victim of embezzlement
A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A [...]
5 ways nonprofits can prepare for an audit
No not-for-profit looks forward to annual audits. But regular maintenance and preparation specific to an impending audit can make the process less disruptive. We recommend taking the [...]
The deductibility of corporate expenses covered by officers or shareholders
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the [...]
Is an LLC the right choice for your small business?
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and [...]
Time to plan an in-person board retreat?
As states open for business and the need for social distancing recedes, your not-for-profit organization may want to think about scheduling an in-person retreat for your board of [...]
Who in a small business can be hit with the “Trust Fund Recovery Penalty?”
There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to [...]
Does your nonprofit owe tax on its sponsorships and advertising?
Your not-for-profit may prefer to avoid activities that subject it to unrelated business income tax (UBIT). But if you accept advertising or sponsorships that aren’t substantially related [...]
Getting a new business off the ground: How start-up expenses are handled on your tax return
Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau [...]
Cryptocurrency donations: Will your nonprofit accept them?
Cryptocurrency has gone mainstream, and if you’ve been sitting on the fence about accepting donations in virtual currency, it’s time to make a decision. But before your not-for-profit says [...]
