Giving cash and other assets to an organization whose mission you support can be deeply gratifying on a personal level, but the tax benefits may be an even greater motivator. Charitable giving is a key tax planning strategy for millions of people.
Read MoreAround this time last year, we were anticipating the possibility that new legislation from the Biden administration would create significant change for both individual and corporate taxpayers. While major pieces of legislation have been signed into law over the last 12 months, one of the changes that business tax advisors and taxpayers had been bracing for did not come to fruition.
Read MoreDespite financial instability, staffing challenges and general uncertainty over the last few years, many nonprofits are continuing to push forward and achieve their missions. Additionally, there are numerous reasons to be optimistic about what the next few years could bring. Reports indicate that donors have continued to give generously even through the worst of the pandemic.
Read MoreIs your business spending too much on payroll? Could you afford to spend more if you wanted to expand? What spending areas should you focus on if you need to make budget cuts? Cash flow and budget analysis helps answer these questions and more.
Read MoreWhile cryptocurrency has become a topic of increasing interest in recent years, it has disrupted the global financial system for over a decade. Bitcoin, the first cryptocurrency and current leader in market capitalization, was introduced back in 2009. In 2013, Ethereum introduced Ether, a decentralized finance token with smart contract functionality.
Read MoreAs a measure, business efficiency is used to gauge how well a company turns things like labor and materials into profitable products and services. Here are five best practices for business owners to consider.
Read MoreThree retired business owners talk succession planning on the golf course.
Read MoreThe board of a nonprofit meet to discuss internal controls in a conference room.
Read MoreThe elections a taxpayer makes when signing up for or renewing their healthcare plan have major consequences. Decisions about how much coverage to get, what benefits to enroll in and which family members to cover all have a rippling financial impact. Overspending on health insurance backfires when someone stays healthy all year; on the other hand, electing for minimal coverage can be financially devastating if a serious medical event happens. Because healthcare spending decisions are inherently tied up with tax and financial planning decisions, taxpayers need to tread carefully when making health plan elections.
Read MoreWhen done strategically, charitable giving is the very definition of a win-win proposition. An organization whose mission you support gets much-needed resources to continue its work, while you enjoy the personal satisfaction and tax benefits of having used your money to do good in the world. When charitable giving is not carefully planned, the recipient still benefits—but the donor might run into some unexpected tax consequences. Philanthropy should be mapped out just as thoughtfully as everything else in your tax and financial plan.
Read MoreSome people are immediately daunted by the phrase “artificial intelligence.” It brings to mind media portrayals of robots that can think for themselves and can outsmart humans. What they might not realize is that artificial intelligence is already part of our daily lives. You interact with machine learning technology any time you call out to Siri, hail a ride through Uber, speak to a virtual assistant or get a fraud prevention notification from your bank.
Read MoreFinancial and tax advisors have been anticipating “the great wealth transfer” for a long time. The oldest Baby Boomers are now in their late 70s and the youngest Baby Boomers are approaching retirement. The wealth that this generation spent their lives building will be transferred to their children, grandchildren and other family members over the next few decades. The era of generational wealth transfers has officially begun.
Read MoreWith the 2022 deadline just behind us, it may seem premature to start tax planning now, whether your 2022 return is on extension or you are looking ahead to 2023. However, it’s important to remember that tax law is changing at an unusually rapid pace, which means maximizing your benefits and minimizing your tax exposure may take some extra planning this year.
Read MoreFederal and state legislators have pushed for enhanced healthcare price transparency for several years. Healthcare providers and insurance companies had hoped to work out an alternative cost-sharing solution that includes information on the patient’s out-of-pocket costs, but the initial legislation failed to deliver. Healthcare providers also argue that the latest requirements threaten the integrity and effectiveness of private negotiation and could unintentionally raise the cost of healthcare.
Read MoreStarting a new business can be hard work, but the right professional team can help you with a great deal of that effort. And a CPA is an integral part of that team. As you prepare to turn your ideas into a new venture, a CPA can help you cultivate a business plan that promotes tax efficiency and sound financial practices.
Read MoreWhile real estate laws are determined at the individual state level, most states generally offer three main options for establishing co-ownership of your vacation property: joint tenancy, tenancy in common, and tenancy in entirety. All three of these options are available under Massachusetts law.
Administrators need to examine and resuscitate existing strategic plans and create new risk management strategies to ensure their nursing home's financial viability, operational efficiency, staffing & supply chain stability, and regulatory compliance.
Read MoreAccording to the Clutch Accounting Report, 45% of small businesses do not employ a bookkeeper or an accountant. However, bookkeeping and accounting duties require a significant time commitment, and they often become increasingly complex over time. At some point, the administrative burden and potential risks will overshadow any initial cost-savings, which means it is time to delegate. Outsourced booking and accounting services can be cost-effective solutions.
Read MoreA 401(k) plan is a company-sponsored retirement account that can provide eligible employees with a functional retirement savings tool. Depending on your eligibility, there may be several types of 401(k) plans you could offer, such as a traditional 401(k) plan, safe harbor 401(k) plan, SIMPLE 401(k) plan, or Roth 401(k) plan.
Read MoreAn entity’s financial statements provide valuable insights for current and potential customers, investors, suppliers, buyers, lenders, market analysts, and government agencies.
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