Generated by All in One SEO Pro v5.0.0.1, this is an llms.txt file, used by LLMs to index the site. # WW&D Certified Public Accountants ## Sitemaps - [XML Sitemap](https://wwd-cpa.com/sitemap.xml): Contains all public & indexable URLs for this website. ## Posts - [The Powerful Benefits of a Q4 Checkup](https://wwd-cpa.com/resources/the-powerful-benefits-of-a-q4-checkup/) - A financial checkup can uncover risks and opportunities before year-end. Prepare for a successful Q4 and contact us to start planning today. - [Estate Planning Updates Worth Making Now](https://wwd-cpa.com/resources/estate-planning-updates-worth-making-now/) - Before fall gets busy, review your estate plan to ensure your wishes, beneficiaries, and documents are up to date. Schedule a review today. - [Employee Classification Made Clear and Simple](https://wwd-cpa.com/resources/employee-classification-made-clear-and-simple/) - Employee classification mistakes can be costly. Learn the key differences between exempt and nonexempt workers. Read more. - [5 Smart Ways to Manage Office Technology](https://wwd-cpa.com/resources/5-smart-ways-to-manage-office-technology/) - Office technology can help small businesses work faster, but it can also create overload and burnout if not managed well. This - [Flat Structures: What You Need to Know](https://wwd-cpa.com/resources/flat-structures-what-you-need-to-know/) - Explore the benefits of flattening management structures. Boost autonomy, speed decisions, and cut costs. See if a revised structure fits your operations! - [How Alternative Loans Can Support Growth](https://wwd-cpa.com/resources/how-alternative-loans-can-support-growth/) - Looking for business financing? Learn how alternative lenders can offer faster approvals and flexible funding. Reach out to learn more. - [Essential Steps for a Successful Insurance Claim](https://wwd-cpa.com/resources/essential-steps-for-a-successful-insurance-claim/) - Home damage or theft can be overwhelming. Learn the key steps for filing a homeowners insurance claim and protecting your finances. Read more. - [IRS Makes Rare Midyear Change to Mileage Rates](https://wwd-cpa.com/resources/irs-makes-rare-midyear-change-to-mileage-rates/) - The IRS increased standard mileage rates effective July 1, 2026. Learn what changed, what stayed the same, and how it may affect your deductions. - [How to Better Protect Business Data](https://wwd-cpa.com/resources/how-to-better-protect-business-data/) - Cyberattacks can be costly and disruptive. Learn practical ways to strengthen security and protect valuable business data. - [What You Need to Know About Taxable Benefits](https://wwd-cpa.com/resources/what-you-need-to-know-about-taxable-benefits/) - Are your employee benefits taxable? Learn which benefits count as income and how to avoid surprises at tax time. Read more today. - [Reduce Risk With Better Coverage Planning](https://wwd-cpa.com/resources/reduce-risk-with-better-coverage-planning/) - Protect your projects from costly setbacks with the right insurance, bonds, and contracts. Learn more and reach out to our team today. - [The Hidden Value of Audits for Businesses](https://wwd-cpa.com/resources/the-hidden-value-of-audits-for-businesses/) - Audits don't have to disrupt operations. Learn how to prepare effectively, reduce stress, and stay confident throughout the process—read more today. - [Better Employment Tax Planning Starts With Knowledge](https://wwd-cpa.com/resources/better-employment-tax-planning-starts-with-knowledge/) - Employment taxes can be complex. Learn what to withhold, pay, and report to stay compliant and avoid penalties. Get clarity—learn more now. - [Build Better Benefits Without Breaking Your Budget](https://wwd-cpa.com/resources/build-better-benefits-without-breaking-your-budget/) - Benefit planning is key in today’s tight labor market. Explore cost-saving strategies and flexible options to strengthen your offering—get started now. - [Streamline Seasonal Hiring with Better Tax Practices](https://wwd-cpa.com/resources/streamline-seasonal-hiring-with-better-tax-practices/) - Managing seasonal employees requires proper tax reporting. Learn the rules and filing requirements—read now to avoid costly errors. - [Enhance Profitability Using Better Business Metrics](https://wwd-cpa.com/resources/enhance-profitability-using-better-business-metrics/) - Sustainable growth beats rapid expansion. Learn how to strengthen cash flow, optimize pricing, and build long-term stability. Read our expert tips! - [250 Years Strong: Independence Day Office Closure](https://wwd-cpa.com/resources/250-years-strong-independence-day-office-closure/) - Office closed July 3 & 6 for Independence Day. Review our holiday schedule and plan ahead—contact us before Thursday’s closing. - [Proven Ways to Prepare for an IRS Audit](https://wwd-cpa.com/resources/proven-ways-to-prepare-for-an-irs-audit/) - Facing an IRS audit can feel overwhelming, but preparation makes all the difference. Follow practical steps to organize records and respond with confidence. - [A Practical Guide to Better Reputation Management](https://wwd-cpa.com/resources/a-practical-guide-to-better-reputation-management/) - For nonprofits, reputation is a financial and mission-critical asset. Donors, volunteers, partners and funders routinely search online before committing time or money. Recent consumer research shows negative information strongly influences decisions—many potential supporters avoid organizations with poor reputations and rely on online reviews nearly as much as personal recommendations. Protecting your nonprofit’s brand requires a - [Do Nonprofits Have Special Payroll Needs?](https://wwd-cpa.com/resources/do-nonprofits-have-special-payroll-needs/) - Payroll requirements can be complex—even without income tax. Understand worker classification and tax rules—click to learn more. - [Make Your Budget Work Harder for You](https://wwd-cpa.com/resources/make-your-budget-work-harder-for-you/) - A smarter budget helps you plan, adapt, and stay ahead of risks. Discover key strategies to strengthen financial stability—click to learn more. - [Proven Ways to Improve Your Estate Plan](https://wwd-cpa.com/resources/proven-ways-to-improve-your-estate-plan/) - Want to reduce taxes and protect your legacy? Learn how estate planning tools can help—read now to make informed decisions. - [Why Building a Strong Credit History Is So Important](https://wwd-cpa.com/resources/why-building-a-strong-credit-history-is-so-important/) - Your credit score affects loans, insurance, and more. Learn why it matters—read now to improve your financial confidence. - [How To Appeal an IRS Decision](https://wwd-cpa.com/resources/how-to-appeal-an-irs-decision/) - The IRS Office of Appeals is designed to resolve tax disputes without going to court. It operates independently from the audit and collection functions, which helps ensure an impartial review. A successful appeal can reduce or eliminate taxes and penalties, but only if your position is grounded in tax law and supported by facts. When - [Simple Steps to Improve Succession Planning Results](https://wwd-cpa.com/resources/simple-steps-to-improve-succession-planning-results/) - Only one-third of family-owned businesses successfully pass the company to the next generation. Click through to find out why they succeed and others fail. - [Classify Your Nonprofit’s Workers Correctly — Or Risk Repercussions](https://wwd-cpa.com/resources/classify-your-nonprofits-workers-correctly-or-risk-repercussions/) - Many not-for-profits are understaffed in 2022, thanks to a labor shortage and pandemic-related budget shortfalls. Some organizations are filling the gaps with freelancers and contractors. However, such decisions can lead to trouble if these workers should really be classified as employees according to the Department of Labor (DOL) or the IRS. To ensure your workers - [What You Need to Know About Aircraft Taxes](https://wwd-cpa.com/resources/the-tax-implications-of-owning-a-corporate-aircraft/) - Considering a corporate aircraft? Learn key tax rules, deductions, and compliance tips—read now to make informed decisions. - [Smart Strategies to Make the Most of FSA](https://wwd-cpa.com/resources/remember-to-use-up-your-flexible-spending-account-money/) - Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind. An account for health expenses A pre-tax contribution of $2,750 to a health FSA is permitted in 2021. - [Prepare For A New Year By Reviewing Your Estate Plan](https://wwd-cpa.com/resources/prepare-for-a-new-year-by-reviewing-your-estate-plan/) - Is your estate plan up to date? Life changes can impact your strategy—review key updates and read now to protect your legacy. - [WW&D welcomes two new staff](https://wwd-cpa.com/resources/wwd-welcomes-two-new-staff/) - Wheeler Wolfenden and Dwares, CPAs is pleased to welcome Leslie R. Dorsey, CPA and Manuel Rodriguez to its professional staff. - [How To Handle Evidence In A Fraud Investigation At You Business](https://wwd-cpa.com/resources/how-to-handle-evidence-in-a-fraud-investigation-at-you-business/) - Every business owner should establish strong policies, procedures and internal controls to prevent fraud. But don’t stop there. Also be prepared to act if indications arise that, despite your best efforts, wrongdoing has taken place at your company. How you handle the evidence obtained could determine whether you’ll be able to prove the charges brought - [The EAP Trap: Don't Get Caught by Surprise ERISA Compliance](https://wwd-cpa.com/resources/the-eap-trap-dont-get-caught-by-surprise-erisa-compliance/) - Thinking about an EAP? Understand compliance, ERISA rules, and key requirements before you decide—read now to make informed, confident choices. - [Unlock More Support with Corporate Volunteer Initiatives](https://wwd-cpa.com/resources/need-extra-hands-try-local-companies/) - Struggling to find volunteers? Discover how corporate partnerships can support your mission—click to explore effective solutions. - [Strengthen Your Sales Process for Better Results](https://wwd-cpa.com/resources/4-steps-to-improving-your-companys-sales/) - Struggling to convert prospects into clients? Discover effective sales techniques to boost success—click to learn more. - [Align Programs with Mission Through Better Planning](https://wwd-cpa.com/resources/time-to-spring-clean-your-programs-lineup/) - Does your not-for-profit offer programs that may have started out promising, but have become disappointing? Do you have replacement programs in mind but haven’t yet secured funding for them? Consider subjecting your programming lineup to a good spring cleaning. That way, you can reallocate funds to offerings that have the best potential to meet your - [Change Management Secrets Every Leader Should Know](https://wwd-cpa.com/resources/use-change-management-to-brighten-your-companys-future/) - Struggling with workplace change? Learn proven strategies to manage transitions and reduce resistance—read more to lead change with confidence. - [Even Nonprofits Can Benefit From AI Technology](https://wwd-cpa.com/resources/even-nonprofits-can-benefit-from-ai-technology/) - You might think that artificial intelligence (AI) is just about using computers to perform complex tasks that otherwise would require human intelligence. That’s part of AI. But several technologies fall under the AI umbrella, including machine learning, natural language processing (NLP) and robotic process automation. Here’s how tools such as these can help nonprofits cut - [Help Safeguard Your Personal Information By Filing Your 2021 Tax Return Early](https://wwd-cpa.com/resources/help-safeguard-your-personal-information-by-filing-your-2021-tax-return-early/) - The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until much closer to the April deadline (or you file for an extension until October), consider filing earlier this year. Why? You can potentially protect yourself - [Are You Eligible For A Medical Expense Tax Deduction?](https://wwd-cpa.com/resources/are-you-eligible-for-a-medical-expense-tax-deduction/) - You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income. Plus, medical expenses are deductible only if - [Avoiding Undue Influence Claims](https://wwd-cpa.com/resources/avoiding-undue-influence-claims/) - A primary purpose of estate planning is to ensure that your wealth is distributed according to your wishes after you die. But if a family member challenges the plan, that purpose may be defeated. If the challenge is successful, a judge will decide who’ll inherit your property. Will contests and similar challenges often occur when - [3 Specialized IT Leadership Positions For Growing Businesses](https://wwd-cpa.com/resources/3-specialized-it-leadership-positions-for-growing-businesses/) - For many businesses, technology has changed from something they use to something they do. When a company reaches a point where IT plays a central role in operations and productivity, ownership might want to create one or more leadership positions to specifically oversee tech-related matters and strategy. Often, this means a Chief Information Officer will - [Handle Your Nonprofit’s Restricted Gifts With Care](https://wwd-cpa.com/resources/handle-your-nonprofits-restricted-gifts-with-care/) - Most not-for-profits encourage donors to make unrestricted contributions that will give the organization flexibility to use the money where it’s needed most. But there will always be some donors who place restrictions on their gifts — and these require a higher level of responsibility. If your nonprofit fails to use a restricted donation as intended, - [Should Your Established Nonprofit Sponsor A Smaller Project?](https://wwd-cpa.com/resources/should-your-established-nonprofit-sponsor-a-smaller-project/) - During the initial COVID-19 outbreak, a small community group decided to organize grocery deliveries to low-income seniors. Time was of the essence and participants in the fledgling project didn’t have time to file for 501(c)(3) status or build fiscal infrastructure. Fortunately an established nonprofit agreed to act as a fiscal sponsor — providing a legal - [Business Owners, Do You Need To Step Up Your Internal Communications Game?](https://wwd-cpa.com/resources/business-owners-do-you-need-to-step-up-your-internal-communications-game/) - They say we live in an on-demand world. Right now, many business owners are demanding one thing: more workers. Unfortunately, the labor market is somewhat less than forthcoming. In the so-called “Great Resignation” of 2021, droves of people voluntarily left their jobs, and many aren’t rushing back to work. Neither are many of those who - [Travel Tax Deductions Simplified for Better Compliance](https://wwd-cpa.com/resources/know-the-rules-on-business-travel/) - Are you working on this year's tax return or planning for the future? Either way, you should know the rules on business travel tax deductions. According to the IRS, whether someone travels for work once a year or once a month, figuring out travel expense tax write-offs might seem confusing. Fortunately, the IRS has information - [Payroll Tax Rates and Contribution Limits for 2024](https://wwd-cpa.com/resources/payroll-tax-rates-and-contribution-limits-for-2024/) - Below are federal payroll tax rates and benefits contribution limits for 2024. Social Security tax In 2024, the Social Security tax rate is 6.2% for employers and employees, unchanged from 2023. The Social Security wage base is $168,600 for employers and employees, increasing from $160,200 in 2023. Self-employed people must pay 12.4% on the first $168,600. Medicare tax In - [Powerful Deductions Every Business Should Know](https://wwd-cpa.com/resources/powerful-deductions-every-business-should-know/) - Unsure what business expenses you can deduct? Learn common and necessary deductions, from home office to professional fees. Maximize your tax savings—read more! - [Avoid Stressful Tax Mistakes With Better Planning](https://wwd-cpa.com/resources/avoid-stressful-tax-mistakes-with-better-planning/) - Tax challenges can disrupt cash flow. Learn how to prevent issues and stay compliant with expert guidance—read the full article. - [Cybersecurity Planning That Protects Your Bottom Line](https://wwd-cpa.com/resources/cybersecurity-planning-that-protects-your-bottom-line/) - Cybersecurity matters more than ever. Discover smart steps to secure your systems and prevent costly breaches—click to learn more. - [It’s Not Too Early To Start Planning For Next Year: Check Withholding Now](https://wwd-cpa.com/resources/its-not-too-early-to-start-planning-for-next-year-check-withholding-now/) - Tax season may be over, but smart planning starts now. Learn how withholding adjustments can help you stay prepared—click for practical tips. - [Powerful Ways to Create Meaning After Retirement](https://wwd-cpa.com/resources/powerful-ways-to-create-meaning-after-retirement/) - A meaningful third act often includes thoughtful estate planning. Explore how reflection, values, and planning shape a fulfilling next chapter. Read more. - [Trust Tax Strategy for Better Estate Results](https://wwd-cpa.com/resources/trust-tax-strategy-for-better-estate-results/) - Trust structure matters when planning an estate. See how trust taxation works and why it matters. Click to learn more. - [The Truth About Income and Longer Retirement](https://wwd-cpa.com/resources/the-truth-about-income-and-longer-retirement/) - Longevity risk can quietly derail retirement plans. Learn how to create reliable income that lasts through market shifts and rising costs. Read more. - [Excellence in Accounting: WW&D Leader Makes Forbes List](https://wwd-cpa.com/resources/excellence-in-accounting-wwd-leader-makes-forbes-list/) - Pike Creek, DE – Wheeler, Wolfenden & Dwares PAs (WW&D) proudly announces that Forbes has named Managing Director Kathleen Corcoran, CPA, to the 2026 list of America’s Best-In-State CPAs for the second consecutive year. Notably, this award recognizes accounting professionals who set the industry standard. Forbes, in collaboration with SHOOK Research, evaluates U.S. CPAs based - [Prepare Now To Handle A Reputation-Damaging Crisis](https://wwd-cpa.com/resources/prepare-now-to-handle-a-reputation-damaging-crisis/) - Many nonprofits take time to develop disaster plans in anticipation of natural disasters, active shooter situations and other harrowing events. They may not, however, think about handling crises such as sexual harassment or embezzlement allegations against a leader, a regrettable social media post or similar circumstances that could generate significant damage. Here’s how to protect - [OVERCOMING THE CHALLENGES OF REMOTE AUDITING DURING THE COVID-19 CRISIS](https://wwd-cpa.com/resources/overcoming-the-challenges-of-remote-auditing-during-the-covid-19-crisis/) - Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years, most audit firms have been investing in technology and training to facilitate remote audit procedures. These efforts have helped lower audit costs, enhance flexibility and minimize disruptions to - [LEED isn’t the Only Green-Building Game in Town](https://wwd-cpa.com/resources/leed-isnt-the-only-green-building-game-in-town/) - Mention “green building” and most contractors think of the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) program. LEED may be the front-runner in green building rating systems, but it’s not the only game in town. Here are some others you may encounter when working with project owners: BREEAM USA (breeam.com/usa) Founded - [Independent Assurance Inspires Confidence in Sustainability Reports](https://wwd-cpa.com/resources/independent-assurance-inspires-confidence-in-sustainability-reports/) - Sustainability reports explain the impact of an organization’s activities on the economy, environment and society. During the novel coronavirus (COVID-19) pandemic, stakeholders continue to expect robust, transparent sustainability reports, with a stronger emphasis on the social and economic impacts of the company’s current operations than on environmental matters. Investors, lenders and even the public at - [Launch Strategies to Handle the New Overtime Rules](https://wwd-cpa.com/resources/launch-strategies-to-handle-the-new-overtime-rules/) - New federal rules that took effect January 1 are expected to expand the pool of overtime-eligible employees by more than 1 million. With no exceptions for nonprofits, some are looking for ways to avoid overtime liability. Particularly eager are organizations with tight budgets that didn’t anticipate such costs. Here are some strategies to cut overtime - [Industry Trends: Megaprojects are on the Rise](https://wwd-cpa.com/resources/industry-trends-megaprojects-are-on-the-rise/) - They’re big, and they’re big business. Megaprojects — large-scale and often high-profile construction projects that cost $1 billion or more — are taking the industry by storm. When compared with “standard” projects, megaprojects are a different animal. They have ambitious objectives, lengthy lead times, amplified complexity and intense stakeholder involvement. Consequently, they come with bigger - [Adjusting Your Financial Statements for COVID-19 Tax Relief Measures](https://wwd-cpa.com/resources/adjusting-your-financial-statements-for-covid-19-tax-relief-measures/) - The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, contains several tax-related provisions for businesses hit by the novel coronavirus (COVID-19) crisis. Those provisions will also have an impact on financial reporting. Companies that issue financial statements under U.S. Generally Accepted Accounting Principles (GAAP) are required to follow - [Effective Altruism: Making Their Money Count](https://wwd-cpa.com/resources/effective-altruism-making-their-money-count/) - “How do I do the most good with my donation?” is a question many donors ask these days, as the social movement of effective altruism carries its momentum into the 2020s. Effective altruism is commonly described as a philosophy that uses evidence and reasoning to determine the most effective ways to benefit others. And the - [How to Use Visual Aids in Financial Reporting](https://wwd-cpa.com/resources/how-to-use-visual-aids-in-financial-reporting/) - Thanks to the Internet and social media, we’re bombarded daily with all kinds of information. As a result, most people prefer clear, concise snippets of data over lengthy text. Have your financial statements kept up with today’s data-consumption trends? Show and tell Humans are visual learners. In business, the use of so-called “infographics” started with - [Reviewing The Finer Points of the Section 199A Tax Deduction](https://wwd-cpa.com/resources/reviewing-the-finer-points-of-the-section-199a-tax-deduction/) - It’s been over a year since the IRS issued final regulations regarding Internal Revenue Code Section 199A. This Code Section created a tax deduction enabling owners of sole proprietorships, partnerships, limited liability companies and S corporations to write off up to 20% of their qualified business income (QBI). If your construction company is organized under - [Still Struggling With How To Account For Contributions?](https://wwd-cpa.com/resources/still-struggling-with-how-to-account-for-contributions/) - After the Financial Accounting Standards Board’s (FASB’s) 2014 release of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, many nonprofits were confused about whether grants and similar contracts were covered by these new revenue recognition rules. The FASB’s subsequent issuance of ASU No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and - [Coronavirus (COVID-19): Tax relief for small businesses](https://wwd-cpa.com/resources/coronavirus-covid-19-tax-relief-for-small-businesses/) - Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or - [A SURGICAL APPROACH: Sharpen Your Project Accounting with Activity-Based Costing](https://wwd-cpa.com/resources/a-surgical-approach-sharpen-your-project-accounting-with-activity-based-costing/) - Activity-based costing is an accounting methodology that identifies activities and assigns a cost to each one based on resources consumed. It’s often associated with manufacturing but can be applied to construction as well. Many contractors are pleasantly surprised by the results of activity-based costing in comparison with more traditional job-costing methods, which typically rely on - [How Are You Going To Find Your Nonprofit’s Next Executive?](https://wwd-cpa.com/resources/how-are-you-going-to-find-your-nonprofits-next-executive/) - Every nonprofit needs an executive search plan. Even if you aren’t facing an imminent vacancy, your organization is smart to prepare for what can be a long process. In fact, executive searches generally take several months — even if you end up hiring someone already known to your nonprofit. So make plans now. Focusing energy - [Lease or Buy? Changes to Accounting Rules May Change Your Mind](https://wwd-cpa.com/resources/lease-or-buy-changes-to-accounting-rules-may-change-your-mind/) - The rules for reporting leasing transactions are changing. Though these changes have been delayed until 2021 for private companies (and nonprofits), it’s important to know the possible effects on your financial statements as you renew leases or enter into new lease contracts. In some cases, you might decide to modify lease terms to avoid having - [COVID-19 Update](https://wwd-cpa.com/resources/covid-19-update/) - Wheeler Wolfenden & Dwares, CPAs COVID-19 UpdateDownload At Wheeler Wolfenden & Dwares CPAs, the health and safety of our clients, staff, and business partners is always a top priority. We are closely following the COVID-19 outbreak as Delaware has confirmed its first case and the number of reported cases in our direct and surrounding areas, - [Writing Donation Acknowledgment Letters](https://wwd-cpa.com/resources/writing-donation-acknowledgment-letters/) - Sending thank-yous to your donors doesn’t just make sense in terms of building and maintaining relationships. The IRS mandates that taxpayers substantiate single contributions of $250 or more with contemporaneous written acknowledgments. Here’s what you should include in those acknowledgments. The Essentials A written contribution acknowledgment should contain: The name of your organization,The amount of - [Matching Gifts Double the impact of Donors’ Contributions](https://wwd-cpa.com/resources/matching-gifts-double-the-impact-of-donors-contributions/) - A majority of large U.S. companies offer matching gift programs to boost the impact of their employees’ charitable gifts. Double the Donation estimates that $2 to $3 billion is donated through matching gift programs every year. At the same time, between $4 and $7 billion in matching gift funds goes unclaimed annually. Is your not-for-profit doing everything it can to claim - [4 Steps to a Stronger Balance Sheet](https://wwd-cpa.com/resources/4-steps-to-a-stronger-balance-sheet/) - Roughly half of CFOs believe an economic recession will hit by the end of 2020, and about three-quarters expect a recession by mid-2021, according to the 2019 year-end Duke University/CFO Global Business Outlook survey. In light of these bearish predictions, many businesses are currently planning for the next recession. Are you? Here are four steps - [4 Ways AI Is Impacting the Construction Industry](https://wwd-cpa.com/resources/4-ways-ai-is-impacting-the-construction-industry/) - Thanks in part to the Internet (of Things) and cloud computing, artificial intelligence (AI) has transitioned from science fiction to everyday life. The impact of AI is already felt throughout our daily lives — from automated spam email detection to viewing suggestions on our favorite streaming service to smart speakers that put voice commands into - [South Dakota v. Wayfair, Inc.](https://wwd-cpa.com/resources/south-dakota-v-wayfair-inc/) - What This Sales Tax Case Means For Nonprofits A landmark ruling by the U.S. Supreme Court in 2018 dramatically expanded the ability of states to impose sales tax collection obligations on out-of-state organizations that sell goods and services within their boundaries. Since then, state legislatures and municipalities have scrambled to pass laws targeting organizations that - [Use Nongrantor Trusts To Bypass The SALT Deduction Limit](https://wwd-cpa.com/resources/use-nongrantor-trusts-to-bypass-the-salt-deduction-limit/) - If you reside in a high-tax state, you may want to consider using nongrantor trusts to soften the blow of the $10,000 federal limit on state and local tax (SALT) deductions. The limit can significantly reduce itemized deductions if your state income and property taxes are well over $10,000. A potential strategy for avoiding the - [Walk the Talk: Prioritizing Company Core Values](https://wwd-cpa.com/resources/walk-the-talk-prioritizing-company-core-values/) - Do your employees know your construction company’s core values? Are they (and you) applying these values to daily operations and decision making? Are you using the values to build your brand and reputation in the marketplace? If you had a hard time answering the above questions, it may be time to revisit the concept of - [Collective Impact Initiatives Rely On Harmony](https://wwd-cpa.com/resources/collective-impact-initiatives-rely-on-harmony/) - Collective impact, an approach that’s growing among nonprofits, is more than just collaboration. Its originators describe the phrase as the commitment of a group of important players from different sectors to a common agenda for solving a specific social problem. That includes the nonprofits themselves, government, businesses and constituent communities. In the Stanford Social Innovation - [Viewing Your Lender as a Business Partner](https://wwd-cpa.com/resources/viewing-your-lender-as-a-business-partner/) - It’s easy to get intimidated when applying for a business loan. You have the need; the bank has the money — how can you win them over? One way to lower the stress level is to view your lender as a partner rather than a gatekeeper. After all, it needs your business just as much - [New Law Helps Businesses Make Their Employees’ Retirement Secure](https://wwd-cpa.com/resources/new-law-helps-businesses-make-their-employees-retirement-secure/) - A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed - [Protect your exempt status in Election 2020](https://wwd-cpa.com/resources/protect-your-exempt-status-in-election-2020/) - Nonprofits that are tax-exempt as N 501(c)(3) organizations, including charities and churches, are barred from participating or intervening in any political campaign for or against a candidate for public office. Organizations that violate the prohibition risk losing their tax-exempt status. They also could find themselves on the hook for an excise tax. Here’s what you - [A SYMBIOTIC BOND - How WIP reports relate to your financial statements](https://wwd-cpa.com/resources/a-symbiotic-bond-how-wip-reports-relate-to-your-financial-statements/) - Construction work in progress (WIP) reports are too often ignored and less often fully understood. Your WIP reports share a symbiotic bond with your financial statements — the two should be consistent in the information they present. Let’s look at four different schedules of a typical WIP report and discuss how they relate to your - [Proven Ways to Build a Sustainable Funding Mix](https://wwd-cpa.com/resources/proven-ways-to-build-a-sustainable-funding-mix/) - Explore how a balanced funding strategy supports long-term stability and mission impact. Learn what works and take the next step today. - [Why Retention Is a Better Growth Model](https://wwd-cpa.com/resources/why-retention-is-a-better-growth-model/) - Retaining donors costs less and delivers more value over time. Discover what separates strong retention strategies—click to learn more. - [Grant Reports That Support Better Governance](https://wwd-cpa.com/resources/grant-reports-that-support-better-governance/) - Grant reporting can do more than meet requirements. Learn how stronger reporting supports decisions, transparency, and trust—read more. - [Foreign Asset Reporting Made Clear and Practical](https://wwd-cpa.com/resources/foreign-asset-reporting-made-clear-and-practical/) - Unsure if your foreign assets require reporting? FATCA rules can be confusing. Understand Form 8938 thresholds and next steps—explore now. - [ABLE Accounts: Smart Planning Made Simple](https://wwd-cpa.com/resources/able-accounts-smart-planning-made-simple/) - ABLE accounts help pay qualified disability expenses while protecting benefits eligibility. Discover key rules, limits, and advantages—explore your options today. - [Why Energy Efficiency Drives Better Project Returns](https://wwd-cpa.com/resources/why-energy-efficiency-drives-better-project-returns/) - Greener energy choices can lower costs and boost returns on major projects. Learn how sustainability improves the bottom line—read more today. - [R&D Tax Credits That Strengthen Your Bottom Line](https://wwd-cpa.com/resources/rd-tax-credits-that-strengthen-your-bottom-line/) - Exploring innovation might lead you to some amazing R&D tax credits! Want to know how these credits work and if you might qualify? Read more here. - [How to Provide Vacation and Sick Time for Nonprofit Employees](https://wwd-cpa.com/resources/how-to-provide-vacation-and-sick-time-for-nonprofit-employees/) - Both company owners and their employees find it hard to believe there's no federal law requiring a business to provide paid holidays, vacation, or sick leave. Although some state laws may apply, the modern workforce has come to expect an appropriate policy. But when it comes to nonprofits, a whole new world needs to be - [Proven Ways to Protect Your Business Legacy](https://wwd-cpa.com/resources/proven-ways-to-protect-your-business-legacy/) - Passing on a business is about more than assets—it’s about legacy. Learn how estate planning ensures a smooth transition. Click here to learn more. - [Proven Ways Upskilling Builds a Nimble Workforce](https://wwd-cpa.com/resources/proven-ways-upskilling-builds-a-nimble-workforce/) - A flexible workforce is essential in today’s changing economy. Learn how cross-training and upskilling support growth—read more now. - [Protect Your Bottom Line with Payroll Records](https://wwd-cpa.com/resources/protect-your-bottom-line-with-payroll-records/) - Unsure which payroll records to keep? Get clear guidance on retention timelines and compliance—click to read more now. - [Uncover the Secrets to Saving Money on Credit Cards](https://wwd-cpa.com/resources/uncover-the-secrets-to-saving-money-on-credit-cards/) - Credit cards can quietly undermine financial stability. Explore risks, benefits, and warning signs—click to make smarter choices. - [Life Insurance for Parents: A Practical Overview](https://wwd-cpa.com/resources/life-insurance-for-parents-a-practical-overview/) - Life insurance for parents can help cover funeral costs and shared debts. Discover how thoughtful coverage supports your finances—read more today. - [New Dirty Dozen Scams That Threaten Your Refund](https://wwd-cpa.com/resources/new-dirty-dozen-scams-that-threaten-your-refund/) - Stay ahead of IRS tax scams with this year’s Dirty Dozen highlights. Learn key warning signs and protect your data—read now. - [How To Retain Employees In A Tough Market](https://wwd-cpa.com/resources/how-to-retain-employees-in-a-tough-market/) - Imagine you're a nursing home manager trying to replace a nurse's aide. But the resumes aren't coming in like they usually do. You can't figure out why until an applicant points out that you're offering the same hourly wage as McDonald's and asks what you have that McDonald's doesn't. Lockdown-era furloughs forced huge numbers of - [Losing Tax Credits When Your Child Turns 17?](https://wwd-cpa.com/resources/losing-tax-credits-when-your-child-turns-17/) - Supporting an older child or college student? You may still qualify for valuable tax credits. Discover how to claim your dependents here for maximum savings. - [Tackling Volunteer Liability Issues](https://wwd-cpa.com/resources/tackling-volunteer-liability-issues/) - During the pandemic, your not-for-profit may have been forced to operate without your dedicated volunteers. It has probably come as a great relief to welcome them back in person. However, volunteers, like employees, represent some risk to your organization. For example, you could be exposed to lawsuits if volunteers are harmed or harm others while - [Nonprofits: Get The Word Out In 2021](https://wwd-cpa.com/resources/nonprofits-get-the-word-out-in-2021/) - Many not-for-profits have been too busy trying to stay afloat to put a lot of resources and energy into public relations. But as the new year begins, you might start thinking about how you’ll promote your organization, mission and programming in 2021. Here are five suggestions: 1. Report regularly. Raise your nonprofit’s profile by releasing - [Appealing To The Next Generation Of Supporters](https://wwd-cpa.com/resources/appealing-to-the-next-generation-of-supporters/) - Factors such as wealth level, education and even whether people volunteer, probably will tell you more about potential donors than their generation. But some broad generalizations about age can help not-for-profits target particular groups for support. The newest generation of adults belong to what’s being called Generation Z, and it’s possible to draw some conclusions - [How Nonprofits Can Take Advantage Of Corporate Volunteers](https://wwd-cpa.com/resources/how-nonprofits-can-take-advantage-of-corporate-volunteers/) - According to the Society for Human Resource Management, 47% of companies offer a community volunteer program for employees. Chief Executives for Corporate Purpose has found that large companies are even more likely to sponsor volunteer activities: 61% offer paid-release time volunteer programs or a structured corporate volunteer program. If your not-for-profit suffers from a chronic volunteer - [Drive Efficiency and Grow Your Bottom Line](https://wwd-cpa.com/resources/drive-efficiency-and-grow-your-bottom-line/) - From automation to delegation, learn strategies to streamline operations and drive long-term business success. Start improving your business efficiency now! - [Proven Ways to Strengthen Remote Work Compliance](https://wwd-cpa.com/resources/proven-ways-to-strengthen-remote-work-compliance/) - Learn how to stay compliant, avoid payroll errors, and reduce risk when managing remote and hybrid teams. Read now for smart ways to protect your organization. - [Secure Cash Flow Strategies That Support Growth](https://wwd-cpa.com/resources/secure-cash-flow-strategies-that-support-growth/) - Learn practical ways to improve cash flow, strengthen financial stability, and avoid costly shortfalls. Read now for smart steps to protect your business. - [Powerful Ways to Address Rising Employee Burnout](https://wwd-cpa.com/resources/powerful-ways-to-address-rising-employee-burnout/) - Understand the warning signs and solutions for growing burnout concerns. Explore strategies today to support your workforce. - [How To Secure Payroll Data](https://wwd-cpa.com/resources/how-to-secure-payroll-data/) - Strengthen payroll security against fraud and cyber threats with practical safeguards, training and monitoring. Read now to protect your people and data. - [Important Facts About Survivorship Life Insurance](https://wwd-cpa.com/resources/important-facts-about-survivorship-life-insurance/) - Cover two people under one life insurance policy while building wealth and protecting your legacy. Discover if survivorship coverage fits your plan! - [Is Your IRS Notice Legitimate? Here's How to Check](https://wwd-cpa.com/resources/is-your-irs-notice-legitimate-heres-how-to-check/) - The IRS wants to help you protect yourself from identity thieves. To do so, it's important to understand how the agency communicates. Click through to learn the difference between a legitimate message and a scam. - [Build Better Credit and Save On Auto Insurance](https://wwd-cpa.com/resources/build-better-credit-and-save-on-auto-insurance/) - Does credit score affect your auto insurance? Learn how payment history and debt levels impact premiums. Read more to boost your score and lower your rates! - [Prepare Now for the 2026 Surprising Extra Pay Period](https://wwd-cpa.com/resources/prepare-now-for-the-2026-surprising-extra-pay-period/) - A rare 2026 calendar quirk means you may pay employees 27 times instead of 26. Find out why calling your payroll professional now is the smartest move. - [New USPS Rules That Could Impact Your Filing](https://wwd-cpa.com/resources/new-usps-rules-that-could-impact-your-filing/) - Learn how new USPS postmark rules affect mailed tax returns and avoid filing issues. See what steps protect you—take action today. - [Trusted Ways to Protect Your Home Sale Profit](https://wwd-cpa.com/resources/trusted-ways-to-protect-your-home-sale-profit/) - Learn how home-sale gains may qualify for IRS exclusions and reduce your tax bill. Explore key rules and strategies—read now for smart tax guidance. - [Entity Choices for Starting a New Business](https://wwd-cpa.com/resources/entity-choices-for-starting-a-new-business/) - Starting a business? Understand how each entity type affects taxes, liability, and flexibility. Get tips to make the right decision today. - [Invoice With Ease: QuickBooks Made Simple](https://wwd-cpa.com/resources/invoice-with-ease-quickbooks-made-simple/) - Make billing easier with simple steps for creating an invoice, credits, and payments. Get organized today and contact our firm for support with your process. - [Unlock Better Results Using Empathetic Leadership Tools](https://wwd-cpa.com/resources/unlock-better-results-using-empathetic-leadership-tools/) - Empathetic leadership drives team performance and retention. Discover how to build trust and create a supportive workplace. Learn more today! - [Is the Debt Avalanche Your Best Strategy?](https://wwd-cpa.com/resources/is-the-debt-avalanche-your-best-strategy/) - Learn how snowball and avalanche methods help eliminate credit card debt and save money. Find which strategy fits you best—start improving your finances today. - [The Best Advice for 2026 Tax Changes](https://wwd-cpa.com/resources/the-best-advice-for-2026-tax-changes/) - New 2026 tax rules are coming. Learn how the OBBBA affects your deductions, estate planning, and filing requirements. Read our guide to prepare early! - [MLK Day - A Day to Honor the Dream](https://wwd-cpa.com/resources/mlk-day-a-day-to-honor-the-dream/) - On Martin Luther King Jr. Day, we take a moment to honor the enduring legacy of Dr. King’s commitment to service, unity, and community. His message often emphasized the power of serving others and contributing to the greater good, a reminder that meaningful acts—large or small—can strengthen and uplift our communities. We hope this day - [Get Set: The New Tax Season Begins](https://wwd-cpa.com/resources/get-set-the-new-tax-season-begins/) - Get ready for filing season with simple, stress‑free prep. Start gathering your records now and reach out to our team—we’re here to help every step of the way! - [Nonprofit Budget Tips for Better Management](https://wwd-cpa.com/resources/nonprofit-budget-tips-for-better-management/) - Budgeting is vital for success. Learn the crucial steps for budget creation, review, and board approval to ensure your financial health is sound. Read more now! - [Wishing You a Wonderful Thanksgiving Holiday](https://wwd-cpa.com/resources/wishing-you-a-wonderful-thanksgiving-holiday/) - Have a memorable Thanksgiving! Wishing you the happiness of good friends, the joy of family and the abundance of the holiday season. - [Maximize Your Charitable Giving with Smart Tax Planning Secrets](https://wwd-cpa.com/resources/maximize-your-charitable-giving-with-smart-tax-planning-secrets/) - Maximize your impact and deductions! Learn strategies like QCDs and charitable trusts to transform your giving. Don't leave money on the table—contact us today. - [How Social Media Schemes Destroy Financial Security](https://wwd-cpa.com/resources/how-social-media-schemes-destroy-financial-security/) - Don't fall for fake tax credit schemes on social media. Discover warning signs of fraud and avoid costly penalties up to $5,000. Contact us for help now - [Is the Mortgage Interest Deduction a Big Deal?](https://wwd-cpa.com/resources/is-the-mortgage-interest-deduction-a-big-deal/) - The mortgage interest deduction isn't as valuable as it once was due to higher standard deductions. Find out which option saves you more. Contact us today. - [What New Retirement Limits Mean for You](https://wwd-cpa.com/resources/what-new-retirement-limits-mean-for-you/) - Retirement plan limits increase for 2026, including higher catch-up contributions for ages 60-63. Discover what you can save. Schedule a consultation now. - [Major Tax Reforms: What You Need Now](https://wwd-cpa.com/resources/major-tax-reforms-what-you-need-now/) - Major tax law extends key deductions and credits while adding new provisions. Learn what changed for your financial future. Schedule a consultation now. - [Demystify Depreciation: How to Benefit from IRS Rules](https://wwd-cpa.com/resources/demystify-depreciation-how-to-benefit-from-irs-rules/) - Unlock hidden tax savings! Learn how accelerated depreciation can reduce your taxable income and improve financial statements. Read more now! - [Choosing the Best Reimbursement Plan for Your Business](https://wwd-cpa.com/resources/choosing-the-best-reimbursement-plan-for-your-business/) - Businesses can reimburse employees for eligible out-of-pocket, work-related expenses through either an accountable or a nonaccountable employee reimbursement plan. The key difference lies in how the payments are treated for tax purposes. In an accountable plan, employers can reimburse employees for business expenses without classifying the payment as taxable income. Conversely, under a nonaccountable plan, - [How to Optimize Charitable Deductions Under OBBBA](https://wwd-cpa.com/resources/how-to-optimize-charitable-deductions-under-obbba/) - The OBBBA includes several provisions that affect how individuals can deduct charitable contributions on their federal income tax returns. These changes influence both annual tax filings and estate planning decisions. Perhaps the most significant update is that the OBBBA makes permanent or modifies key provisions of the Tax Cuts and Jobs Act of 2017. As - [Cyber Insurance: The Key to Business Security](https://wwd-cpa.com/resources/cyber-insurance-the-key-to-business-security/) - Cyber liability insurance protects your business from any financial losses if it suffers a data breach, ransomware attack or any other type of cyberattack. This type of insurance has only become more important as a greater number of small businesses store customer data, expansion plans, revenue reports and other valuable key documents online. It's also - [How to Streamline Your Business Loan Prep](https://wwd-cpa.com/resources/how-to-streamline-your-business-loan-prep/) - Whether your business is in the start-up or growth phase, sooner or later you may need to borrow money. Although every loan process may be different, you can do several things to make the loan process easier. Most important, remember that loan officers are looking at many factors, not just at your financial record. And keep - [The Impact of the New Depreciation Rules](https://wwd-cpa.com/resources/the-impact-of-the-new-depreciation-rules/) - Depreciation is the tax process of spreading the cost of an asset over the years it is expected to be useful. Bonus depreciation is different: It is a tax incentive that allows businesses to deduct the full cost of certain assets, such as equipment, vehicles or software, in the year of purchase. The One Big - [Wheeler Wolfenden And Dwares, CPAS Welcomes New Staff Accountants](https://wwd-cpa.com/resources/wheeler-wolfenden-and-dwares-cpas-welcomes-new-staff-accountants/) - Pike Creek, DE (August 21, 2020) - Wheeler Wolfenden and Dwares, CPAs is pleased to welcome three new staff members to our growing full-service accounting firm. Sophie Gan, CPA has joined WW&D’s audit and tax department as a Staff Accountant. Gan earned a Bachelor of Arts in Biology with a second major in Accounting from - [Delaware Taxpayers: Urgent Warning on New Text Scam](https://wwd-cpa.com/resources/delaware-taxpayers-urgent-warning-on-new-text-scam/) - Delaware officials warn of a new tax scam. To learn more about red flags and how to protect your personal information, click here. - [How to Protect Your Future with a Life Rider](https://wwd-cpa.com/resources/how-to-protect-your-future-with-a-life-rider/) - Protect your assets and future care. Learn how a simple life insurance rider can unlock funds for long-term care costs while you're alive. Find out more now! - [A New $6,000 Tax Break for Seniors](https://wwd-cpa.com/resources/a-new-6000-tax-break-for-seniors/) - Seniors, cut your tax bill! The new $6,000 deduction for ages 65+ can drastically lower your taxable income and save you money. Read more about eligibility here - [This Simple Rule Slashes Your Capital Gains Tax](https://wwd-cpa.com/resources/this-simple-rule-slashes-your-capital-gains-tax/) - Slash capital gains tax on inherited assets! Click here to read how the powerful stepped-up basis provision can dramatically reduce your tax burden on property. - [Gain True Peace: Get Smart Credit Counseling Now](https://wwd-cpa.com/resources/gain-true-peace-get-smart-credit-counseling-now/) - Struggling with bills or credit card debt? Learn how a credit counselor can help you manage your finances. Click to discover more! - [Peace of Mind: The Real Value of a Prenuptial Agreement](https://wwd-cpa.com/resources/peace-of-mind-the-real-value-of-a-prenuptial-agreement/) - Getting married? A prenuptial agreement can protect your assets and future. Learn how a prenup works and what to consider for your own. Read more here. - [Cut Through Confusion: Property Taxes Made Simple](https://wwd-cpa.com/resources/cut-through-confusion-property-taxes-made-simple/) - Property taxes fund essential services such as roads, schools, public transportation, parks and emergency services in your community. Levied by city, county and school districts, these taxes combine to create a total tax rate, which is multiplied by your property's assessed value to determine your tax bill. Your property includes the land you own and - [Choosing the Best Credit Card for Your Business Needs](https://wwd-cpa.com/resources/choosing-the-best-credit-card-for-your-business-needs/) - Thinking about a business credit card? Learn how it compares to personal cards and discover key benefits. Click to find out if it’s the right move for you. - [Getting and Managing Grants](https://wwd-cpa.com/resources/getting-and-managing-grants/) - As a nonprofit, you might be worrying about how you are going to apply for grants and secure the funding you need. However, if you're only relying on grants to fund your organization, your business model probably needs to be redrawn. Only 20 percent of nonprofit funding comes from foundation or corporation grants. Is that - [Avoid Payroll Errors With Better Recordkeeping](https://wwd-cpa.com/resources/avoid-payroll-errors-with-better-recordkeeping/) - Accurate payroll records protect your business and prevent costly errors. Click to learn what to track and how to stay compliant with federal and state rules. - [OBBBA Tax Bill: Don’t Miss These New Tax Opportunities](https://wwd-cpa.com/resources/obbba-tax-bill-dont-miss-these-new-tax-opportunities/) - New tax laws offer opportunities! Learn about key provisions on tips, overtime, and more. Understand how these changes impact your finances. Read more now! - [IRS Audit? Here’s What You Need to Know](https://wwd-cpa.com/resources/irs-audit-heres-what-you-need-to-know/) - Facing an audit? Get a powerful guide to navigating the process with confidence. Learn how to respond effectively and protect your business. - [What Are the Tax Rules Around Day Care](https://wwd-cpa.com/resources/what-are-the-tax-rules-around-day-care/) - You may be in for a tax break if you’ve been shelling out the bucks for day care. Among the tax credits and deductions available to parents and families, one of the most overlooked and beneficial is the childcare tax credit, formally known as the Child and Dependent Care Expenses Tax Credit and claimed with - [Don't Let Undercapitalization Affect Your Construction Company](https://wwd-cpa.com/resources/dont-let-undercapitalization-affect-your-construction-company/) - Even without knowing its exact definition, you can just tell from the way the word sounds that undercapitalization is not good for your business. Undercapitalization occurs when a business holds insufficient funding — or capital — to support its operations. It is cause for serious concern about a potential major financial crisis for any business, - [Setting Payroll for Nonprofit Organizations](https://wwd-cpa.com/resources/setting-payroll-for-nonprofit-organizations/) - Payroll for nonprofits adheres to principles that apply to employees and executives. First, nonprofits must consider payroll classifications. Do you hire direct employees or independent contractors? Ninety-five percent of the time, organizations hire employees. Second, nonprofits also should consider how much savings they will experience if they don’t have to cover payroll taxes. This, however, - [5 Tips for Avoiding a Small-Business Audit](https://wwd-cpa.com/resources/5-tips-for-avoiding-a-small-business-audit/) - Just the words "IRS audit" are enough to make most people roll their eyes or groan in pure agony. More specifically, business owners in particular often fear being audited by the IRS. That said, there are numerous steps people can take when they are eager to mitigate the risks of being audited. Even though there - [1099 Forms Made Simple for Your Business](https://wwd-cpa.com/resources/1099-forms-made-simple-for-your-business/) - As each calendar year draws to a close, many businesses have to think about their tax filing responsibilities. It can be confusing to figure out which forms to send out, especially as the IRS made some changes to its venerable Form 1099-MISC, Miscellaneous Information, a few years ago and assigned some of its former responsibilities - [25 Years of Milestones: Celebrating Wheeler Wolfenden and Dwares, CPAs](https://wwd-cpa.com/resources/25-years-of-milestones-celebrating-wheeler-wolfenden-and-dwares-cpas/) - Wheeler Wolfenden and Dwares, CPAs, is thrilled to announce that this year marks our 25th anniversary of providing high-quality accounting services to Delaware and the surrounding communities. Founded in 1998 by Dave Wolfenden and John Wheeler, our firm has grown to one of the leading accounting firms in the state. We are honored to continue - [Welcome Vincent Drake and Tiffany Stubbs](https://wwd-cpa.com/resources/welcome-vincent-drake-and-tiffany-stubbs/) - WWD-Welcomes-Vincent-Drake-and-Tiffany-Stubbs-1Download Wheeler Wolfenden and Dwares, CPAs is pleased to welcome Vincent Drake to its audit and tax practices as a staff accountant. Drake earned a Bachelor of Science in Accounting from Bloomsburg University of Pennsylvania. Prior to joining WW&D, Drake worked as a payroll auditor in the public sector in Chadds Ford, PA. Tiffany Stubbs - [Wheeler Wolfenden And Dwares, CPAs, Welcomes Jason Focacci](https://wwd-cpa.com/resources/wheeler-wolfenden-and-dwares-cpas-welcomes-jason-focacci/) - WW&D Welcomes Jason FocacciDownload - [No More Fear: Pivot Tables Made Simple](https://wwd-cpa.com/resources/no-more-fear-pivot-tables-made-simple/) - Pivot tables are one of many Excel features that tend to draw blank stares from uninitiated users. Many unwittingly assume pivot tables are an advanced feature beyond their grasp. That's hardly the case, and in this article, you'll see how to create your first pivot table. You can run into complexities once you start pushing - [Unlock the Power of Tariff Knowledge Today](https://wwd-cpa.com/resources/understanding-tariffs/) - Tariffs shape business costs and consumer prices. Click now for a clear overview of how they work and when they impact your bottom line. - [How to Verify Employment Eligibility the Right Way](https://wwd-cpa.com/resources/how-to-verify-employment-eligibility-the-right-way/) - Ensure your new hires meet legal requirements with confidence. Learn the must-know steps to verify eligibility and stay compliant. Read more now. - [Ways to Cut Your Home Insurance Costs Now](https://wwd-cpa.com/resources/ways-to-cut-your-home-insurance-costs-now/) - Bankrate reported that the average cost of homeowners insurance in the United States in January of this year stood at $2,181 a year for a policy with a $300,000 dwelling limit. This means that homeowners are paying an average of $182 each month. However, this is just the national average. You may be paying significantly - [Are You Holding A Joint Title To Property With A Family Member Or Friend?](https://wwd-cpa.com/resources/are-you-holding-a-joint-title-to-property-with-a-family-member-or-friend/) - Owning assets jointly with one or more of your children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it may produce unintended — and costly — consequences. Joint ownership advantages There are two potential advantages to joint ownership: convenience and probate avoidance. If you hold title to property with a - [How to Use 2025 Mileage Rates to Save Taxes](https://wwd-cpa.com/resources/how-to-use-2025-mileage-rates-to-save-taxes/) - At the end of December, the IRS announced standard mileage rates for 2025. Below are the deductions, if you are using an automobile for approved purposes: Self-employed and business: 70 cents/mile (up from 67 cents in 2024) Charities: 14 cents/mile (unchanged from 2024) Medical: 21 cents/mile (unchanged from 2024) Moving (military only): 21 cents/mile (unchanged from 2024) It gets - [Retirement Savings: When Can You Really Take Money Out?](https://wwd-cpa.com/resources/retirement-savings-when-can-you-really-take-money-out/) - Planning retirement? Don't get hit with costly penalties on your IRA or 401(k) withdrawals. Learn the rules for taking money out without a huge tax bill. Read more now! - [Is Your Crowdfunding Income Taxable? Find Out Now](https://wwd-cpa.com/resources/is-your-crowdfunding-income-taxable-find-out-now/) - Crowdfunding is a method used to raise money through websites by soliciting contributions from numerous people. Contributions may be solicited to fund businesses or projects, for charitable donations, or for private gifts. The contributions are solicited by the people establishing the crowdfunding campaigns or by crowdfunding organizers. However, many people do not know that the - [Business Tax Insights You Need to Know](https://wwd-cpa.com/resources/business-tax-insights-you-need-to-know/) - If you're running a business, you're on the hook for a variety of taxes. Let's take a look at the main categories: Income tax—All businesses except partnerships must file an annual income tax return. (Partnerships file an information return.) However, which form you use depends on how your business is organized, so you'll need to - [Stop Breaches Now: Cybersecurity Culture, Not Just Tech](https://wwd-cpa.com/resources/stop-breaches-now-cybersecurity-culture-not-just-tech/) - Cybersecurity has always ranked high on the list of business priorities, but the current shift to online services and remote work has heightened its importance. Fear of a breach or fraud is rightly top of mind for business leaders, especially given that there are so many more opportunities for security breaches when people are working - [Excel Made Easy: Data Validation for Error Prevention](https://wwd-cpa.com/resources/excel-made-easy-data-validation-for-error-prevention/) - It's often difficult to police a user's actions within an Excel spreadsheet unless you're aware of Data Validation. This feature is tucked away on Excel's Data menu and allows you to create a variety of input rules. This article will demonstrate how to use Excel's COUNTIF function to trigger an error prompt if a user - [Preventing Workplace Violence: What's New](https://wwd-cpa.com/resources/preventing-workplace-violence-whats-new/) - The first and most obvious step in preventing workplace violence is to understand its meaning. According to the Occupational Safety and Health Administration, workplace violence is "any act or threat of physical violence, harassment, intimidation, or other threatening disruptive behavior that occurs at the work site." This type of behavior falls into four categories: Criminal - [Your Ultimate Guide to Navigating Schedule D](https://wwd-cpa.com/resources/your-ultimate-guide-to-navigating-schedule-d/) - Schedule D is the IRS tax form that reports your realized gains and losses from capital assets — investments and other business interests. You detail the total purchase price of assets, what they were sold for and whether they were held for long term (more than a year) or short term (less than a year). - [Asset Deductions Made Easy with Section 179](https://wwd-cpa.com/resources/asset-deductions-made-easy-with-section-179/) - Section 179 of the U.S. tax code offers a tax incentive to small and medium-sized businesses by allowing them to take a full deduction on tangible assets in the year items were purchased and put into service. The cost of such major purchases would generally have to be depreciated over time, but using the Section - [Nonprofit Audit Compliance: What You Need to Know](https://wwd-cpa.com/resources/nonprofit-audit-compliance-what-you-need-to-know/) - The Internal Revenue Service (IRS) doesn’t require nonprofits to have independent audits, but that doesn’t mean your nonprofit never needs an audit. Some federal, state, and local government agencies require audits, as do some banks and foundations. Generally, the requirements relate to the nonprofit’s size or spending. When an Audit Is Required An independent audit - [The Hidden Value of Middle Managers in Operations](https://wwd-cpa.com/resources/the-hidden-value-of-middle-managers-in-operations/) - In today's volatile work environment, many companies are starting to lay off employees, including—or maybe even especially—middle managers, because company leaders mistakenly believe managers are expendable. But if a middle manager's role has not been reduced to one of simple administration, and if the person is effective in their work (not someone who was promoted - [Retirement Plan Limits Rise in 2025: What You Need to Know](https://wwd-cpa.com/resources/retirement-plan-limits-rise-in-2025-what-you-need-to-know/) - Your max contributions to 401(k) plans for 2025 increase to $23,500, up from $23,000 for 2024, according to the IRS. The tax agency also issued technical guidance regarding cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2025. The limit on annual contributions to an IRA remains $7,000. The - [Theft in the Workplace: How to Identify and Stop It](https://wwd-cpa.com/resources/theft-in-the-workplace-how-to-identify-and-stop-it/) - No matter what type of business you run, you're vulnerable to employee theft motivated by greed, anger, dissatisfaction, or an "above the rules" attitude. Which of these ways employees steal are areas of vulnerability for your business? Payroll theft: Are your employees really working the hours they claim to be? Do you have controls to - [Nonprofit Funding Secrets: Unlock Delaware Grant Money](https://wwd-cpa.com/resources/nonprofit-funding-secrets-unlock-delaware-grant-money/) - Delaware offers a variety of grants specifically tailored for nonprofit organizations, providing valuable resources and support for their important work in the community. These present unique opportunities for nonprofits to secure funding for their projects and programs, but the grant application process can be competitive and requires careful planning and attention to detail. Before you - [Don’t Leave Money on the Table: A Guide to Business Tax Deductions That Can Save You Big](https://wwd-cpa.com/resources/dont-leave-money-on-the-table-a-guide-to-business-tax-deductions-that-can-save-you-big/) - One of the worst things we can do as taxpayers is assume we know everything. There’s always more to learn, and as much as you might know about taxes, you may be missing out on key tax deductions just because you haven’t heard about them. Tax deductions to consider Believe it or not, there are - [Homeowner Tax Perks: Get The Most Out Of Filing](https://wwd-cpa.com/resources/homeowner-tax-perks-get-the-most-out-of-filing/) - What tax deductions, programs and housing allowances are available to homeowners? Let's explore a few options that the IRS makes available. If you have a mortgage, you may deduct the interest paid, within allowed limits. You can also deduct state and local real estate taxes (subject to a $10,000 limit). Interest paid on home equity - [Unlock Payroll Efficiency with the Right Manager](https://wwd-cpa.com/resources/unlock-payroll-efficiency-with-the-right-manager/) - What does a good payroll manager look like? Someone who is strong in both numbers and people skills. Being adept at both is not always easy, and companies often look for someone who is good with data. But a good payroll manager needs to communicate and collaborate with many different people and layers of the - [Payroll Mistakes Cost You—Here’s How to Avoid Them](https://wwd-cpa.com/resources/payroll-mistakes-cost-you-heres-how-to-avoid-them/) - The endgame is accurate and timely employee paychecks. How do you get there? Have a payroll plan that outlines what the procedures are to get to your goal. The plan should describe how employees document and submit time. Use a reliable timekeeping system. A computer-based system is probably the most efficient, but if you still - [W-2 Mistakes: How to Avoid Costly Penalties](https://wwd-cpa.com/resources/w-2-mistakes-how-to-avoid-costly-penalties/) - In many ways, Form W-2 is simple and straightforward: You enter information that is already available from payroll and personnel records. You then use your employer identification number and, in most cases, a state ID number to complete most of the form. The main challenge comes when entering this data accurately into the fields on - [Effective Ways to Manage Inflation in Your Retirement Portfolio](https://wwd-cpa.com/resources/effective-ways-to-manage-inflation-in-your-retirement-portfolio/) - The biggest threats to your financial stability in retirement include unrealistic budgeting, inflation, health care costs and living longer than anticipated. The first threat is, in some ways, the easiest to control. Be honest with yourself about how much you can spend in retirement. Just as when you were starting out, you need to account - [SECURE 2.0: Deciphering New Retirement Plan Reporting Rules](https://wwd-cpa.com/resources/secure-2-0-deciphering-new-retirement-plan-reporting-rules/) - The SECURE 2.0 Act aims to expand the ease of saving for retirement, to simplify the management of retirement plans, and in general to improve financial security for American workers and retirees. The updated law includes new options for 401(k) and 403(b) employer contributions, adjustments to required minimum distribution age for IRAs, and increased catch-up - [Need Funds? Compare Home Equity Loan Options](https://wwd-cpa.com/resources/need-funds-compare-home-equity-loan-options/) - Need funds for a big project? Compare home equity loans and HELOCs to choose the best fit for your needs. Click to see which option works for you. - [Your Privacy During an IRS Audit: What You Need to Know](https://wwd-cpa.com/resources/your-privacy-during-an-irs-audit-what-you-need-to-know/) - You have rights during an IRS audit. Learn how the Taxpayer Bill of Rights protects you—read now and be audit-ready with confidence. - [Extended Warranties: A Great Way to Cash In](https://wwd-cpa.com/resources/extended-warranties-a-great-way-to-cash-in/) - Unlock hidden savings with warranties! Learn how your credit card's extended warranty can protect big purchases after the original coverage expires. Click here! - [Meal Break Mistakes That Could Cost You Big](https://wwd-cpa.com/resources/meal-break-mistakes-that-could-cost-you-big/) - Confused about employee break laws? Avoid fines and lawsuits! Learn FLSA compliance for your business. Click here for essential guidelines! - [Is Your Job Safe? Understand Layoff Patterns Now](https://wwd-cpa.com/resources/is-your-job-safe-understand-layoff-patterns-now/) - Worried about a layoff? Discover the hidden patterns behind job cuts and how they may affect you. Read now to prepare and protect your position. - [Building a Strong Remote Culture in Your Nonprofit](https://wwd-cpa.com/resources/building-a-strong-remote-culture-in-your-nonprofit/) - Because nonprofits tend to work on thin margins, many of them decided that the office was an unnecessary luxury years before the pandemic lockdowns. As early as 2016, a BizTech report said that 43% of nonprofits had a telecommuting policy. For some companies, it was a policy kept in place in case of a weather - [BOI Deadline Shift: Secure Your Small Business Now](https://wwd-cpa.com/resources/boi-deadline-shift-secure-your-small-business-now/) - The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is the agency that enforces the Corporate Transparency Act (CTA). Recently, FinCEN sent out a notice indicating a new deadline of March 21 for small businesses to comply with its beneficial ownership information (BOI) reporting requirement. That said, if your reporting deadline is in April because you - [Appraisals and Inspections: Know the Full Story](https://wwd-cpa.com/resources/appraisals-and-inspections-know-the-full-story/) - Before you close on the purchase of your new home, your lender will order an appraisal of the property you are buying. What happens during the appraisal process During this process, an appraiser tours both the home's interior and exterior. The appraiser will take photos and inspect the property. They will review public records, check - [New to Payroll Taxes? Start Here and Succeed](https://wwd-cpa.com/resources/new-to-payroll-taxes-start-here-and-succeed/) - Simplify your employment tax process with smart scheduling and e-filing tools. Learn how to stay compliant—click to get IRS form insights now. - [IRS Confirms New 2026 HSA Contribution Limits](https://wwd-cpa.com/resources/irs-confirms-new-2026-hsa-contribution-limits/) - Stay ahead on 2026 HSA updates—minor changes, big planning impact. Discover new limits and contact us to get compliant. Read more now. - [Hidden R&D Credits: Are You Missing Out?](https://wwd-cpa.com/resources/hidden-rd-credits-are-you-missing-out/) - If you're a business owner who wants to eliminate the uncertainty in developing a new product or improving an existing one, you're probably engaging in research and development activities. Whether expenses qualify as R&D expenses depends on the nature of the activity to which the expenses related. The term "product" has a wide range in - [Lessons Of 2020: Change Management](https://wwd-cpa.com/resources/lessons-of-2020-change-management/) - The year 2020 has taught businesses many lessons. The sudden onset of the COVID-19 pandemic followed by drastic changes to the economy have forced companies to alter the size of their workforces, restructure work environments and revise sales models — just to name a few challenges. And what this has all meant for employees is - [Small Businesses: Cash In On Depreciation Tax Savers](https://wwd-cpa.com/resources/small-businesses-cash-in-on-depreciation-tax-savers/) - As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election provides a tax windfall to businesses, enabling them to claim immediate - [How COVID-19 Could Impact Year-End Inventory Counts](https://wwd-cpa.com/resources/how-covid-19-could-impact-year-end-inventory-counts/) - Many businesses are closed or are limiting third-party access as COVID-19 surges across the United States. These restrictions could still be in place at year end — a time when external auditors traditionally observe physical inventory counts for calendar-year entities. Here’s how you can identify and overcome the challenges associated with inventory counts during the - [Employees: Don’t Forget About Your FSA Funds](https://wwd-cpa.com/resources/employees-dont-forget-about-your-fsa-funds/) - Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, here are some rules and reminders to keep in mind. Health FSAs A pre-tax contribution of $2,750 to a health FSA is permitted in both - [Only Specific Trusts Are Eligible To Hold S Corporation Stock](https://wwd-cpa.com/resources/only-specific-trusts-are-eligible-to-hold-s-corporation-stock/) - S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, no more than one class of stock and only certain types of shareholders. In an estate planning context, it’s critical that any trusts that own S corporation stock — or - [Taking Distributions From A Traditional IRA](https://wwd-cpa.com/resources/taking-distributions-from-a-traditional-ira/) - Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in - [Health Savings Accounts For Your Small Business](https://wwd-cpa.com/resources/health-savings-accounts-for-your-small-business/) - Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). Or perhaps you already have an HSA. It’s a good time to review how these accounts work since the - [How To Minimize Turnover In Your Accounting Department](https://wwd-cpa.com/resources/how-to-minimize-turnover-in-your-accounting-department/) - The demand for qualified accounting and finance personnel has grown, as business owners struggle to manage unpredictable cash flows, increased costs, and new government policies and financial aid packages. Plus, the potential job market for these professionals has expanded, thanks to technological changes that now allow them to transcend geographic boundaries and work from virtually - [Hit The Target With Your Email Marketing](https://wwd-cpa.com/resources/hit-the-target-with-your-email-marketing/) - Online retail sales have been booming during the COVID-19 pandemic. This trend has been driven not only by the buying public’s increased inclination to minimize visits to brick-and-mortar stores, but also by the effectiveness of many retailers’ virtual marketing efforts. One such effort that can benefit most any type of business is email marketing. Although - [Smart Nonprofit Leaders Know How To Delegate](https://wwd-cpa.com/resources/smart-nonprofit-leaders-know-how-to-delegate/) - Delegation ideally gives not-for-profit executives time to focus on mission critical tasks and provides growth opportunities to staffers. However, you need to approach delegation strategically. This means assigning the right tasks to the right staffers — and following up on assigned work to ensure it’s completed to your standards. Projects and people First, consider potential - [How Series EE Savings Bonds Are Taxed](https://wwd-cpa.com/resources/how-series-ee-savings-bonds-are-taxed/) - Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put them away in a file cabinet or safe deposit box. You may wonder: How is the interest you earn on EE bonds taxed? And if - [Do You Want To Withdraw Cash From Your Closely Held Corporation At A Low Tax Cost?](https://wwd-cpa.com/resources/do-you-want-to-withdraw-cash-from-your-closely-held-corporation-at-a-low-tax-cost/) - Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and profits.” And it’s not deductible - [Estate Planning And Your Art Collection](https://wwd-cpa.com/resources/estate-planning-and-your-art-collection/) - If you’re an art collector, it’s critical for your estate plan to address your collection separately from other types of assets. Investments in artwork may be motivated in part by potential financial gain, but for most collectors the primary motivation is a passion for the art itself. As a result, managing these assets involves issues - [How Much Insurance Does Your Nonprofit Need To Mitigate Risk?](https://wwd-cpa.com/resources/how-much-insurance-does-your-nonprofit-need-to-mitigate-risk/) - A warning if your not-for-profit organization is looking for expenses to cut: Don’t skimp on insurance. Should your nonprofit experience a fire, major theft or other calamity, you’ll be glad you have the coverage. Of course, you may also be required by your state, certain funders, lenders and your own bylaws to carry adequate insurance. - [Disability Income: How Is It Taxed?](https://wwd-cpa.com/resources/disability-income-how-is-it-taxed/) - Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with tax questions, the answer is … it depends. The key factor is who paid for the benefit. If the income is paid directly to you by your employer, it’s taxable to you as ordinary - [Should You Go Phishing With Your Employees?](https://wwd-cpa.com/resources/should-you-go-phishing-with-your-employees/) - Every business owner is aware of the threat posed by cybercriminals. If a hacker were to gain access to the sensitive data about your business, customers or employees, the damage to your reputation and profitability could be severe. You’re also probably aware of the specific danger of “phishing.” This is when a fraudster sends a - [Tax Responsibilities If Your Business Is Closing Amid The Pandemic](https://wwd-cpa.com/resources/tax-responsibilities-if-your-business-is-closing-amid-the-pandemic/) - Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a final income tax return and some other related forms for - [Don’t Forget About Making A Portability Election](https://wwd-cpa.com/resources/dont-forget-about-making-a-portability-election/) - Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. For 2020, the exemption amount is $11.58 million, and the IRS just announced that that amount will increase to $11.7 million for 2021. To secure these - [Is A Noncharitable Purpose Trust Right For You?](https://wwd-cpa.com/resources/is-a-noncharitable-purpose-trust-right-for-you/) - There are two trust types that don’t require one or more human beneficiaries: charitable trusts and noncharitable purpose (NCP) trusts. A charitable trust is the more common of the two, but an NCP trust could also be a formidable tool to help achieve your estate planning goals. Defining an NCP trust Historically, trusts were required - [Educate Yourself About The Revised Tax Benefits For Higher Education](https://wwd-cpa.com/resources/educate-yourself-about-the-revised-tax-benefits-for-higher-education/) - Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was enacted recently, made some changes to - [Need Another PPP Loan For Your Small Business? Here Are The New Rules](https://wwd-cpa.com/resources/need-another-ppp-loan-for-your-small-business-here-are-the-new-rules/) - Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the COVID-19 pandemic. One item of interest for small business owners in the Consolidated Appropriations Act (CAA) is the opportunity to take out a second loan under the Paycheck Protection Program (PPP). The basics The CAA permits - [PPP Loans Have Reopened: Let’s Review The Tax Consequences](https://wwd-cpa.com/resources/ppp-loans-have-reopened-lets-review-the-tax-consequences/) - The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the tax consequences. Background on the loans In March of 2020, the CARES Act - [What Happens If Your Spouse Fails To Designate You As Beneficiary Of His Or Her IRA?](https://wwd-cpa.com/resources/what-happens-if-your-spouse-fails-to-designate-you-as-beneficiary-of-his-or-her-ira/) - 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 - [Updated Guidance For Impairment Testing: When To Consider Triggering Events](https://wwd-cpa.com/resources/updated-guidance-for-impairment-testing-when-to-consider-triggering-events/) - On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This simplified alternative may provide relief to private companies and not-for-profit entities that have been adversely affected by the COVID-19 pandemic. Here’s what you should know. Simplified - [Eligible Businesses: Claim the Employee Retention Tax Credit](https://wwd-cpa.com/resources/eligible-businesses-claim-the-employee-retention-tax-credit/) - The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020, Congress originally enacted the ERTC in the CARES Act to encourage employers to hire and - [Cams: Thumbs Up Or Thumbs Down?](https://wwd-cpa.com/resources/cams-thumbs-up-or-thumbs-down/) - Auditors of public companies started reporting critical audit matters (CAMs) in their audit opinions in 2019. This represents a major change to the pass-fail auditors’ reports that had been in place for decades. Now, accounting rule makers are assessing how this project has fared over the last two years — and whether changes are needed - [Opportunities And Challenges: Valuation In The Age Of COVID-19](https://wwd-cpa.com/resources/opportunities-and-challenges-valuation-in-the-age-of-covid-19/) - Valuation and estate planning go hand in hand. After all, the tax implications of various estate planning strategies depend on the value of your assets at the time they’re transferred. The COVID-19 pandemic has had a significant impact on the value of many business interests and other assets, which may create some attractive estate planning - [More Time: FASB Delays Long-Term Insurance Standard … Again](https://wwd-cpa.com/resources/more-time-fasb-delays-long-term-insurance-standard-again/) - On September 30, the Financial Accounting Standards Board (FASB) finalized a rule to defer the effective date of the updated long-term insurance standard for a second time. The deferral will give insurers more time to properly implement the changes amid the COVID-19 pandemic. Need for change After 12 years of work, the FASB issued Accounting Standards Update - [Understanding The Passive Activity Loss Rules](https://wwd-cpa.com/resources/understanding-the-passive-activity-loss-rules/) - Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by them in excess of their income. You can’t deduct the excess expenses (losses) against earned - [Reviewing Your Disaster Plan In A Tumultuous Year](https://wwd-cpa.com/resources/reviewing-your-disaster-plan-in-a-tumultuous-year/) - It’s been a year like no other. The sudden impact of the COVID-19 pandemic in March forced every business owner — ready or not — to execute his or her disaster response plan. So, how did yours do? Although it may still be a little early to do a complete assessment of what went right - [Candid Communication Can Help Ease Nonprofit Staffers’ Anxiety](https://wwd-cpa.com/resources/candid-communication-can-help-ease-nonprofit-staffers-anxiety/) - It would be an understatement to say 2020 has been challenging. Leaders of not-for-profits still standing are justified in worrying about strained budgets and their ability to deliver on their organization’s promises during a pandemic, financial crisis and time of social and political upheaval. Staffers are likely to be just as concerned about the future - [Nonprofit Observer - Fall 2020](https://wwd-cpa.com/resources/nonprofit-observer-fall-2020/) - The Fall issue of the Nonprofit Observer is out and full of great information! Here’s a brief glance at what you’ll find in the Fall issue… Reduce your costs to cope with COVID-19Audit prep: 6 ways to save time and moneyCorporate matching programs: Still popular after all these yearsFASB proceeds with guidance on gifts in - [Put Pen To Paper: How A Letter Of Instruction Can Benefit Family Harmony](https://wwd-cpa.com/resources/put-pen-to-paper-how-a-letter-of-instruction-can-benefit-family-harmony/) - You may view your will as the centerpiece of your estate plan. But other documents can complement it. For example, if you haven’t already done so, consider writing a letter of instruction. Elements of the letter A letter of instruction is an informal document providing your loved ones with vital information about personal and financial - [Inventory Management Is Especially Important This Year](https://wwd-cpa.com/resources/inventory-management-is-especially-important-this-year/) - As year-end draws near, many businesses will be not only be generating their fourth quarter financial statements, but also looking back on the entire year’s financials. And what a year it’s been. The COVID-19 pandemic and resulting economic fallout have likely affected your sales and expenses, and you’ve probably noticed the impact on both. However, - [4 Ways To Address Elderly Parents In Your Estate Plan](https://wwd-cpa.com/resources/4-ways-to-address-elderly-parents-in-your-estate-plan/) - Typically, an estate plan includes accommodations for your spouse, children, grandchildren and even future generations. But you may overlook some older family members, such as your parents or in-laws. They may also need your financial assistance and help with their estate planning. How can you best handle the financial affairs of parents in the later - [Best Practices When Forecasting Cash Flow](https://wwd-cpa.com/resources/best-practices-when-forecasting-cash-flow/) - Cash flow is a top concern for most businesses today. Cash flow forecasts can help you predict potential shortfalls and proactively address working capital gaps. They can also help avoid late payments, identify late-paying customers and find alternative sources of funding when cash is tight. To keep your company’s cash flow positive, consider applying these - [New Business? It’s A Good Time To Start A Retirement Plan](https://wwd-cpa.com/resources/new-business-its-a-good-time-to-start-a-retirement-plan/) - If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified plans that are eligible for these tax advantages: A current deduction from income to the employer for contributions to the plan,Tax-free buildup of the value of plan investments, - [Now More Than Ever, Carefully Track Payroll Records](https://wwd-cpa.com/resources/now-more-than-ever-carefully-track-payroll-records/) - The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed and, in some cases, rehired. There has also been crisis relief for eligible businesses in the form of the Paycheck - [Nonprofits: Internal Audits Still Matter](https://wwd-cpa.com/resources/nonprofits-internal-audits-still-matter/) - Fraud doesn’t simply take a vacation during crises, such as the COVID-19 pandemic. If your not-for-profit’s internal controls aren’t effective, crooked individuals can find ways to exploit them and steal from your organization — even if they’re working remotely. Other threats, such as financial shortfalls, might also loom. So it’s important to continue to schedule - [Why It’s Important To Plan For Income Taxes As Part Of Your Estate Plan](https://wwd-cpa.com/resources/why-its-important-to-plan-for-income-taxes-as-part-of-your-estate-plan/) - As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted - [There May Be Relief From Tax Liability For “Innocent Spouses”](https://wwd-cpa.com/resources/there-may-be-relief-from-tax-liability-for-innocent-spouses/) - If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you’re getting divorced, you should know that there may be relief available if the IRS comes after you for certain past-due taxes. What’s “joint and several” liability? When a married couple files a joint tax - [Your Nonprofit May Have A License To Print Money](https://wwd-cpa.com/resources/your-nonprofit-may-have-a-license-to-print-money/) - In this pandemic year, many not-for-profits are scrambling to find new sources of revenue to replace donor contributions and other lost income. If this sounds like your charity, you might want to consider licensing your name and brand to a for-profit business. Ensuring success When licensing arrangements work, both charities and companies can experience significant - [Will You Have to Pay Tax on Your Social Security Benefits?](https://wwd-cpa.com/resources/will-you-have-to-pay-tax-on-your-social-security-benefits/) - If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It depends on your other income. If you’re taxed, between 50% and 85% of your benefits could be taxed. (This doesn’t mean you pay 85% of your - [Back-To-School Tax Breaks On The Books](https://wwd-cpa.com/resources/back-to-school-tax-breaks-on-the-books/) - Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. Here is a summary of some of the tax breaks available for education. 1. Higher education tax - [Making Lifetime Gifts Continues To Be A Smart Estate Planning Strategy](https://wwd-cpa.com/resources/making-lifetime-gifts-continues-to-be-a-smart-estate-planning-strategy/) - With the federal gift and estate tax exemption now at a record high $11.58 million for 2020, most estates aren’t taxable. But that doesn’t mean making lifetime gifts isn’t without significant benefits — even if your estate isn’t taxable under the current rules. Let’s examine reasons why gifting remains an important part of estate planning. - [Reporting Discontinued Operations Today](https://wwd-cpa.com/resources/reporting-discontinued-operations-today/) - Marketplace changes during the COVID-19 crisis have caused many companies to make major strategic shifts in their operations — and some changes are expected to be permanent. In certain cases, these pivot strategies may need to be reported under the complex discontinued operations rules under U.S. Generally Accepted Accounting Principles. What are discontinued operations? The - [Buy-Sell Agreements: A Smart Business Decision Also Makes Estate Planning Sense](https://wwd-cpa.com/resources/buy-sell-agreements-a-smart-business-decision-also-makes-estate-planning-sense/) - Do you own a business with one or more individuals? Undoubtedly, your interest in the business represents a substantial part of your net worth and is likely your “pride and joy.” So it’s normal if your fondest wish is for the business to continue long after you’re gone or for you to keep it running - [Are Scholarships Tax-Free Or Taxable?](https://wwd-cpa.com/resources/are-scholarships-tax-free-or-taxable/) - COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for celebration! But be aware that there may be tax implications. - [Weighing The Risks Vs. Rewards Of A Mezzanine Loan](https://wwd-cpa.com/resources/weighing-the-risks-vs-rewards-of-a-mezzanine-loan/) - To say that most small to midsize businesses have at least considered taking out a loan this year would probably be an understatement. The economic impact of the COVID-19 pandemic has lowered many companies’ revenue but may have also opened opportunities for others to expand or pivot into more profitable areas. If your company needs - [Avoid “Bad Blood” Among Family Members: Protect Your Will From Legal Challenges](https://wwd-cpa.com/resources/avoid-bad-blood-among-family-members-protect-your-will-from-legal-challenges/) - You’ve probably seen it in the movies or on TV: A close-knit family gathers to find out what’s contained in the will of a wealthy patriarch or matriarch. When the terms are revealed, a niece, for example, benefits at the expense her uncle, causing a ruckus. This “bad blood” continues to boil between estranged family - [How To Codify Your Nonprofit’s Ethics](https://wwd-cpa.com/resources/how-to-codify-your-nonprofits-ethics/) - Does your not-for-profit have a code of ethical conduct? According to the Association of Certified Fraud Examiners, establishing and enforcing an ethical code is associated with 50% lower fraud losses. Codes of conduct aren’t just about fraud prevention, though. Holding staffers and board members to an ethical code helps your nonprofit communicate its values to - [Because Of COVID-19, College-Aged Children Need A Basic Estate Plan](https://wwd-cpa.com/resources/because-of-covid-19-college-aged-children-need-a-basic-estate-plan/) - It’s August, and that means it’s time to get ready to go back to school for many students. If your child recently graduated from high school and is heading to college in the next few weeks, besides assembling the essentials — such as clothing, toiletries, bedding and a laptop — consider having your child “pack” - [Forecasting Financial Results For A Start-Up Business](https://wwd-cpa.com/resources/forecasting-financial-results-for-a-start-up-business/) - There’s a bright side to today’s unprecedented market conditions: Agile people may discover opportunities to start new business ventures. Start-ups need a comprehensive business plan, including detailed financial forecasts, to drum up capital from investors and lenders. Entrepreneurs may also use forecasts as yardsticks for evaluating and improving performance over time. However, forecasting can be - [5 Good Reasons To Turn Down An Inheritance](https://wwd-cpa.com/resources/5-good-reasons-to-turn-down-an-inheritance/) - You may use a qualified disclaimer to refuse a bequest from a loved one. Doing so will cause an asset to bypass your estate and go to the next beneficiary in line. What are the reasons you’d take this action? Here are five reasons: 1. Gift and estate tax savings. This is often cited as - [3 Steps To “Stress Test” Your Business](https://wwd-cpa.com/resources/3-steps-to-stress-test-your-business/) - During the COVID-19 crisis, you can’t afford to lose sight of other ongoing risk factors, such as cyberthreats, fraud, emerging competition and natural disasters. A so-called “stress test” can help reveal blind spots that threaten to disrupt your business. A comprehensive stress test requires the following three steps. 1. Identify the risks your business faces - [What Happens If An Individual Can’t Pay Taxes](https://wwd-cpa.com/resources/what-happens-if-an-individual-cant-pay-taxes/) - While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options. Most importantly, don’t let the inability to pay your tax liability in full keep you from filing a tax return - [Financial Dashboards Can Steer Your Nonprofit Toward Financial Success](https://wwd-cpa.com/resources/financial-dashboards-can-steer-your-nonprofit-toward-financial-success/) - Not-for-profits increasingly are adopting a corporate world tool: financial dashboards. A dashboard is a summary of an organization’s progress toward a specific goal over time — or a snapshot of its current situation. Dashboards are designed to help boards and other constituents visualize important metrics, or key performance indicators (KPIs). But to facilitate informed, timely - [An Advisory Board Can Complement Your Nonprofit’s Board Of Directors](https://wwd-cpa.com/resources/an-advisory-board-can-complement-your-nonprofits-board-of-directors/) - Your not-for-profit has a board of directors — so why would it need an additional advisory board? There are a few reasons. Some organizations assemble advisory boards to provide expertise for a specific project, such as a fundraising campaign. Other organizations use them to give roles to major donors and prestigious supporters who may not - [Accounting For Cloud Computing Arrangements](https://wwd-cpa.com/resources/accounting-for-cloud-computing-arrangements/) - The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing costs aims to reduce differences in the accounting treatment for these arrangements. In a nutshell, the changes will spread more of the costs of implementing - [To Find New Revenue Opportunities, Think Like An Auditor](https://wwd-cpa.com/resources/to-find-new-revenue-opportunities-think-like-an-auditor/) - Want to increase your not-for-profit’s revenue? First try analyzing current income as a professional auditor might. Then, you can apply your conclusions to setting annual goals, preparing your budget and managing other aspects of your organization. Compare contributions Compare the donation dollars raised in past years to pinpoint trends. For example, have individual contributions been - [Zeros And Ones: Estate Planning For Your Digital Assets And Accounts](https://wwd-cpa.com/resources/zeros-and-ones-estate-planning-for-your-digital-assets-and-accounts/) - Nearly everyone owns at least some digital assets, such as online bank and brokerage accounts, bill-paying services, cloud-based document storage, digital music collections, social media accounts, and domain names. But what happens to these assets when you die or if you become incapacitated? The answer depends on several factors, including the terms of your service - [Take Advantage Of A “Stepped-Up Basis” When You Inherit Property](https://wwd-cpa.com/resources/take-advantage-of-a-stepped-up-basis-when-you-inherit-property/) - If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, - [Fortify Your Assets Against Creditors With A Trust](https://wwd-cpa.com/resources/fortify-your-assets-against-creditors-with-a-trust/) - You may think of trusts as estate planning tools — vehicles for reducing taxes after your death. While trusts can certainly fill that role, they’re also useful for protecting assets, both now and later. After all, the better protected your assets are, the more you’ll have to pass on to loved ones. Creditors, former business - [Drive Success With Dashboard Reports](https://wwd-cpa.com/resources/drive-success-with-dashboard-reports/) - Timely, relevant financial data is critical to managing a business in today’s unprecedented conditions. Similar to the control panel in a vehicle or machine, dashboard reports provide a real-time snapshot of how your business is performing. Why you need a dashboard report Everything in a dashboard report can typically be found elsewhere in the company’s - [Why Do Partners Sometimes Report More Income On Tax Returns Than They Receive In Cash?](https://wwd-cpa.com/resources/why-do-partners-sometimes-report-more-income-on-tax-returns-than-they-receive-in-cash/) - If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why is this? The answer lies in the way partnerships and partners - [5 Steps to Streamline the Month-End Close](https://wwd-cpa.com/resources/5-steps-to-streamline-the-month-end-close/) - Many companies struggle to close the books at the end of the month. The month-end close requires accounting personnel to round up data from across the organization. Under normal conditions, this process can strain internal resources. However, in recent years the accounting and tax rules have undergone major changes — many of which your personnel - [Business Succession and Estate Planning: It Can Be Complicated](https://wwd-cpa.com/resources/business-succession-and-estate-planning-it-can-be-complicated/) - Transferring a family business to the next generation requires a delicate balancing act. Estate and succession planning strategies aren’t always compatible, and family members often have conflicting interests. By starting early and planning carefully, however, it’s possible to resolve these conflicts and transfer the business in a tax-efficient manner. Ownership vs. management succession One reason - [Launching A Business? How To Treat Start-Up Expenses On Your Tax Return](https://wwd-cpa.com/resources/launching-a-business-how-to-treat-start-up-expenses-on-your-tax-return/) - While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know that many expenses incurred by start-ups can’t be currently deducted. You should - [Regaining Your Tax-Exempt Status If You Failed To File Form 990s](https://wwd-cpa.com/resources/regaining-your-tax-exempt-status-if-you-failed-to-file-form-990s/) - There are many ways for a not-for-profit organization to lose its tax-exempt status — including participating in lobbying and campaign activities, receiving excessive unrelated business income and allowing board members to financially benefit from their positions. But the most common reason nonprofits lose their status is failure to file an annual Form 990 or 990-N - [Avoid Pitfalls When Splitting Gifts With Your Spouse](https://wwd-cpa.com/resources/avoid-pitfalls-when-splitting-gifts-with-your-spouse/) - The annual gift tax exclusion allows you to transfer up to $15,000 per beneficiary gift-tax-free for 2020, without tapping your lifetime gift and estate tax exemption. And you can double the exclusion to $30,000 per beneficiary if you elect to split the gifts with your spouse. It’s important to understand the rules surrounding gift-splitting to - [The operating reserve is your nonprofit’s financial safety net](https://wwd-cpa.com/resources/the-operating-reserve-is-your-nonprofits-financial-safety-net/) - An operating reserve is an unrestricted and relatively liquid portion of a nonprofit organization’s net assets. Securing this reserve for use in emergencies or simply when your budget falls short is critical to your organization’s security and long-term survival. Long-term effort Building an adequate operating reserve takes time and should be regarded as a continuous - [Some People Are Required To Return Economic Impact Payments That Were Sent Erroneously](https://wwd-cpa.com/resources/some-people-are-required-to-return-economic-impact-payments-that-were-sent-erroneously/) - The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. The U.S. Government Accountability Office (GAO) reports that $269.3 billion of EIPs have - [2020 Q4 Tax Calendar: Key Deadlines For Businesses And Other Employers](https://wwd-cpa.com/resources/2020-q4-tax-calendar-key-deadlines-for-businesses-and-other-employers/) - Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Thursday, - [2021 Q3 Tax Calendar: Key Deadlines For Businesses And Other Employers](https://wwd-cpa.com/resources/2021-q3-tax-calendar-key-deadlines-for-businesses-and-other-employers/) - Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Monday, - [Should Your Nonprofit Accept That New Grant?](https://wwd-cpa.com/resources/should-your-nonprofit-accept-that-new-grant/) - Current financial pressures mean that your not-for-profit probably can’t afford to pass up offers of support. Yet you need to be careful about blindly accepting grants. Smaller nonprofits that don’t have formal grant evaluation processes are at risk of accepting grants with unmanageable burdens and costs. But large organizations also need to be careful because - [How Well Do Your Nonprofit’s Development And Accounting Departments Communicate?](https://wwd-cpa.com/resources/how-well-do-your-nonprofits-development-and-accounting-departments-communicate/) - Your accounting and development departments are central to the continued financial health of your not-for-profit. So what happens when communication between these two functions break down? It could result in conflict between staffers, inaccurate financial statements and, in a worst-case scenario, the forfeiture of grant funds. Here’s how you can encourage collaboration. Note different accounting - [Establishing Your Company’s Risk Appetite](https://wwd-cpa.com/resources/establishing-your-companys-risk-appetite/) - The Committee of Sponsoring Organizations of the Treadway Commission (COSO) recently published new guidance on how companies can promote “risk appetite” as part of decision-making. It’s especially relevant in today’s uncertain marketplace. Digesting the new guidance The COSO guidance, “Risk Appetite — Critical to Success: Using Risk Appetite to Thrive in a Changing Word,” explains - [How Effectively Does Your Business Manage Risk?](https://wwd-cpa.com/resources/how-effectively-does-your-business-manage-risk/) - From natural disasters and government shutdowns to cyberattacks and fraud, risks abound in today’s volatile, uncertain marketplace. While some level of risk is inevitable when operating a business, proactive owners and executives apply an enterprise risk management (ERM) framework to manage it more effectively. Evolving framework The Committee of Sponsoring Organizations of the Treadway Commission - ['Twas the Night Before Christmas](https://wwd-cpa.com/resources/twas-the-night-before-christmas/) - [Delaware Hospice Festival of Trees](https://wwd-cpa.com/resources/delaware-hospice-festival-of-trees/) - The Delaware Hospice Festival of Trees is a Delaware tradition that ushers in the holiday season statewide. Hosted by Delaware Hospice to support its programs, the festival features magnificent displays of decorated trees and wreaths. Professionally decorated trees are sponsored and donated to a nonprofit in the area. Wheeler Wolfenden & Dwares is proud to - [Is Risk Management Software A Worthy Investment?](https://wwd-cpa.com/resources/is-risk-management-software-a-worthy-investment/) - “My construction company recently underwent an audit by the Occupational Safety and Health Administration (OSHA). Among the most important findings is that our safety and insurance documentation is inadequately organized. While researching the matter, I learned that there’s software available to help businesses with this problem. But is it a worthy investment, or would I - [On-Site - Fall 2020](https://wwd-cpa.com/resources/on-site-fall-2020/) - The Fall issue of the On-Site is out and full of great information! Here’s a brief glance at what you’ll find in the Fall issue… Year-end tax planning: Depreciation deductions remain viableEnhancing preconstruction to protect workers and the bottom lineNow’s a good time to re-evaluate employee benefits4 ways construction teams can work more remotely [dflip - [The Restaurant Revitalization Fund Is Now Live](https://wwd-cpa.com/resources/the-restaurant-revitalization-fund-is-now-live/) - The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it — especially smaller, privately owned businesses in economically challenged areas. In response, the Small Business - [Your nonprofit is only as strong as its bookkeeper](https://wwd-cpa.com/resources/your-nonprofit-is-only-as-strong-as-its-bookkeeper/) - The founder of a community theater had always kept the group’s books. But the theater was growing, along with her responsibilities. So when a volunteer offered to act as bookkeeper, the founder gratefully accepted. Unfortunately, while well-intentioned, the volunteer was sloppy. And although he had for-profit bookkeeping experience, he didn’t understand the nuances of nonprofit - [Don’t fear the “B” word: Approaching your operating budget from a fresh angle](https://wwd-cpa.com/resources/dont-fear-the-b-word-approaching-your-operating-budget-from-a-fresh-angle/) - For many nonprofits, the arrival of budget season is just around the corner. If you’ve struggled in the past to put together an annual operating budget — or struggled throughout the year to stay on budget — this can be a frustrating time. But it doesn’t have to be. By changing your approach, you can - [IRS issues warning on email scam targeting payroll and HR departments](https://wwd-cpa.com/resources/irs-issues-warning-on-email-scam-targeting-payroll-and-hr-departments/) - Wheeler Wolfenden and Dwares, CPAs received an important notice from the Internal Revenue Service warning about an email scam that is once again happening across the country. The IRS notice, dated January 25, 2017, states: The Internal Revenue Service, state tax agencies and the tax industry today renewed their warning about an email scam that - [Volunteers are a valuable financial asset](https://wwd-cpa.com/resources/volunteers-are-a-valuable-financial-asset/) - How much are your volunteers worth? Independent Sector, a nonprofit advocacy group, has estimated the value of the average American volunteer at $23.56 an hour. Volunteers who perform specialized services — for example, an accountant who volunteers to prepare your nonprofit’s tax return — are, arguably, even more valuable. Whether your entire workforce is unpaid - [Timekeeping doesn’t have to be a burden](https://wwd-cpa.com/resources/timekeeping-doesnt-have-to-be-a-burden/) - There are several good reasons for nonprofits to make timekeeping a priority — including the requirements of government and private funders. But even if you weren’t obligated to track and allocate employee time, careful timekeeping can make your organization stronger. If your staffers aren’t always enthusiastic about the task, take heart. Newer software helps make - [Should you outsource HR management?](https://wwd-cpa.com/resources/should-you-outsource-hr-management/) - If your nonprofit organization has too much work and not enough staff to go around, consider outsourcing your human resources function. It could give your internal team more time to spend on other core duties, mission-driven programs and strategic plans. Benefits and drawbacks Labor-intensive responsibilities such as recruiting, training, benefits planning and administration, compliance monitoring, - [5 tips to find and keep event sponsors](https://wwd-cpa.com/resources/5-tips-to-find-and-keep-event-sponsors/) - Your special event’s attendees are critical to its success. But for any successful fundraiser, individual participants and donors are only half the equation. Corporate sponsors are the other half, whether they’re local businesses, Fortune 500 companies or in-kind service providers. Here are five tips for finding — and keeping — these valuable supporters. Tip #1: - [3 traits of growth-oriented nonprofits](https://wwd-cpa.com/resources/3-traits-of-growth-oriented-nonprofits/) - What does it take to grow a nonprofit from a concept to a $2 million-plus revenue organization? A November 2016 study attempted to answer this question by surveying 200 social entrepreneurs funded by impact investing portfolios such as the Skoll Foundation and Silicon Valley Social Venture Fund. Even if your organization’s growth goals are relatively - [Use a Giving Day to Raise Money and Awareness](https://wwd-cpa.com/resources/use-a-giving-day-to-raise-money-and-awareness/) - Do you have plans for November 29, 2016? If that date doesn't ring a bell, your organization probably isn't participating in #GivingTuesday. But considering the opportunities associated with it, maybe you should. What is it? #GivingTuesday was created to encourage Americans to contribute to charity during the holiday season, similarly to how they participate in - [What the New Overtime Rule Could Mean for your Nonprofit Organization](https://wwd-cpa.com/resources/what-the-new-overtime-rule-could-mean-for-your-nonprofit-organization/) - Under the Fair Labor Standards Act (FLSA) employers must pay their employees a minimum of time-and-a-half for hours worked over the standard 40-hour work week. Traditionally, most white-collar employees were exempt from this rule. But that's about to change. On May 18, the federal Department of Labor (DOL) issued its final rule updating overtime regulations. - [Grants Can Help Firm Up Your Financial Foundation](https://wwd-cpa.com/resources/grants-can-help-firm-up-your-financial-foundation/) - There are approximately 87,000 foundations in the United States — including family, corporate, and community foundations — giving more than $55 billion annually. If your nonprofit isn’t actively seeking grants from these groups, you’re neglecting a potentially significant income source. As government grants become smaller and harder to come by, consider refocusing your energies on - [The Case for Internal Controls: Reducing Fraud is Easier Than You May Think](https://wwd-cpa.com/resources/the-case-for-internal-controls-reducing-fraud-is-easier-than-you-may-think/) - The core of any organization’s fraud-prevention program is strong internal controls. Yet too many nonprofits either fail to develop controls that address common risks or, if they establish controls, neglect to enforce them. Your nonprofit must do both if it wants to help prevent occupational theft and fraud perpetrated by outsiders. Charities at Risk According - [Q&A: Does my Nonprofit Need to Register in Multiple States?](https://wwd-cpa.com/resources/qa-does-my-nonprofit-need-to-register-in-multiple-states/) - Nonprofits that solicit funds online — or use other fundraising methods that cross state boundaries — may need to register in multiple jurisdictions. If this is news to you, read on. Commonly Asked Questions My charity receives only occasional contributions from out-of-state donors. Do I need to register with those states? Yes, but only - [A cheat sheet on FASB's proposed financial statement changes](https://wwd-cpa.com/resources/a-cheat-sheet-on-fasbs-proposed-financial-statement-changes/) - Your nonprofit's financial statements may look very different for fiscal years starting after December 15, 2017, than they do now. In April, the Financial Accounting Standards Board (FASB) made its final recommendations for changes to how organizations classify net assets and account for liquidity, performance and cash flows in financial statements. With the comment period - [A donation's a donation ... except when it's a gift in kind](https://wwd-cpa.com/resources/a-donations-a-donation-except-when-its-a-gift-in-kind/) - Some supporters give your nonprofit money, others give goods and still others give intangibles, such as use of a facility for a fundraiser. A donation's a donation, right? Not quite. Under certain circumstances, gifts in kind and donations of services must be recorded and recognized at year end as revenue, expenses or assets. Here's what - [What really motivates donors: New research suggests some surprising answers](https://wwd-cpa.com/resources/what-really-motivates-donors-new-research-suggests-some-surprising-answers/) - What do charitable donors want? The classic answer is: Go ask each one individually. However, recent research provides some insight into donor motivation that can help your nonprofit grow its financial support. Taxing matters The biennial U.S. Trust® Study of High Net Worth Philanthropy, conducted in partnership with the Indiana University Lilly Family School of - [How to execute a capital campaign](https://wwd-cpa.com/resources/how-to-execute-a-capital-campaign/) - When your nonprofit desperately needs a new facility, costly equipment or an endowment, a capital campaign can be the best way to raise funds. But to be successful, a campaign requires strong leadership, extensive planning and dedicated participants. Leading the troops Capital campaigns generally are long-term projects — often lasting three or more years —and - [Eyes On Related Parties](https://wwd-cpa.com/resources/eyes-on-related-parties/) - Business transactions with related parties — such as friends, relatives, parent companies, subsidiaries and affiliated entities — may sometimes happen at above- or below-market rates. This can be misleading to people who rely on your company’s financial statements, because undisclosed related-party transactions may skew the company’s true financial results. The hunt for related parties Given - [How External Confirmations Are Used During An Audit](https://wwd-cpa.com/resources/how-external-confirmations-are-used-during-an-audit/) - Auditors commonly use confirmations to verify such items as cash, accounts receivable, accounts payable, employee benefit plans and pending litigation. Under U.S. Generally Accepted Auditing Standards, an external confirmation is “a direct response to the auditor from a third party either in paper form or by electronic other means, such as through the auditor’s direct - [If You Build It, Employees Will Come](https://wwd-cpa.com/resources/if-you-build-it-employees-will-come/) - Who are you, as a company? The overall company brand defines the quintessential qualities of the organization, at large, that is directed to both the general public and all stakeholders, including customers, clients, strategic partners, investors and/or regulators. Employer branding, on the other hand, targets job seekers and employees. It zooms in on the workforce - [No Parking: Unused Compensation Reductions Can’t Go To Health FSA](https://wwd-cpa.com/resources/no-parking-unused-compensation-reductions-cant-go-to-health-fsa/) - Among the many lasting effects of the pandemic is that some businesses are allowing employees to continue working from home — even now that the most acute phases of the public health crisis seem to be over in some places. This decision is raising some interesting questions about fringe benefits. For example, in IRS Information - [The Skinny on Fringe Benefits and Taxes](https://wwd-cpa.com/resources/the-skinny-on-fringe-benefits-and-taxes/) - Do you offer a variety of fringe benefits to your employees? According to the IRS, these may include cars and flights on aircraft that the employer provides, free or discounted commercial flights, vacations, discounts on property or services, memberships in country clubs or other social clubs, and tickets to entertainment or sporting events. Simply put, - [Getting a Handle on Fiduciary Responsibility and Risk Management](https://wwd-cpa.com/resources/getting-a-handle-on-fiduciary-responsibility-and-risk-management/) - One of the main responsibilities of nonprofit board members is to maintain financial accountability. Board members act as trustees of assets and, therefore, must exercise due diligence to make sure the organization is well-managed and its financials are sound. Fiduciary duty requires board members to stay objective, unselfish, responsible, honest, trustworthy and efficient. You are - [4 Steps to Building an Effective Team](https://wwd-cpa.com/resources/4-steps-to-building-an-effective-team/) - Leaders cannot succeed without a strong team behind them. This is true whether your company is a startup with one employee who is relying on a few outside advisors or the CEO of a large company with thousands of employees. The key to team-building is to leave your ego at the door and accept that - [Taxes and Business Startups](https://wwd-cpa.com/resources/taxes-and-business-startups/) - Have you given thought to your tax responsibilities, and the choices you need to make about them, as you start a business? To begin with, you have to consider what form of business entity to establish. Some common forms are sole proprietorship, partnership, corporation and S corporation. There's also the limited liability company, a business - [Do Nonprofits Need Insurance?](https://wwd-cpa.com/resources/do-nonprofits-need-insurance/) - Nonprofits need insurance, much in the same way for-profit companies do. The specifics may be different, but nonprofit managers ignore insurance needs at their peril. To start with, nonprofits need to protect themselves from negligence claims with commercial general liability policies that cover damages to visitors, customers, suppliers or associates who may be injured on - [How Do You Claim the Mortgage Interest Tax Deduction?](https://wwd-cpa.com/resources/how-do-you-claim-the-mortgage-interest-tax-deduction/) - When you make your mortgage payment each month, a portion of your dollars will go toward paying down your loan's principal balance. But a good chunk of your payment will also go toward paying the interest that your loan accrues. During the earlier days of your mortgage, more of your payment will go toward interest - [Home Office Deductions: A Refresher on the Rules](https://wwd-cpa.com/resources/home-office-deductions-a-refresher-on-the-rules/) - The Internal Revenue Code (IRC) allows taxpayers to claim a business deduction for expenses arising from the qualified use of all or part of a residence, as long as certain conditions are met. This deduction can be a particularly attractive tax planning tool for those who meet one of the following requirements: The home office - [HR Basics for Nonprofits](https://wwd-cpa.com/resources/hr-basics-for-nonprofits/) - When you manage a nonprofit, spending money is always an issue. After all, your company is funded by grants and donations, many of which have strings attached. It's your obligation to keep the organization lean and the overhead low. However, the bigger a company gets, the more money it can save by having a centralized - [Don't Panic! How to Handle an Employee Resignation](https://wwd-cpa.com/resources/dont-panic-how-to-handle-an-employee-resignation/) - There are many reasons why an employee may quit: They feel their salary is too low. They don't see a clear career track or professional development opportunities. They want more flexibility at work and in their personal lives. They don't feel valued or appreciated for their efforts and skills. How you respond when someone quits - [Payroll on Autopilot: Your Time & Money Saver](https://wwd-cpa.com/resources/payroll-on-autopilot-your-time-money-saver/) - Managing payroll is often regarded as an overwhelming and daunting task. From tracking the unique tax codes for each of your employees and the seemingly countless deduction options to determining whether each employee is an hourly or salaried worker, there are many details to be mindful of, all while avoiding making payroll-related errors. How automating - [Form I-9 Compliance Made Easy: A Practical Guide for Employers](https://wwd-cpa.com/resources/form-i-9-compliance-made-easy-a-practical-guide-for-employers/) - Form I-9 asks your employees to present documents to attest to their identity and employment authorization. It's your job to make sure the documents seem genuine and relate to the employee. Form I-9 is required by the Immigration Reform and Control Act of 1986 to verify the identity and legal work eligibility of both citizens and - [Unlock Job Costing in QuickBooks with Projects Feature](https://wwd-cpa.com/resources/unlock-job-costing-in-quickbooks-with-projects-feature/) - The Projects feature in QuickBooks Online Plus is not a full-blown project management software. Intuit introduced it more for small business owners who want to gain deeper financial insight on the work they do. You could call it “job costing light.” If you’re interested in the Project feature in QuickBooks Online Plus, it’s easy to - [Happy Employees, Healthy Bottom Line: The Payroll Advance Advantage](https://wwd-cpa.com/resources/happy-employees-healthy-bottom-line-the-payroll-advance-advantage/) - Have you ever given a payroll advance to an employee? Employee advances are something that many employers give quite regularly. It can be easy to see why – many workers live paycheck to paycheck. To sooth their cash-flow woes, many of them resort to predatory products such as payday loans. And if they have short - [Learn About Assisted Living Options](https://wwd-cpa.com/resources/learn-about-assisted-living-options/) - Assisted living communities provide moderate support with activities of daily living for their residents. This includes meals, bathing, dressing, housekeeping and medication management. For those who live alone, there is always a concern about safety. Assisted living communities offer that safety along with the ability of residents to maintain a level of independence with the - [Deciding When To Take Social Security](https://wwd-cpa.com/resources/deciding-when-to-take-social-security/) - As you approach retirement age, you may wonder when you should elect to receive Social Security. How much you receive is based both on your lifetime earnings and when you start receiving payments. If you wait to take Social Security until you reach full retirement age, which is defined by the federal government, you'll receive - [Tips On Small-Business Payroll](https://wwd-cpa.com/resources/tips-on-small-business-payroll-2/) - Let's say you're a small business that doesn't have enough employees to warrant an entire human resources department. At the same time, the idea of manually doing payroll just doesn't suit you. After all, managing payroll can be quite time-consuming, with estimates suggesting it may require an average of 18 hours each month. That's a - [Can You Be Exempt and Nonexempt at the Same Time?](https://wwd-cpa.com/resources/can-you-be-exempt-and-nonexempt-at-the-same-time/) - You can allow an employee to work two different jobs for your company. However, under the FLSA, you cannot classify an employee as both exempt and nonexempt — it must be one or the other. To know which one to use, you must first combine all of the employee's job duties into one. Considering the - [Infrastructure Law Sunsets Employee Retention Credit Early](https://wwd-cpa.com/resources/infrastructure-law-sunsets-employee-retention-credit-early/) - The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. It now only applies through September 30, 2021 (rather than through December 31, 2021) — unless the employer is a “recovery startup business.” The Infrastructure Investment and - [ARM Yourself with Knowledge: Smart Mortgage Choices Now](https://wwd-cpa.com/resources/arm-yourself-with-knowledge-smart-mortgage-choices-now/) - The interest rate of an adjustable-rate mortgage, or ARM, can rise or fall during its term. That's the main difference between ARMs and standard 15-year or 30-year fixed-rate mortgages. ARMs start out with a fixed period During this period, an ARM's interest rate will remain fixed, meaning that it won't rise or fall. This fixed - [Sandwich Generation: Secure Your Loved Ones' Future Now](https://wwd-cpa.com/resources/sandwich-generation-secure-your-loved-ones-future-now/) - Caring for loved ones at both ends of the age spectrum often means your own financial needs come last. It may be harder to save for retirement, maintain your mental health, or stay afloat amid rising costs and job uncertainty. The best approach is proactive. Organize your financial and legal affairs now to reduce stress - [Design a Budget: 50-30-20, For Future Security](https://wwd-cpa.com/resources/design-a-budget-50-30-20-for-future-security/) - The 50-30-20 budget rule outlines that you should spend up to 50% of your after-tax income on monthly needs and bills that you must pay. You should then save 20% of your after-tax income. That leaves the remaining 30% of your income, which you can spend on items and activities that you want but don't - [Vacation Home Tax: Know Your Deductions Now](https://wwd-cpa.com/resources/vacation-home-tax-know-your-deductions-now/) - Have you ever daydreamed about how nice it would be to own a house in the woods or along the shore? Here are some financial pointers to consider if owning a vacation home is on your bucket list. Are you buying the home for personal use or as an investment property? Foreign vacation properties are - [Medicare: Quick Look at Your Options](https://wwd-cpa.com/resources/medicare-quick-look-at-your-options/) - Many people do not realize that Medicare does not provide full health coverage. Part A covers inpatient hospital care, skilled nursing facility care, hospice and some home health care, but the coverage is subject to deductibles, coinsurance and other restrictions. Medicare Part B covers 80% of outpatient care and medically necessary supplies after you have - [Protect Your Files: RAID Hard Drive Setup Made Easy](https://wwd-cpa.com/resources/protect-your-files-raid-hard-drive-setup-made-easy/) - When you buy your PC at a big-box or office supplies store, you generally get one with a single hard disk. In many cases, that's fine, especially given the huge capacities that are now available. But there are advantages to having multiple drives. One is obviously more storage. But an even more important reason is - [How to Avoid Mistakes When Closing Your Business](https://wwd-cpa.com/resources/how-to-avoid-mistakes-when-closing-your-business/) - Have you decided to close your business? It’s time to voluntarily dissolve your business of operation. The process starts with you filing articles of dissolution, and at that point, you will have taken the initial step to legally end the existence of your LLC or corporation. It’s critical that you do so, because otherwise you - [Money Choices: How to Retain Control of Your Living Situation](https://wwd-cpa.com/resources/money-choices-how-to-retain-control-of-your-living-situation/) - In a survey by BadCredit.org, 62% of respondents said that they would be willing to turn to unconventional living arrangements to save money. Respondents said that they would take steps such as moving back in with their parents or co-living with a former partner to alleviate financial pressures. Even more surprising, 27% of respondents said - [Key Reasons A Will Is Disputed & How to Prevent It](https://wwd-cpa.com/resources/key-reasons-a-will-is-disputed-how-to-prevent-it/) - Did you know that your family and/or friends have the right to challenge your will during probate proceedings? They are even entitled to object to its validity and various aspects of the inheritance left behind. As you can imagine, this can become very complex very quickly. If you believe a will inaccurately depicts the mental - [Boost Your Bottom Line: Construction Accounting Tips](https://wwd-cpa.com/resources/boost-your-bottom-line-construction-accounting-tips/) - The IRS has rules for everything — construction contracts included. Those in the construction industry would do well to review guidance and make sure they're in full compliance, and understand that they have choices in how they address the requirements. To start with, you have to choose an accounting method for your construction business. Your - [Depreciation and Your Bottom Line: A Tax-Saving Approach](https://wwd-cpa.com/resources/depreciation-and-your-bottom-line-a-tax-saving-approach/) - A business asset is property you acquire to help produce income for your company. This can be durable equipment from computers to office furniture to tractors. Depreciation is a way of allocating the cost of the asset over its expected usable life by expensing a portion of the cost over several years. This accounting method - [Tax Savings Made Easy: Cost Segregation for Commercial Properties](https://wwd-cpa.com/resources/tax-savings-made-easy-cost-segregation-for-commercial-properties/) - If you are an owner of commercial real estate, you likely have heard of cost segregation. But perhaps you have not been informed of the incredible tax benefits it offers and how much it can improve your business's cash flow. Many business owners have utilized cost segregation studies to save huge sums of money on - [Protect Your Business With Better Labor Audit Records](https://wwd-cpa.com/resources/protect-your-business-with-better-labor-audit-records/) - When most people hear the word audit, they think of accounting. It is important to remember, however, that the government can audit companies for contracts that include labor category qualifications. If an employee does not qualify for a particular labor category, the company will have to reimburse the government for the difference between the amount - [How to Calculate and Report Imputed Income Correctly](https://wwd-cpa.com/resources/how-to-calculate-and-report-imputed-income-correctly/) - Imputed income is defined as the cash value of a benefit that is not part of your employees' salaries. Even though the benefit — like a gym membership — isn't received in cash, it's still taxable based on its cash value. Imputed income was developed to ensure that workers don't reduce the tax that would - [Boost Your Bottom Line with Section 179 Tax Deductions](https://wwd-cpa.com/resources/boost-your-bottom-line-with-section-179-tax-deductions/) - Owners of construction companies have a variety of daily obstacles to overcome and goals to meet. They also regularly make major decisions regarding equipment and machinery investments. Such purchases can make or break a construction firm, so these decisions are not taken lightly. A taxpayer may elect to expense the cost of any section 179 - [Homeownership Trends: A Millennial Perspective](https://wwd-cpa.com/resources/homeownership-trends-a-millennial-perspective/) - Millennials buying homes at a slower pace Apartment List reported that the millennial homeownership rate stood at 45.5% in 2023. This is lower than the homeownership rate of baby boomers (74%), the Silent Generation (70%) and Generation X (65%). This isn't surprising. You'd expect the homeownership rate of millennials to be lower than that of - [Prevent Internal Fraud With These Proven Controls](https://wwd-cpa.com/resources/prevent-internal-fraud-with-these-proven-controls/) - Every so often a dramatic case of financial fraud makes the headlines because of the sheer amount of money involved. But, on average, companies with fewer than 100 employees suffer the largest median loss and 42% of fraud cases are caused by a lack of internal controls. Internal fraud exacts a high cost in terms - [Section 199A: Save Big on Your Small Business Taxes](https://wwd-cpa.com/resources/section-199a-save-big-on-your-small-business-taxes/) - Section 199A of the Internal Revenue Code provides many owners of sole proprietorships, partnerships, S corporations and LLCs, as well as some trusts and estates, a deduction of up to 20% of income from a qualified trade or business, qualified real estate investment trust, and/or qualified publicly traded partnership. Businesses must be domestic or located - [The New Focus Of The CFO: Remote Work And Retention](https://wwd-cpa.com/resources/the-new-focus-of-the-cfo-remote-work-and-retention/) - We have experienced so much business disruption in recent years, and one change that should not be overlooked is the new role of the chief financial officer (CFO). Business success means keeping both customers and employees happy, but recently the priority has shifted to employees. This change has been fueled largely by the COVID-19 pandemic. - [Payroll Accounting Tips for Better Business Efficiency](https://wwd-cpa.com/resources/payroll-accounting-tips-for-better-business-efficiency/) - Payroll is an integral part of every business. The payroll accounting process involves paying wages, calculating hours, applying benefits, deducting taxes and collecting garnishments, all while staying in compliance with federal rules, state laws and local regulations. The best thing you can do for your business is to create a payroll schedule. Not only will - [What You Need To Know About An IRS Audit](https://wwd-cpa.com/resources/what-you-need-to-know-about-an-irs-audit/) - First, make sure you really received an audit notification. The IRS will notify you by mail. The IRS does not notify taxpayers about audits by phone call or through email. If you do get an email saying you've been selected for an audit, it's likely fraudulent. If you've determined that you're definitely getting audited, your - [Protecting Your Interests: Drafting A Strong Buy-Sell Agreement](https://wwd-cpa.com/resources/protecting-your-interests-drafting-a-strong-buy-sell-agreement/) - You want to protect your company against disruptive, harmful, and nonproductive owners, which may include divorced spouses, competitors, and disgruntled former employees. You also believe that your estate requires protection. The parties—your partners and yourself—enter into a buy-sell agreement with aligned, or at least not sufficiently misaligned, interests, making discussion of the business and valuation - [Why Saving Now Sets You Up for Success Later](https://wwd-cpa.com/resources/why-saving-now-sets-you-up-for-success-later/) - Payday will always be the best day of the week. All of our hours of work have finally (literally) paid off. But there's so much to spend it on, too. The list includes food for the week, birthday and holiday presents for family, a little spending money for ourselves, and, of course, a seemingly infinite - [Freelancer vs Employee: What’s Best for Your Bottom Line?](https://wwd-cpa.com/resources/freelancer-vs-employee-whats-best-for-your-bottom-line/) - Let's say you decide to onboard a freelancer, also known as an independent contractor. What should your next tax- and finance-related moves be? Let's find out! What to expect when you onboard a freelancer or an independent contractor When paying freelancers, you are not required to withhold any of the following from those payments: Federal - [How to Shield Your Estate from Creditors](https://wwd-cpa.com/resources/how-to-shield-your-estate-from-creditors/) - The executors are settling an estate — but the decedent owes money. What can the creditors take and what is reserved for the inheritors? There is no easy answer, and a variety of federal and state laws apply. To start with, retirement accounts that qualify under the Employee Retirement Income Security Act are generally protected from creditors, - [Boost Your Retirement Security with Smart Financial Moves](https://wwd-cpa.com/resources/boost-your-retirement-security-with-smart-financial-moves/) - When you retire, your income will most probably be lower than when you were working, and while your expenses will be lower in some areas — no more commuting — they'll be higher in others — more prescriptions and doctors' visits. You'll be balancing your Social Security benefits, Medicare premiums, taxes and savings, along with - [How to Prevent Costly Mistakes on Your Tax Return](https://wwd-cpa.com/resources/how-to-prevent-costly-mistakes-on-your-tax-return/) - If you make any mistakes on your tax return, you can end up owing even more money. This means you might miss out on the full refund you claimed. From interest and penalties to an audit from the IRS, tax-related issues on your return can open the door to many consequences. However, you can take - [How to Steer Clear of Costly Business Tax Pitfalls](https://wwd-cpa.com/resources/how-to-steer-clear-of-costly-business-tax-pitfalls/) - When the IRS looks at your tax forms, the tax agency uses a computer to compare what has been reported to it with what you have reported in terms of income. This is often carried out via 1099 forms — namely the 1099-MISC — which lists nonemployee compensation. There’s also the 1099R form, which pertains - [Build a Strong Financial Future with an Effective Budget](https://wwd-cpa.com/resources/build-a-strong-financial-future-with-an-effective-budget/) - When a business doesn't have a clear idea of its annual budget, it runs the risk of spending more money than it earns that year. You may have been running smoothly for years, and then decide to expand or replace old machinery. There's money coming in, so it seems you're fine. But if you don't - [What You Need to Know Before Buying Distressed Commercial Properties](https://wwd-cpa.com/resources/what-you-need-to-know-before-buying-distressed-commercial-properties/) - The lure of a low sticker price can make a distressed commercial property seem like an attractive investment. But while price is certainly the main factor in value, it pays to look beyond price and examine a property’s physical state, legal issues, and insurability before you invest. Partially competed properties carry some of the deepest - [How to Claim a Charitable Deduction Without Mistakes](https://wwd-cpa.com/resources/how-to-claim-a-charitable-deduction-without-mistakes/) - If you offer gifts or money to qualified organizations eligible to receive tax-deductible charitable contributions, you must do two things: Have a bank record or written communication from the charity for any monetary contributions. Get a written acknowledgment from the charity for any single donation of $250 or more. Here are six things you should - [Understanding the Nonprofit Audit Process and Its Value](https://wwd-cpa.com/resources/understanding-the-nonprofit-audit-process-and-its-value/) - Charitable nonprofit organizations generally aren't required to conduct independent audits. Certain circumstance, however, could trigger an independent audit. Federal, state or local governments may request a copy of the nonprofit's audited financial statements. If your nonprofit expends $750,000 or more in federal funds in one year, then it is subject to a single audit requirement - [Nonprofits Beware: How to Spot Fake Charity Appeals](https://wwd-cpa.com/resources/nonprofits-beware-how-to-spot-fake-charity-appeals/) - On the IRS' annual list of scams that are on the rise, the "Dirty Dozen," one especially odious item stands out: fake charities. According to the organization, bad actors will approach you for contributions using the phone, mail, email or social media sites like GoFundMe or in person. They may have a website or professional-looking - [Fall Fundraising Tips: How to Make the Most of the Season](https://wwd-cpa.com/resources/fall-fundraising-tips-how-to-make-the-most-of-the-season/) - The leaves are changing color, the mornings are cooler, and the air has a crisp feel—fall is upon us. As the season of giving begins, nonprofits are faced with both opportunities and challenges in their fundraising efforts over the upcoming months. A recent report by The Association of Fundraising Professionals (AFP) highlights a concerning trend: - [Avoid Costly FLSA Errors: A Quick Guide for Employers](https://wwd-cpa.com/resources/avoid-costly-flsa-errors-a-quick-guide-for-employers/) - Enacted in 1938, the Fair Labor Standards Act (FLSA) governs federal minimum wage, overtime, child labor and recordkeeping laws. Failure to follow these laws may come with a price. The U.S. Department of Labor, which oversees the FLSA, says that it recovered an average of $706,000 in back wages per day in fiscal year 2020. - [How To Protect Your Business From AI Risks](https://wwd-cpa.com/resources/how-to-protect-your-business-from-ai-risks/) - Whether you could barely wait for artificial intelligence become mainstream or you are someone who dreaded that day ever since the inception of AI, the fact of the matter is that AI is here to stay. The technology is readily available to anyone who wishes to use it, including the general public. But the main - [Power Your Growth: Discover the Best Business Funding](https://wwd-cpa.com/resources/power-your-growth-discover-the-best-business-funding/) - Every small business reaches the point at which they need more funding to grow. At the beginning it’s simple: you likely can use your credit card or ask family and friends to invest. If things go well, and you’ve exhausted those options, you will need to look for new funding sources so that your business - [Beyond the 401(k): Affordable Retirement Plans for Small Businesses](https://wwd-cpa.com/resources/beyond-the-401k-affordable-retirement-plans-for-small-businesses/) - With the fading of the defined benefit plan — the so-called traditional pension — companies have increasingly relied on 401(k) plans to fulfill their employees' retirement needs. However, it can be difficult for a small company to set one up. Fortunately, there are other options out there. Below is a brief review of some of - [Bonus Bliss: How To Reward Employees Without Tax Penalties](https://wwd-cpa.com/resources/bonus-bliss-how-to-reward-employees-without-tax-penalties/) - If you get pleasure from rewarding your team's performance with a bonus, you are not alone. But it's important to consider how those bonuses are given, along with the tax implications for both you and the employee. One-time bonuses are generally calculated by percentages. The rates cluster around 3% to 5% of annual salary for - [How To Avoid Too Much Tax Withheld](https://wwd-cpa.com/resources/how-to-avoid-too-much-tax-withheld/) - Imagine the IRS offering an apology with your tax refund: Sorry, here’s your money back. In the 2022 tax season, more than 110 million taxpayers received a tax refund — and bragged about it! The average refund was $3,252. Instead of having the money sit in IRS coffers all year, that money could have been - [529 Plans: Know the Full Story](https://wwd-cpa.com/resources/529-plans-know-the-full-story/) - The coronavirus upended the lives of many college students who had to return home to learn remotely in order to try to slow the spread of the virus. At the same time, many students and their parents lost jobs or had wages reduced as part of the virus's economic fallout, impacting the ability to save - [How to Choose the Best Option for Closing Costs](https://wwd-cpa.com/resources/how-to-choose-the-best-option-for-closing-costs/) - When you take out a mortgage loan, you’ll have to pay closing costs, the fees that your lender and other third-party companies charge for originating your home loan. These fees can run thousands of dollars, and you’ll typically have the option to pay them upfront as a single payment or roll them into your total - [Protecting Your Legacy: The Truth About Estate Taxes](https://wwd-cpa.com/resources/protecting-your-legacy-the-truth-about-estate-taxes/) - If you own property and assets or have loved ones who depend on you to provide income or care, you should have an estate plan. However, some people hesitate to create one, fearing that taxes will eat up the lion's share of their estate. But even though estate taxes are real and rates are high, - [Protect Your Bottom Line: Invest in Contractor Bonding](https://wwd-cpa.com/resources/protect-your-bottom-line-invest-in-contractor-bonding/) - The phrase "payment and performance bonds required" often signals a dead end for contractors who'd like to bid on public work or large private projects, but who are inexperienced in the bonding world. The bonding process, however, doesn't have to be mysterious. Consider the following: The most common types of construction bonds are performance and - [The Latest Rules on Charitable Donations](https://wwd-cpa.com/resources/the-latest-rules-on-charitable-donations/) - Charitable contributions are deductible, says the IRS, only if you itemize deductions. And further, they are deductible only if you make contributions to qualified charitable organizations. The tax agency reminds us that contributions to individuals are never deductible. Even if you don’t itemize your deductions for federal purposes, you should still track them since you - [Building a Better World: Thank You, Nonprofits](https://wwd-cpa.com/resources/building-a-better-world-thank-you-nonprofits/) - We understand the importance of giving back to the community we serve. That’s why we are deeply committed to supporting local charities and organizations through both donations and volunteer work. Our team actively participates in numerous volunteer and fundraising events to make a positive impact on the lives of those in need. In honor of - [Auditing Your Nonprofit: What You Need to Know](https://wwd-cpa.com/resources/auditing-your-nonprofit-what-you-need-to-know/) - You want to demonstrate your commitment to financial transparency. By publishing an independent audit report on your nonprofit website and providing the report to anyone who requests it, you'll be assuring your donors and the public that your financial practices meet accepted standards — for handling contributions, for instance. Many public and private foundations — - [How to Achieve High Employee Engagement Levels](https://wwd-cpa.com/resources/how-to-achieve-high-employee-engagement-levels/) - How would you define an engaged workforce? You might say it’s an environment where everyone involved feels valued and supported. Workplace engagement is a crucial aspect of business success. In fact, it’s so imperative that employee engagement has been shown to affect metrics like productivity, retention, and customer service. However, unfortunately, recent statistics indicate that - [Financial Storm Survival: Secure Your Business Future](https://wwd-cpa.com/resources/financial-storm-survival-secure-your-business-future/) - It is difficult — but not impossible — to find funding for a business in volatile economic times: Some investors are always looking for new opportunities. These investors might find a business attractive if it is in a sector that is robust or poised for growth. Investors also consider attractive a solid business plan with - [Tax-Friendly Benefits: Your Employees Will Love You](https://wwd-cpa.com/resources/tax-friendly-benefits-your-employees-will-love-you/) - As the unemployment rate falls from its 2020 high, employees are switching jobs in record numbers. The new stability in the economy means workers have more leeway to shop around for jobs that fit their lifestyles, needs and values. Now, the onus is on employers to provide an environment that makes their star team members - [Mastering Strategic Leadership in a Rapidly Changing World](https://wwd-cpa.com/resources/mastering-strategic-leadership-in-a-rapidly-changing-world/) - You may be hearing lots of talk about the importance of being a good strategic leader. However, if you scratch below the surface, it turns out that the traits that make a good strategic leader are the same time-tested abilities leaders have always needed. Let's explore what these are. Leaders look for trends and opportunities - [How to Choose the Best Executor for Your Will](https://wwd-cpa.com/resources/how-to-choose-the-best-executor-for-your-will/) - An executor is responsible for ensuring your assets are distributed according to your wishes — a responsibility that introduces an element of legal and financial exposure. So choosing an executor is a serious decision. The person you select should have strong skills in at least some, if not all, of the following. The potential executor - [A Short Sale Can Mean a Bargain Price](https://wwd-cpa.com/resources/a-short-sale-can-mean-a-bargain-price/) - A short sale occurs when a lender allows a homeowner to sell their house for less than what is owed on their mortgage. For example, if a homeowner owes $300,000 on their mortgage, in a short sale, they might sell their home for $250,000, or $50,000 "short" of what they still owe. Why would a - [The Truth About RMDs: Still Working After Retirement?](https://wwd-cpa.com/resources/the-truth-about-rmds-still-working-after-retirement/) - You may have many questions about working after retirement. Can you still contribute to retirement accounts? How does working affect your required minimum distributions? Let's start with contributing to retirement accounts. You should be able to contribute to your employer's qualified retirement plan regardless of your age. In some instances, you can also contribute to - [Family Wealth Blueprint: Design Your Legacy with GRATs & IDGTs](https://wwd-cpa.com/resources/family-wealth-blueprint-design-your-legacy-with-grats-idgts/) - If you're thinking of transferring assets to your children, grandchildren and distant descendants, you may want to consider using a grantor retained annuity trust (GRAT) or an intentionally defective grantor trust (IDGT). Both estate planning tools can be used to freeze the value of the assets you transfer. Let's look at the basics of each: - [Unlocking Hidden Value: The Surprising Potential of Industrial Real Estate](https://wwd-cpa.com/resources/unlocking-hidden-value-the-surprising-potential-of-industrial-real-estate/) - Technology is responsible for much of the changes in the commercial real estate market today. What has been considered wasted space is now becoming the burgeoning entertainment and business districts that revitalize entire communities. From data centers to mixed-use apartment spaces, industrial buildings are being repurposed in the following three ways. 1. New Work Spaces - [CPARS Made Simple: Improve Your Government Contract Performance](https://wwd-cpa.com/resources/cpars-made-simple-improve-your-government-contract-performance/) - Before you start your next government contract, you should acquaint yourself with the Contractor Performance Assessment Reporting System or CPARS. To get started, let’s take a look at some of the most frequently asked questions. What Is CPARS? CPARS is a web-enabled application that collects and manages the library of automated Contractor Performance Assessment Reports - [Powerful Trusts to Benefit Your Heirs and Charities](https://wwd-cpa.com/resources/powerful-trusts-to-benefit-your-heirs-and-charities/) - Charitable trusts can be important components of any estate planning program, permitting individuals to make substantial gifts to favorite charities without giving up all rights to their property. A current tax deduction can be claimed by making a limited or postponed gift. That's right — through a charitable trust, an individual can make an irrevocable - [Avoid Tax Surprises: The Truth About Crowdfunding Donations](https://wwd-cpa.com/resources/avoid-tax-surprises-the-truth-about-crowdfunding-donations/) - GoFundMe is an online platform that lets anyone set up a website to raise money to pay for a family member's cancer treatments, college tuition payments, a new church building — almost anything you can imagine. Anyone who donates through the platform can obtain an official-looking receipt that can be used for tax purposes. But - [How to Manage Payroll When Weather Shuts You Down](https://wwd-cpa.com/resources/how-to-manage-payroll-when-weather-shuts-you-down/) - Hurricane Petunia is barreling down the coast. The weather report features the pending “Snowpocalypse”. Whatever the weather, your nonprofit will need to cope with related closures at some point. Many nonprofit organizers question whether they are required to pay employees if Mother Nature forces closure for the day. Salaried versus Hourly Employees Under federal law, - [Four Important Trends in the Future of E-Commerce](https://wwd-cpa.com/resources/four-important-trends-in-the-future-of-e-commerce/) - Along with every other technology whose adoption was accelerated by the pandemic, e-commerce has reached its heyday. Even businesses that previously had a minimal online presence have embraced e-commerce as a permanent strategy. A Strategy for Survival The strategy is working. A recent Click-Z survey compared 2020 third-quarter statistics with those of the same period - [How to Claim Tax Credits for Hiring People with Disabilities](https://wwd-cpa.com/resources/how-to-claim-tax-credits-for-hiring-people-with-disabilities/) - There are many tax credits that business owners can take advantage of, and today we're talking about the Disabled Access Credit. This is a credit specifically extended to business owners who employ people who have disabilities. What is the Disabled Access Credit? This is a nonrefundable tax credit put forth with small businesses in mind. - [Don't Get Caught Short: Understand the New Overtime Regulations](https://wwd-cpa.com/resources/dont-get-caught-short-understand-the-new-overtime-regulations/) - There's no limit on the number of hours employees age 16 and older may work in any workweek. The FLSA doesn't require overtime pay for work on Saturdays, Sundays, holidays or regular days of rest, unless overtime is worked on such days. But what is a workweek? An employee's workweek is a fixed and regularly - [Internal Fraud: How to Secure and Investigate Evidence](https://wwd-cpa.com/resources/internal-fraud-how-to-secure-and-investigate-evidence/) - Discovering that you are the victim of an internal fraud is a harrowing experience, particularly when the perpetrator is someone you’ve trusted. The feeling of betrayal is strong. Your instincts tell you to react immediately. It’s hard to go against that instinct, but that is exactly what you should do so you can learn what - [Medicare Advantage: The Hidden Costs You Need To Know](https://wwd-cpa.com/resources/medicare-advantage-the-hidden-costs-you-need-to-know/) - Advantage Plans are offered by private companies, such as UnitedHealthcare and Humana, approved by Medicare. They are all-in-one programs that may appear to provide advantages over original Medicare, such as reduced or nonexistent premiums. But it is a balancing act, as they may require higher copays and out-of-pocket costs and may have a more limited - [The Joy of Senior Discounts: More Fun for Less Money](https://wwd-cpa.com/resources/the-joy-of-senior-discounts-more-fun-for-less-money/) - Your golden years come with perks that allow you to enjoy discounts at your favorite restaurants, grocery stores and retail stores and on leisure activities. Along with these savings, there are also opportunities that are completely free, from taking college courses to admission to national parks. The good news is that many of these benefits - [Start Estate Planning Today for a Better Tomorrow](https://wwd-cpa.com/resources/start-estate-planning-today-for-a-better-tomorrow/) - The sooner you plan, the more prepared you'll be for life's unexpected twists and turns. You can start now, regardless of your net worth. You might still be paying off student loans or credit cards for the foreseeable future. Surprisingly, your net worth is not the deciding factor in getting your estate organized. Instead, ask - [Simple Summer Tax Tips to Save You Time](https://wwd-cpa.com/resources/simple-summer-tax-tips-to-save-you-time/) - What is June without weddings? If you're getting hitched, here are some tips to make filing your taxes easier: Report any name change to the Social Security Administration. Notify the United States Postal Service, your employers and the IRS of any address change. To officially change your mailing address with the IRS, complete and submit - [Beyond the Bottom Line: Decoding the True Meaning of Profitability](https://wwd-cpa.com/resources/beyond-the-bottom-line-decoding-the-true-meaning-of-profitability/) - Profitability is the ability of your business to earn a profit. A profit is what's left of your generated revenue after you pay all your expenses, such as the ones involved in producing your product. How do you analyze profitability? You want to generate enough revenue to more than cover the expenses you incur. Let's - [OSHA Compliance Made Easy: A Quick Guide for Businesses](https://wwd-cpa.com/resources/osha-compliance-made-easy-a-quick-guide-for-businesses/) - Established in 1971, OSHA requires all employers, regardless of the industry, to provide a safe work environment for their employees. In the case of an accident, OSHA is part of the investigation process, but they also reinforce preventive measures. Many employers believe that those are important only in a warehouse or production environment, but OSHA - [The New Workforce: Adapting to Gen Z Demands](https://wwd-cpa.com/resources/the-new-workforce-adapting-to-gen-z-demands/) - Finding talent is an issue for nearly all businesses. There are many reasons for this, but the top three may be (1) adjusting to a new normal that is not yet fully formed, (2) the generational shift in leadership and (3) the scarcity of talent. The result of this confluence of issues is that leaders - [CEO Succession Made Easy: Expert Tips for a Smooth Transition](https://wwd-cpa.com/resources/ceo-succession-made-easy-expert-tips-for-a-smooth-transition/) - It's not easy to decide to step down from your position leading a company. But when the time is right and the decision must be made, how do you choose who should lead your business into the future? Here are eight tips to guide the succession transition: It is essential to have a vision for - [How to Secure Your Email and Stay Safe Online](https://wwd-cpa.com/resources/how-to-secure-your-email-and-stay-safe-online/) - It's not a secret that hackers would like to get into your email so they can have access to data they can monetize. These attempts are made easier because so many people use the same passwords for all of their accounts. As a result, getting into one account is likely to give hackers access to - [How to Secure Your Business Against Ransomware](https://wwd-cpa.com/resources/how-to-secure-your-business-against-ransomware/) - During the pandemic, data breaches disproportionately affected smaller companies; they were targeted at twice the rate of larger businesses. Since the pandemic, those same smaller companies have been struggling with COVID-19 fallout ranging from supply and labor shortages to bouts of inflation. All those preoccupations have left them more vulnerable to ransomware attacks. Enemy at - [Building Trust: Why Transparency Matters in the Nonprofit World](https://wwd-cpa.com/resources/building-trust-why-transparency-matters-in-the-nonprofit-world/) - You manage a nonprofit or serve on its board, and you've heard that nonprofits need to have an independent audit. You wonder whether your organization needs one and want to better understand what it actually entails. State and federal laws vary in their regulation of nonprofits. Some states require an independent audit, whereas others do - [Charitable Gift Annuities: The Smart Way to Give Back](https://wwd-cpa.com/resources/charitable-gift-annuities-the-smart-way-to-give-back/) - A charitable gift annuity is an irrevocable planned giving arrangement in which up to two annuitants, generally the donor and their spouse, receive a regular payment for life based on the value of assets (which may be cash, securities or a variety of other assets) transferred to a 501(c)(3). After the donor's death (or the - [Everything You Need to Know About Tax-Exempt Status](https://wwd-cpa.com/resources/everything-you-need-to-know-about-tax-exempt-status/) - Have you ever wondered how you’re supposed to determine whether your organization is eligible for exemption from federal income tax? The possibility of being tax-exempt is permitted under section 501(a) of the Internal Revenue Code. But what about determining private foundation status? Well, that is covered by section 501(c)(3) of the Internal Revenue Code. Let’s - [Reimagine, Restructure, Rise: How New Models Can Drive Business Transformation](https://wwd-cpa.com/resources/reimagine-restructure-rise-how-new-models-can-drive-business-transformation/) - Since the start of the COVID-19 pandemic, many aspects of business have changed. These can include (in some sectors) the increasing availability of private equity, the burgeoning use of AI, the ongoing difficulties in finding talented personnel, and the shifting of generational goals and ideals. There are many ways that businesses can respond. One way - [Attract Top Talent: How to Design a Compensation Plan That Works](https://wwd-cpa.com/resources/attract-top-talent-how-to-design-a-compensation-plan-that-works/) - Compensation comprises such elements as wages or salaries, benefits, union perks, employer-provided vendor discounts, work flexibility, and paid time off. A company's compensation plan can promote employee engagement, performance, and career development; thus, a thoughtful compensation plan boosts recruitment and retention efforts. Critical business elements, such as the following, influence compensation: Business goals and budget - [New Rule on NonCompetes: What You Need to Know](https://wwd-cpa.com/resources/new-rule-on-noncompetes-what-you-need-to-know/) - On April 23, 2024, the Federal Trade Commission issued a final rule banning virtually all noncompete agreements. It takes effect 120 days after publication in the Federal Register, which probably means an effective date sometime around the end of August. The rule prohibits employers from enforcing noncompetes with workers other than senior executives as of - [Small Business Resilience Depends on Keeping a Focused Perspective](https://wwd-cpa.com/resources/small-business-resilience-depends-on-keeping-a-focused-perspective/) - Small businesses are resilient, and resilience is especially important in challenging times such as these. This type of strength and agility relies, in part, on good business instincts. But it also depends on a clear understanding of the measures that may impact results. Know the context It's important to consider data in the context of - [Level Up Your Money Game: Proven Strategies for Financial Success](https://wwd-cpa.com/resources/level-up-your-money-game-proven-strategies-for-financial-success/) - The prospect of developing and adhering to a financial strategy can be overwhelming. However, it does not have to be so complicated. Consider taking the following three steps: Measure your current financial status. Identify your financial objectives. Identify the steps to get you there. Measuring your current financial status can be accomplished by preparing a - [Why You Need a Will](https://wwd-cpa.com/resources/why-you-need-a-will/) - No one wants to think about death or dying, yet it is inevitable. Ignoring that fact causes many of us to delay planning, which, if the unexpected happens, can result in issues that could have been avoided. That is why everyone should have a will. Without a will, you are leaving what happens to you - [Retirement Planning: Key Considerations](https://wwd-cpa.com/resources/retirement-planning-key-considerations/) - The concept of retirement is stressful for many people. Retiring in and of itself can be worrisome because it essentially entails a life where you no longer work yet you still need to support yourself. In addition to worrying about money, others wonder how they will fill the time. As such, the possibility of being - [Tax and Homeownership](https://wwd-cpa.com/resources/tax-and-homeownership/) - One of the most significant tax benefits you as a homeowner will enjoy is arguably the mortgage interest deduction. This is applied to the interest you pay on your mortgage for your primary place of residence, though it may also apply to your second home or vacation home. For more insight into the specifics of - [Nonprofit Tax Rules: A Quick Overview](https://wwd-cpa.com/resources/nonprofit-tax-rules-a-quick-overview/) - If you run a nonprofit or charitable organization, you generally don't have to pay income or property tax, although there are exceptions, and even nonprofits have to pay employee taxes, including social security and Medicare. The rules regarding becoming tax exempt and maintaining your status will require some detailed research on the IRS website. However, - [Tips to Prevent Your Email from Being Hacked](https://wwd-cpa.com/resources/tips-to-prevent-your-email-from-being-hacked/) - It's not a secret that hackers would like to get into your email so they can have access to data they can monetize. These attempts are made easier because so many people use the same passwords for all of their accounts. As a result, getting into one account is likely to give hackers access to - [Nonprofits & Contractors: What You Need to Know](https://wwd-cpa.com/resources/nonprofits-contractors-what-you-need-to-know/) - The most important first step to working with independent contractors is to understand how they differ from your employees. An independent contractor is an individual who performs services or work for your firm but also may perform similar services elsewhere. They are not employees of your nonprofit, and you are not responsible for paying their - [How to Start a Nonprofit Organization: Crucial Steps and Considerations](https://wwd-cpa.com/resources/how-to-start-a-nonprofit-organization-crucial-steps-and-considerations/) - If you have a good idea about starting a nonprofit organization in your local community, you may think that most of your work is already completed. However, creating a nonprofit is more than just having a great idea on paper. You have to put it into practice, and that includes making a detailed list of - [Four Considerations to Grow Your Small-Business HR Department](https://wwd-cpa.com/resources/four-considerations-to-grow-your-small-business-hr-department/) - The consensus among HR leaders is that once you’ve reached the 20-employee mark, it is definitely time to hire a dedicated HR professional. If your business continues to grow, you’ll likely need to expand your HR department. Consider the following to handle this initiative. 1. Timing Before you implement growth measures for your HR department, - [How Do S Corporations Work?](https://wwd-cpa.com/resources/how-do-s-corporations-work/) - S corporations are entities that can pass corporate income, losses, deductions and credits through to shareholders for federal tax purposes. Shareholders report the flow-through of income and losses on their personal tax returns and are assessed a tax at their individual income tax rates. The Tax Cuts and Jobs Act (TCJA) also gives S corporation - [How To Handle Cyberattacks](https://wwd-cpa.com/resources/how-to-handle-cyberattacks/) - Every worker in the company has a part to play in pulling together to combat potential cyberattacks. Vigilance must extend well beyond the IT department, as employees themselves constitute a first-line defense in a firmwide effort to ward off breaches. The criminals' hunt continues for customer information, financial records, trade secrets and intellectual property data. - [Handing Down the Family Business](https://wwd-cpa.com/resources/handing-down-the-family-business/) - Ensure the longevity and success of your business by creating a strategy to transfer ownership. Don't let your hard work go to waste by failing to envision the company's future without you at the helm. Follow the advice below to properly plan the estate of your family business before tragedy strikes. What is estate planning - [What To Do When You Can't Pay Your Taxes](https://wwd-cpa.com/resources/what-to-do-when-you-cant-pay-your-taxes/) - The IRS allows folks who can't gather the funds to pay their taxes all at once to pay off their outstanding balances over time. You can apply for one of the agency's two payment programs online. Once your application is complete, you'll receive immediate notification of whether your payment plan has been approved without having - [Spring Is In the Air: Time For That Garage Sale](https://wwd-cpa.com/resources/spring-is-in-the-air-time-for-that-garage-sale/) - Garage sales can be ubiquitous in some communities, as a driveway is suddenly populated with a fondue set that hasn’t been used in 20 years, an old power drill that still works, furniture exiled thanks to a major redecoration, and books that have been crowded off shelves. The owners make money from the sales and - [Defend Your Estate During a Divorce](https://wwd-cpa.com/resources/defend-your-estate-during-a-divorce/) - Few things are more emotionally trying than going through a divorce. Once you arrive at a settlement agreement, you feel some relief that you can move on with your separate lives. But you may not realize that your hard-earned money can end up back with your former spouse if you fail to implement an estate - [Heirs and Spares: Contingent Beneficiaries](https://wwd-cpa.com/resources/heirs-and-spares-contingent-beneficiaries/) - When the Titanic went down in 1912, several women chose to remain on board and drown with their husbands; most famously was Ida Straus, whose family co-owned Macy's Department Store. Although Titanic-scale disasters are extraordinarily rare, you should nevertheless include a contingency beneficiary in your will or trust in case life or death throws you - [Work Opportunity Tax Credit Reauthorized Through 2025](https://wwd-cpa.com/resources/work-opportunity-tax-credit-reauthorized-through-2025/) - Enacted in 1996, the Work Opportunity Tax Credit (WOTC) is a federal tax credit that eligible employers can claim if they hire eligible individuals who have consistently faced stringent barriers to employment. According to the Department of Labor, "Each year, employers claim over $1 billion in tax credits under the WOTC program." Since 1996, Congress - [How To Put Together a Compensation Plan](https://wwd-cpa.com/resources/how-to-put-together-a-compensation-plan/) - A compensation plan is designed to attract and retain employees. Build your plan to ensure pay equity while balancing the needs of your small business and delivering value to customers. Pay competitively relative to companies similar to yours in size and industry in your region. Compensation can tie in directly to regional data, how employees - [Payroll and Budgeting for Seasonal Construction Jobs](https://wwd-cpa.com/resources/payroll-and-budgeting-for-seasonal-construction-jobs/) - Although the construction industry can be quite profitable, it does have a major drawback: in areas where the winter season prevents construction projects from getting started, teams of workers and even entire construction firms have to be extremely careful when it comes to managing their budgets and making sure they don't come out short in - [Going Green With Construction](https://wwd-cpa.com/resources/going-green-with-construction/) - Eco-friendly construction? As the housing market has recovered, the industry has been luring talent from every sector. But it's not easy being green; contractors, developers and builders have found that out. The construction industry is fragmented and dominated by a few major firms, so to get a toehold as a green building company is not - [Realize Tax Saving from Contributions to Charitable Organizations](https://wwd-cpa.com/resources/realize-tax-saving-from-contributions-to-charitable-organizations/) - The Tax Cuts and Jobs Act (TCJA) made many changes to the Tax Code, including dramatically increasing the standard deduction. The result is that fewer taxpayers will itemize their deductions. Taxpayers who do continue to itemize, generally high-net worth individuals, can continue to deduct their charitable contributions. This is a good thing for nonprofit organizations. - [How Nonprofits Should Handle Tax Form 990](https://wwd-cpa.com/resources/how-nonprofits-should-handle-tax-form-990/) - Form 990, Return of Organization Exempt From Income Tax, is the IRS’ method of evaluation to make sure your nonprofit is financially honest and legitimate. The form is required for tax-exempt organizations to file each year to remain compliant with the regulations and requirements set by the IRS. Form 990 requires expenses to be separated - [Ending Someone's Employment at a Nonprofit](https://wwd-cpa.com/resources/ending-someones-employment-at-a-nonprofit/) - Termination is never the best part of a manager's job, especially at a nonprofit organization. Many of them are small and tightly knit, with a volunteer board and employees who have a commitment to a cause. So even if the employee is so incompetent that it is a do-or-die situation, the act of firing an - [Insights Into Modern Business Etiquette](https://wwd-cpa.com/resources/insights-into-modern-business-etiquette/) - Miss Manners, aka Judith Martin, has been instructing generations of readers on all matters concerning civility. In her most recent book, she contemplates social mores in a post-pandemic era. For instance, she notes how everyone used to carry a handkerchief; nowadays, they should not step out without an emergency mask. The foundation of her rules - [Don't Forget To Track Employee Hours and Overtime](https://wwd-cpa.com/resources/dont-forget-to-track-employee-hours-and-overtime/) - Paying overtime is not just a matter of paying employees the standard 1.5 times their normal pay rate when they work more than 40 hours in a week. Overtime payment errors can occur if you miss a payment: When employees work during break times. When employees travel between work sites. When employees are required to - [Which Business Valuation Method Is Best?](https://wwd-cpa.com/resources/which-business-valuation-method-is-best/) - Business valuations are used for many reasons. Some are fully business related, such as applying for a bank loan to expand your business, whereas others are more personal, for example, getting divorced. Whatever the reason, it is important to have your business valued objectively. That usually means hiring a professional, preferably one with expertise in - [Is It Time To Review Your Business's Organizational Structure?](https://wwd-cpa.com/resources/is-it-time-to-review-your-businesss-organizational-structure/) - The way businesses operate has changed in many ways since the COVID-19 pandemic. Some of these changes are dramatic, and others are fairly straightforward. Now we are entering what can arguably be called the start of a new normal. Although we have a long way to go, and certainly there are no shortages of disruptions - [Required Minimum Distribution: What This Means for Your Retirement Plan](https://wwd-cpa.com/resources/required-minimum-distribution-what-this-means-for-your-retirement-plan/) - Effective January 1, 2023, the age for stating required minimum distributions (RMDs) increased from 72 to 73. You must make required minimum distributions from your traditional IRAs after you reach age 73. However, you may delay taking money from your 401(k) or employer-based retirement plan until after you stop working. There are a lot of - [How To Avoid Scams After the Death of a Loved One](https://wwd-cpa.com/resources/how-to-avoid-scams-after-the-death-of-a-loved-one/) - When it comes to making money, scammers don’t think about the people they are victimizing. All they focus on is increasing their income by whatever scams necessary. That said, certain groups of people are at a higher risk of being targeted than others, and those who are in mourning are one of the categories of - [Creating a Family Philanthropic Plan](https://wwd-cpa.com/resources/creating-a-family-philanthropic-plan/) - Philanthropy is a wonderful way to increase connection, share values and create meaning among family members. When you discuss your values and giving goals, your whole clan can find ways to make more of a difference. By involving your children and grandchildren in philanthropy, you’ll be gaining insights as everyone contributes information, broadening family members’ - [Know the Three Mortgage Application Factors](https://wwd-cpa.com/resources/know-the-three-mortgage-application-factors/) - With rates possibly falling, you're finally ready to apply for that mortgage loan that will allow you to finance the purchase of your dream home. But what do you need to qualify for a mortgage in 2024? Start with your credit score Your three-digit credit score has always been a key factor in whether you'll - [Credits vs. Deductions: What's the Difference?](https://wwd-cpa.com/resources/credits-vs-deductions-whats-the-difference/) - Tax deductions and tax credits can both help you, but that doesn't mean they're the same thing. Knowing how they work can help you understand your tax situation. Tax credits are subtracted from your final tax liability, dollar for dollar, after it is calculated. A tax credit valued at $1,000, for example, lowers your tax - [7 Amenities Developers Are Keeping an Eye On](https://wwd-cpa.com/resources/7-amenities-developers-are-keeping-an-eye-on/) - The one thing all developers know about millennials is that they depend on technology. But there are other amenity trends that developers are watching that millennials who are looking for a place to rent or a home to buy want. Here are 7 amenities that are trending right now. 1. More Outdoor Spaces A generation - [Checking A Prospective Vendor’s References](https://wwd-cpa.com/resources/checking-a-prospective-vendors-references/) - There’s a wrong and a right way to check your prospective vendor’s references. Whether you’re procuring a new shipping vendor or seeking a new product supplier, these five tips will help you maximize your time and minimize blind spots when checking vendor references. Five Tips for Checking Vendor's References Leave plenty of time: Don’t rush - [How to Handle Grants](https://wwd-cpa.com/resources/how-to-handle-grants/) - Requests for transparency and accountability keep growing with the demands that contributions be used as intended. You need to track and report on segregated accounts, treating funds as separate entities with their own general ledgers. More than 20 years ago, the Financial Accounting Standards Board issued two standards that established reporting requirements for NPOs: FAS - [New Independent Contractor Rules: Do They Affect Your Employees?](https://wwd-cpa.com/resources/new-independent-contractor-rules-do-they-affect-your-employees/) - The Department of Labor's final rule for employee or independent contractor classification under the Fair Labor Standards Act rescinds the 2021 Independent Contractor Rule, replacing it with guidance on analysis that's more consistent with the FLSA as interpreted by longstanding judicial precedent, and was scheduled to take effect March 11, 2024. The final rule reduces - [Know the Depreciation Basics for Tangible Property](https://wwd-cpa.com/resources/know-the-depreciation-basics-for-tangible-property/) - With the exception of land, all tangible property generally loses value over time because it deteriorates (e.g., buildings or vehicles), becomes obsolete (e.g., computers) or loses protection against competition (e.g., patents). This has a specific impact on businesses, which are required to match the revenue a property generates (income) recorded on its balance sheet with - [How to Manage Cash Flow](https://wwd-cpa.com/resources/how-to-manage-cash-flow/) - Your business will be healthier if you manage your cash flow toward the profit line. How? Let's look at some tips: Determine your breakeven point. When will your business become profitable? That affects cash flow. It gives you an early goal to strive for and a ready-made target for projecting future cash flow. Focus on - [The Basics of a Nonprofit Board](https://wwd-cpa.com/resources/the-basics-of-a-nonprofit-board/) - A nonprofit's board of directors does an important job. It holds the ultimate responsibility for your organization and how it serves its constituents. Board members provide insight, foresight and oversight, and if they're doing their jobs right, they help you see problems before they occur by evaluating how well things are working and looking for - [Confused About Choosing Accounting Software?](https://wwd-cpa.com/resources/confused-about-choosing-accounting-software/) - Choosing the right software to help manage your business can be overwhelming. You have to first consider several questions: What are your needs right now? What will your future needs be? How expandable is a certain software package? How difficult will it be to change later? Following are suggestions to help you answer these questions: - [Tips On Small-Business Payroll](https://wwd-cpa.com/resources/tips-on-small-business-payroll/) - Let's say you're a small business that doesn't have enough employees to warrant an entire human resources department. At the same time, the idea of manually doing payroll just doesn't suit you. After all, who wants to tackle payroll when there are estimates out there claiming payroll can take an average of 18 hours per - [Small Retirement Plan Sponsors Tax Credits](https://wwd-cpa.com/resources/small-retirement-plan-sponsors-tax-credits/) - All business owners face the challenges of not only attracting talent but also retaining employees once they are hired. One major way to increase your employee retention rate is to offer a generous benefits package. However, that's a lot easier said than done for small businesses. Meanwhile, large companies offer these types of benefits as - [Avoid Information Overload Among Your Staff](https://wwd-cpa.com/resources/avoid-information-overload-among-your-staff/) - Do not imagine information overload is new. Eight hundred years ago, Vincent of Beauvais, a Dominican friar, related to the challenge in his own era. Noting "the multitude of books, shortness of time[] and [] slipperiness of memory," he set about compiling a three-volume, 4.5 million-word encyclopedia of all human knowledge to date. Today's workers - [Conquer Tax Season: The Ultimate Guide to Business Recordkeeping](https://wwd-cpa.com/resources/conquer-tax-season-the-ultimate-guide-to-business-recordkeeping/) - Your recordkeeping system should include a summary of every transaction that takes place in your business' name. Make sure you maintain and update a summary of all business transactions. How to log and track your business tax records It’s best if you allocate certain your business books, accounting journals and ledgers that have spaces where - [How To Make Money Last in Retirement](https://wwd-cpa.com/resources/how-to-make-money-last-in-retirement/) - Health care is expensive, more people are living longer and the market is on a roller coaster. Worrying about running out of money in retirement is not unfounded. But with financial planning, you can get some breathing room, so you can face retirement with ease rather than stress. Inflation is one reason people think they - [Is Your Withholding Correct?](https://wwd-cpa.com/resources/is-your-withholding-correct/) - All year long, employers withhold income tax from the paychecks of their employees. Each paycheck is distributed to you after your employer has taken out a portion of your paycheck to pay the IRS on your behalf. At the end of every year, your employer will send you a document called Form W-2, Wage and - [Too Many Credit Cards?](https://wwd-cpa.com/resources/too-many-credit-cards/) - The higher your credit score, the more likely you are to qualify for a mortgage with a lower interest rate. But does having too many credit cards in your wallet hurt this score? It doesn't have to. But you do need to be careful. Click through to learn more. How credit cards impact your credit - [Taxable and Nontaxable Employee Benefits](https://wwd-cpa.com/resources/taxable-and-nontaxable-employee-benefits/) - As the unemployment rate falls from its 2020 high, employees are switching jobs in record numbers. The new stability in the economy means workers have more leeway to shop around for jobs that fit their lifestyles, needs and values. Now, the onus is on employers to provide an environment that makes their star team members - [What Taxes Do Businesses Have To Pay?](https://wwd-cpa.com/resources/what-taxes-do-businesses-have-to-pay/) - If you're running a business, you're on the hook for a variety of taxes. Let's take a look at the main categories: Income tax — All businesses except partnerships must file an annual income tax return. (Partnerships file an information return.) However, which form you use depends on how your business is organized, so you'll - [Managing Restricted Funds for an NPO](https://wwd-cpa.com/resources/managing-restricted-funds-for-an-npo/) - You get a large donation from a well-heeled graduate who wants the use restricted for a new science building. This is just one example of money with strings attached that nonprofits need to manage appropriately. But allowing donors to have input in the use of financial gifts motivates major gift-giving. Fund accounting — requiring funds - [Investment Oversight for Nonprofits](https://wwd-cpa.com/resources/investment-oversight-for-nonprofits/) - For nonprofit executives and investment committees, the number one priority always has been and always will be the organization's mission. Doing good has never been more challenging. The responsibility of balancing the endowment's growth while supporting the spending needs of the mission increases that complexity. Nonprofits are turning to their investment committees to play a - [IRS Issues Advice for the Tax Exempt](https://wwd-cpa.com/resources/irs-issues-advice-for-the-tax-exempt/) - If you're planning to enter the world of tax-exempt organizations, you first need to understand what a tax-exempt organization actually is. According to the IRS, the organization must fall into one of the following categories: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, or preventing cruelty to - [Tax and Nonprofit: The Strict Requirements](https://wwd-cpa.com/resources/tax-and-nonprofit-the-strict-requirements/) - Nonprofit accounting may seem overwhelming at times, but it becomes easier once you begin to understand how finances function and move within your organization. By using this info, you can implement best practices for effective accounting decisions. With the right accounting practices, you can be compliant and transparent, creating reports that let donors see how - [How Small Businesses Are Using Generative AI](https://wwd-cpa.com/resources/how-small-businesses-are-using-generative-ai/) - FreshBooks, a cloud-based accounting software company that targets small- and medium-size businesses, polled more than 1,000 small-business owners across North America to see what they thought the usefulness of generative AI could be and how it could impact their operations. Two-thirds plan to test the technology in the next year. Twenty-five percent said they’re already - [Get Ready To File in 2024](https://wwd-cpa.com/resources/get-ready-to-file-in-2024/) - The beginning of the new year is the time for taxpayers to start gathering their documents to file their 2023 returns. And the IRS has announced some important enhancements taxpayers should be aware of to ease the yearly burden. It's hoped taxpayers will find that the enhancements made by the IRS to the online filing - [Construction: Managing Cost Segregation](https://wwd-cpa.com/resources/construction-managing-cost-segregation/) - Cost segregation separates buildings into a set of components that may be depreciated over 5, 7 or 15 years rather than the typical 27.5- or 39-year period. By allocating each property-related cost into classes, you can calculate depreciation deductions. The goal of a cost segregation study is to find any construction-related costs that can be - [IRS Changes Mileage Rates for New Year](https://wwd-cpa.com/resources/irs-changes-mileage-rates-for-new-year/) - According to an IRS statement, starting in 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 67 cents per mile driven for business use, up 1.5 cents from 2023. 21 cents per mile driven for medical or moving purposes for qualified active-duty members of the - [What Employees Need To Know About Income Tax Withholding](https://wwd-cpa.com/resources/what-employees-need-to-know-about-income-tax-withholding/) - Workers who are considered employees do not have to pay their own taxes during the year. Instead, employers withhold income tax from their employees’ paychecks and pay it to the IRS on behalf of the employee. Now, if not enough tax is withheld from each employee’s paycheck, then the employee might end up receiving an - [Employee Retention Credit: What's Happening Today?](https://wwd-cpa.com/resources/employee-retention-credit-whats-happening-today/) - Many businesses, their accountants and advisers have been wondering what's happening with the employee retention credit, a refundable tax credit for businesses and tax-exempt organizations that had employees and were affected by the COVID-19 pandemic. In recent weeks, the IRS has been focusing on weeding out companies that applied but were not eligible. Copies of - [Do You Need to Raise Your Endowment?](https://wwd-cpa.com/resources/do-you-need-to-raise-your-endowment/) - The foremost components of endowment growth are investment returns. Although important, strong endowment giving cannot be overlooked. When considering years in which strong markets are scarce, it remains essential to secure a strong inflow of gifts. Consider the following approaches: Develop a professional-looking prospectus. Seek leadership gifts first. Focus on multiyear gifts. If you think - [Nonprofits and Independent Contractors](https://wwd-cpa.com/resources/nonprofits-and-independent-contractors/) - The most important first step to working with independent contractors is to understand how they differ from your employees. An independent contractor is an individual who performs services or work for your firm but also may perform similar services elsewhere. They are not employees of your nonprofit, and you are not responsible for paying their - [What to Know About Taxes and Nonprofits](https://wwd-cpa.com/resources/what-to-know-about-taxes-and-nonprofits/) - Making money for stakeholders is the primary goal of for-profit businesses. Nonprofits are different: their primary goal is benefiting their cause. To qualify as a nonprofit, the entity must serve the public good in some way. No individual or shareholder may profit from the organization, although nonprofits may pay reasonable salaries as well as expenses - [Earn as You Learn](https://wwd-cpa.com/resources/earn-as-you-learn/) - According to U.S. Department of Labor data, registered national apprenticeships have increased by 64% since 2012, with over 241,000 new apprentices entering the system in 2021 and 593,000 actively engaged in programs. While those numbers appear respectable, they represent only a drop in the bucket of nationwide employees. Stigmas persist against hiring candidates who lack - [How To Prepare for Tax Season](https://wwd-cpa.com/resources/how-to-prepare-for-tax-season/) - Want to make sure your tax paperwork is organized? Keep excellent records all year. That way, after the end of the year, you just gather applicable tax documents that arrive in the mail or become available online. Ensure you've received all your information forms before filing to avoid having to file an amended return later. - [Staggered Retirement: Wave of the Future?](https://wwd-cpa.com/resources/staggered-retirement-wave-of-the-future/) - Couples retiring together means they can start enjoying all the activities they've been dreaming of for years. Will retiring as a couple work for you? It's a good idea to map out the trajectory of how and when you both would like to leave the workforce and how your retirement plans mesh. You may find - [Tax Considerations When Selling a Home](https://wwd-cpa.com/resources/tax-considerations-when-selling-a-home/) - When selling your home, you might qualify for the opportunity to exclude part of, if not all, the gains you make from the sale from your income. However, for this possibility to apply to you, it is vital that you meet certain ownership and use tests. In other words, you must have owned and lived - [Tax Advice for Gig Workers](https://wwd-cpa.com/resources/tax-advice-for-gig-workers/) - You might think that gig work is a way to avoid paying taxes on money you receive as income. This is a common misconception. While working as a driver for a ride-sharing business or offering your house as a short-term rental are jobs that do not come with the same income information as employment positions, - [IRS Announces 401(k) and IRA Limits for New Year](https://wwd-cpa.com/resources/irs-announces-401k-and-ira-limits-for-new-year/) - The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. That's just the beginning: The IRS also has issued technical guidance regarding all the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items. Highlights of - [Applying ASC 606 in Construction](https://wwd-cpa.com/resources/applying-asc-606-in-construction/) - In simple terms, if you're in the business of entering contracts to deliver goods or services to customers, you're affected by the FASB's ASC 606, which provides guidance in recognizing revenue. Although ASC 606 applies to a wide range of businesses, it is of particular interest to construction companies. When it released the new standard, - [9 Steps to Develop a Business Succession Plan](https://wwd-cpa.com/resources/9-steps-to-develop-a-business-succession-plan/) - Does your company have a business succession plan in place? As a business owner, having a plan in place that identifies and trains next-generation leaders helps ensure that your company will remain a viable entity well into the future. Succession plans are needed because they provide a road map for the company to follow in - [What the Digital Generation Wants at Work](https://wwd-cpa.com/resources/what-the-digital-generation-wants-at-work/) - Gen Zers, who are also known as zoomers, comprise about 70 million Americans born between the mid-to-late 1990s and early 2010s. As they continue to mature, they will increasingly shape workplace culture and dynamics. Thus, employers must adapt and understand their hopes, fears, values and distinctive aspirations. What makes a zoomer? A primary defining characteristic - [If You Build It, Employees Will Come](https://wwd-cpa.com/resources/if-you-build-it-employees-will-come-2/) - Who are you, as a company? The overall company brand defines the quintessential qualities of the organization, at large, that is directed to both the general public and all stakeholders, including customers, clients, strategic partners, investors and/or regulators. Employer branding, on the other hand, targets job seekers and employees. It zooms in on the workforce - [Festival of Trees](https://wwd-cpa.com/resources/festival-of-trees/) - WW&D is Proudly Sponsoring the Festival of Trees through Delaware Hospice for the 3rd Consecutive Year! We're thrilled to announce that WW&D is once again sponsoring the Festival of Trees through Delaware Hospice! This marks our third year as a proud supporter of this incredible event, and we're excited to bring even more holiday cheer - [How to Get the Help You Need](https://wwd-cpa.com/resources/how-to-get-the-help-you-need/) - At many nonprofits, managers may be spending much time trying to decide if it’s worth the money to engage a CPA firm to help the organization with its finances. After all, resources are often very limited at nonprofits. However, managers would do well to consider all the advantages—indeed, an accounting firm may pay for itself - [Trying to Keep the Grant Flow Going](https://wwd-cpa.com/resources/trying-to-keep-the-grant-flow-going/) - Grants can provide a substantial amount of money either to hire a new staff person, help fund the construction of a new building or provide a financial infusion for nearly any other project. This, however, is not a single task. Grants have to be part of a long-term fundraising plan rather than a means for - [What Nonprofits Need To Know About Banks](https://wwd-cpa.com/resources/what-nonprofits-need-to-know-about-banks/) - Running a nonprofit? Before you open a bank account to hold your business funds, you'll need to research banks. Look for a bank with services and perks especially for nonprofits. Here are some questions you'll need to ask: What experience does the financial institution have with nonprofits? Has it had many nonprofit clients? The ideal - [You're Contemplating a Merger or Acquisition](https://wwd-cpa.com/resources/youre-contemplating-a-merger-or-acquisition/) - If you are the owner of a small or midsize business who is looking toward retirement, this could be the time to start thinking about selling your company. Or maybe you're a family-owned business poised for growth. In either case, avoid the FSBO (for sale by owner) route. Whether you're looking to buy or sell, - [Looking Over Your Team's Shoulders](https://wwd-cpa.com/resources/looking-over-your-teams-shoulders/) - There is nothing so demoralizing as reporting to a boss who makes every single discussion feel like a performance review, wants every trivial decision green-lighted and signed off on, and makes every comment a nitpick. Often, these types of managers are not intrinsically hostile or malicious. Their obsessive modus operandi is more likely rooted in - [IRS Tools and Resources To Help Small Businesses](https://wwd-cpa.com/resources/irs-tools-and-resources-to-help-small-businesses/) - The small business pages on IRS.gov serve as comprehensive guides for people looking to navigate the entire life cycle of their business as well as their business-related tax obligations. If you are starting a business and need assistance figuring out the appropriate form of business entity to establish, these pages are valuable resources. Additionally, you - [PTETs: A Clever Tax Workaround](https://wwd-cpa.com/resources/ptets-a-clever-tax-workaround/) - It's said that nothing is certain but death and taxes. To that you can add tax avoidance. As long as there have been taxes, there have been taxpayers looking for legal loopholes. The latest is the pass-through entity tax, which may benefit owners of such pass-through entities as partnerships and S corporations. The logic is - [When To Plan for Tax Season](https://wwd-cpa.com/resources/when-to-plan-for-tax-season-2/) - Reduce your taxes or increase your refund for your next return by planning throughout the year. The IRS suggests that your first consideration should be going to IRS.gov for online tools that can help you file and pay taxes, find information about your accounts and get answers to tax questions. Create or access your account - [What Papers Do You Need To Save?](https://wwd-cpa.com/resources/what-papers-do-you-need-to-save/) - Sometimes it feels good to get rid of clutter. Cleaning out papers we have kept for years is a good project. But there are some guidelines to be aware of before you put a pile of papers on the scrap heap. Individual circumstances guide the exact documents that should be retained, but there are some - [Understanding Pre-Tax and After-Tax 401(k) Plans](https://wwd-cpa.com/resources/understanding-pre-tax-and-after-tax-401k-plans/) - Most people think about saving for retirement. If your employer offers a 401(k) plan, which about half of all companies currently do, taking advantage of that plan is an attractive option. In fact, a 2018 report by the Stanford Center on Longevity study found that most employees of all ages participated: 91 percent of those - [How Your Home Affects Your Taxes: Interest](https://wwd-cpa.com/resources/how-your-home-affects-your-taxes-interest/) - Just a few years ago, the Tax Cuts and Jobs Act (TCJA) of 2017 greatly changed existing tax laws that affect homeowners. How your personal tax bill has been affected by the changes in the law depends on your income, where you live, how much you spent (or plan to spend) on a home, and - [Facing Your Concerns About Revenue Management in Construction](https://wwd-cpa.com/resources/facing-your-concerns-about-revenue-management-in-construction/) - Many important changes in the marketplace pertain to revenue management, and these changes are affecting every industry from retail to construction. If you own a construction company, it would be prudent to spend some time better understanding the new economy to see how your business can succeed in the coming years. Before you make your - [Gifts for Employees: The Thought That Counts](https://wwd-cpa.com/resources/gifts-for-employees-the-thought-that-counts/) - Managers reap benefits from giving presents to their teams: Recipients may feel a morale boost and increased motivation to improve productivity. It may be only a modest gesture, but they are more likely to apply their best efforts when they feel valued. Gift policies and principles Many firms codify an official gifting policy with a - [Independent Contractor: A New Definition?](https://wwd-cpa.com/resources/independent-contractor-a-new-definition/) - Who counts as an employee versus an independent contractor may be about to change. A DOL proposal suggests revamping employee classification, reclassifying workers who are economically dependent on a company as employees entitled to more benefits and legal protections. The DOL has received 12,469 comments on the proposed rule, so the agency may not issue - [7 Ways To Manage the Worker Shortage](https://wwd-cpa.com/resources/7-ways-to-manage-the-worker-shortage/) - Many businesses are struggling with a worker shortage. It is happening across the board: staff shortages at our doctors' offices, at child care centers and at the restaurants we frequent. Businesses, their employees and their customers and clients all are unhappy and trying hard to find solutions. Here are seven things businesses can focus on - [The Nuance of Copying and Pasting in Microsoft Excel](https://wwd-cpa.com/resources/the-nuance-of-copying-and-pasting-in-microsoft-excel/) - You've probably never thought about how much you copy and paste data within your documents. You can generally can copy data to the clipboard and then paste it elsewhere when you're ready—except within Microsoft Excel. In this article you'll learn about Excel's special relationship with the clipboard, as well as some options for utilizing the - [Adjusting the Staffing at Your Nonprofit](https://wwd-cpa.com/resources/adjusting-the-staffing-at-your-nonprofit/) - Rightsizing, as opposed to downsizing, is a movement to change the perception of the need to reduce the size of a workforce. And for many nonprofits, the number of people working will directly affect the organization’s ability to perform the work. There will often be a choice between operations and staffing, and it usually comes - [Are You Considering Outsourced Accounting for an NPO](https://wwd-cpa.com/resources/are-you-considering-outsourced-accounting-for-an-npo/) - Nonprofit organizations operate under tight budgets, employing fewer staff members than for-profits. As a result, these employees juggle multiple responsibilities. Turning to an outsourced chief financial officer is seen by a growing number of NPOs as a better way to divide work among staff. Moving bookkeeping, payroll and other organizational financial responsibilities to a service - [Creating a Program to Increase Endowment](https://wwd-cpa.com/resources/creating-a-program-to-increase-endowment/) - The foremost components of endowment growth are investment returns. Although important, strong endowment giving cannot be overlooked. When considering years in which strong markets are scarce, it remains essential to secure a strong inflow of gifts. Consider the following approaches: Develop a professional-looking prospectus. Seek leadership gifts first. Focus on multiyear gifts. If you think - [A Great Nonprofit Culture](https://wwd-cpa.com/resources/a-great-nonprofit-culture/) - When it comes to building a corporate culture, nonprofits have some built-in advantages. By definition, they're built around a mission, meaning most people who join them will have similar values. However, that doesn't mean they can afford to neglect their culture; placing your mission and your employees' needs front and center should be a constant - [5 Tips To Avoid Excessive Bank Fees](https://wwd-cpa.com/resources/5-tips-to-avoid-excessive-bank-fees/) - Federal banking rules and regulations are becoming stricter with overdraft fees, meaning banks are coming up with other ways to gain back the lost income. Banks are employing maintenance fees, minimum balance fees and excessive activity fees to recoup lost money from overdrafted accounts. These fees can add up, with maintenance fees from $4+ and - [The Problems with Incomplete and Disorganized Records](https://wwd-cpa.com/resources/the-problems-with-incomplete-and-disorganized-records/) - An unorganized and inefficient payroll process is a recipe for eventual disaster. If you rely on paper processes, both manual data entries and a massive number of spreadsheets can yield more errors than most people realize. Plus, those mistakes may not only take weeks or months to uncover, but they take a long while to - [State and Local Tax Issues Businesses Should Consider](https://wwd-cpa.com/resources/state-and-local-tax-issues-businesses-should-consider/) - State and local tax issues are a big part of a company's tax liability. In fact, they are so impactful that a lot of companies actively decide to relocate to states that are regarded as low-tax states by the Tax Foundation, such as Florida, Nevada and North Carolina. That said, businesses that choose to operate - [How To Avoid Incorrect W-2 Forms](https://wwd-cpa.com/resources/how-to-avoid-incorrect-w-2-forms/) - In addition to regular paychecks, employees receive another payroll document from the company they work for. That document is known as Form W-2. This important document provides a comprehensive overview of their income, including both gross income and taxable wages. W-2s also display the total amount of money that was withheld from someone's pay over - [What To Know About SBA Loans](https://wwd-cpa.com/resources/what-to-know-about-sba-loans/) - When you want to apply for an SBA loan, you must do so by going through a bank or credit union. Then, the bank or credit union applies to the SBA for a loan on your behalf. This application process is intended to obtain a loan guarantee, meaning if you end up defaulting on an - [4 Ways To Repurpose Vacant Commercial Real Estate Properties](https://wwd-cpa.com/resources/4-ways-to-repurpose-vacant-commercial-real-estate-properties/) - Commercial real estate is one of the industries that was heavily impacted by the COVID-19 pandemic. According to Barclays, a long-term shift to remote work could lead to a 10%-20% structural reduction in demand for office space. The lender also predicted that between 15% and 17% of U.S. shopping malls may need to be redeveloped - [Four Sustainability Trends Affecting Commercial Real Estate](https://wwd-cpa.com/resources/four-sustainability-trends-affecting-commercial-real-estate/) - Sustainability in commercial real estate (CRE) is no longer just important, it is imperative. Property owners are well advised to work toward adding sustainability into their projects, ranging from the building design to the building materials. In addition to saving money and protecting the environment, tenants are attracted to sustainable buildings. Here are four factors - [When To Plan for Tax Season](https://wwd-cpa.com/resources/when-to-plan-for-tax-season/) - Reduce your taxes or increase your refund for your next return by planning throughout the year. The IRS suggests that your first consideration should be going to IRS.gov for online tools that can help you file and pay taxes, find information about your accounts and get answers to tax questions. Create or access your account - [11 Fun Ways to Be More Active With Your Family](https://wwd-cpa.com/resources/11-fun-ways-to-be-more-active-with-your-family/) - No matter what month, there’s no better time to think of new ways to spend time with your family. Because there are a number of activities designed to help you bond with your loved ones while staying in shape, you can make the most of your time together while on the move. Some of these - [Concerned about Paying for College](https://wwd-cpa.com/resources/concerned-about-paying-for-college/) - Reality check: Today, one year at a moderately priced private college averages $47,831, while an in-state public college averages $24,061, according to CollegeData. And heaven knows how much a college education will cost by the time your child is ready to go. But don't be cowed by the math. Several popular savings vehicles exist to - [Save for Retirement Now; Get a Tax Credit Later](https://wwd-cpa.com/resources/save-for-retirement-now-get-a-tax-credit-later/) - A tax credit known as the Retirement Savings Contributions Credit is designed to offset a percentage of the initial $2,000 that taxpayers put toward their individual retirement accounts or other retirement accounts established through their employers. Also called the Saver's Credit, this IRS-backed tax credit makes it possible for people with disabilities to contribute to - [Are You At Risk For Tax-Related Identity Theft?](https://wwd-cpa.com/resources/are-you-at-risk-for-tax-related-identity-theft/) - Tax-related identity theft is when someone uses your Social Security number to file a fraudulent tax return and claim a refund. This kind of theft usually occurs early in the filing season – because the scammers want to get their fake return in before you get your real return filed. You might not realize you’re - [Getting a Handle on Financial Fraud](https://wwd-cpa.com/resources/getting-a-handle-on-financial-fraud/) - During periods of economic stress, both civil and criminal incidents of fraud tend to rise as businesses face increased financial pressures. The current climate is posing exceptional challenges resulting from COVID-19. Attorneys are more likely than ever to turn to the services of a CPA for support with settlement negotiations and trial testimony in fraud - [IRS Puts Brakes on ERC Processing](https://wwd-cpa.com/resources/irs-puts-brakes-on-erc-processing/) - According to the IRS, a moratorium on processing of new ERC claims through year's end will allow IRS to add more safeguards to prevent future abuse, to protect businesses from predatory tactics. The pandemic-era relief program is a refundable tax credit designed for businesses that continued paying employees during the COVID-19 crisis. In a recent - [Nonprofits and Human Resources](https://wwd-cpa.com/resources/nonprofits-and-human-resources/) - Nonprofits need to do more with less. On a positive note, staff tends to wear many hats and perform many functions while managing volunteers. On a negative note, disputes over salaries, hiring, grievances, and other personnel issues among both staff and volunteers can escalate beyond the executive director to the board of directors. Board reactions - [How to Organize a Nonprofit: The 501(c)(3) and More](https://wwd-cpa.com/resources/how-to-organize-a-nonprofit-the-501c3-and-more/) - Most of the estimated 1.5 million nonprofit organizations in the United States are 501(c)(3) organizations, but there are many other categories of nonprofits. The nonprofit’s membership, mission and structure dictate which category is most appropriate for your nonprofit. Many nonprofits fall under 501(c)(3) for a good reason —the category includes entities that are organized and - [4 Tax Concerns for Nonprofits](https://wwd-cpa.com/resources/4-tax-concerns-for-nonprofits/) - Just because you run a nonprofit, it doesn't mean you can completely ignore taxes. You still have to file. In fact, if your nonprofit fails to file its annual federal return (Form 990) for three consecutive years, its tax-exempt status will be revoked automatically. The law surrounding this is clear. There are other areas in - [Corporate Transparency Act: Does It Affect You?](https://wwd-cpa.com/resources/corporate-transparency-act-does-it-affect-you/) - Starting on Jan. 1, 2024, some companies will have to report certain information about their ownership. Which companies and which information? That's where it can get confusing. You have to delve into the Corporate Transparency Act. According to the government's Financial Crimes Enforcement Network site, CTA "establishes uniform beneficial ownership information reporting requirements for certain - [IRS Imposes E-Filing Requirements for Form 8300](https://wwd-cpa.com/resources/irs-imposes-e-filing-requirements-for-form-8300/) - Businesses that receive more than $10,000 in cash must report transactions to the U.S. government. The IRS says this rule helps the government fight tax evaders, drug dealers, terrorists and other criminals. "The government can often trace money from these illegal activities through payments reported on Forms 8300 that are timely filed, complete and accurate," - [AI Fears and How to Address Them](https://wwd-cpa.com/resources/ai-fears-and-how-to-address-them/) - The business news is filled with stories about how artificial intelligence (AI) is affecting and will continue to affect the workplace going forward. This progress has contributed to a general sense of unease that robots will take over the business tasks. Types of Artificial Intelligence Following are four different kinds of AI: Reactive AI: has no - [Small Businesses May Forgo Retirement Plans](https://wwd-cpa.com/resources/small-businesses-may-forgo-retirement-plans/) - The SECURE Act of 2019, followed by SECURE 2.0 in 2022, was intended to facilitate the implementation of retirement plans for companies of all stripes. A major goal was to reduce administrative burdens, particularly on small businesses, which should especially benefit from the extension of low-cost options and limited contribution matching. However, employees at smaller - [What To Know About Business Financial Ratios](https://wwd-cpa.com/resources/what-to-know-about-business-financial-ratios/) - How do you measure how robust your business is? One of the key ways is by looking at financial ratios, which can be grouped into four categories. Liquidity — Your business's ability to remain liquid so you can meet your short-term liabilities. How much of a cash cushion do you have each accounting period? How much - [4 Questions to Ask the HOA Before Buying a Home](https://wwd-cpa.com/resources/4-questions-to-ask-the-hoa-before-buying-a-home/) - So you've found your dream home in your dream neighborhood, but there's just one thing…there's an HOA. Before you sign on the dotted line and purchase a home with an HOA, there a few questions you should ask to ensure that you will be happy with the home and the HOA. What rules are there? - [Are You Confused About Tapping into Your Retirement Funds?](https://wwd-cpa.com/resources/are-you-confused-about-tapping-into-your-retirement-funds/) - If you’re wondering whether to take funds from an investment retirement account (IRA), 401(k), or a Roth IRA, don’t be tempted by instant gratification. You should not tap into all of your accounts at once. The more efficient move is to add up the assets in your traditional IRA accounts and make one withdrawal from - [Deciding When To Take Social Security Benefits](https://wwd-cpa.com/resources/deciding-when-to-take-social-security-benefits/) - How does the Social Security system work, and how do you decide what's right for you? Well, receiving benefits is an option available to you as early as age 62, but choosing to receive benefits this early may decrease your benefits by up to 30%. Nonetheless, opting for early retirement could lead to increased benefits - [Younger Generations Can Help Older Ones With Estate Planning](https://wwd-cpa.com/resources/younger-generations-can-help-older-ones-with-estate-planning/) - How do you approach a conversation with your parents about estate planning? For sure, you don't want to nag or become a nuisance, creating suspicions about your motives. By being open and honest about your concerns, you can allay their fears that this is only about interest in their money. Talk about the opportunities they - [Watching Out for Elder Abuse](https://wwd-cpa.com/resources/watching-out-for-elder-abuse/) - The Elder Justice Act of 2009 defines elder abuse as "the knowing infliction of physical or psychological harm or the knowing deprivation of goods or services that are necessary to meet essential needs of an individual age 60 or older." At least 10% of people 60 and older experience abuse, and most of these crimes - [What Happened With the Debt Limit?](https://wwd-cpa.com/resources/what-happened-with-the-debt-limit/) - The issue of raising the debt limit has been resolved, at least until January 2025, and we can all breathe easier now that the United States can continue to pay its debts. Hopefully, in the future, Congress will find a way to eliminate this boondoggle or at least to work around it, as was done - [New Form I-9 Released](https://wwd-cpa.com/resources/new-form-i-9-released/) - The U.S. Citizenship and Immigration Services has made changes to Form I-9: On Aug. 1, 2023, U.S. Citizenship and Immigration Services published a revised version of Form I-9, Employment Eligibility Verification (PDF, 899.28 KB). Among the improvements to the form is a checkbox employers enrolled in E-Verify can use to indicate they remotely examined identity and employment - [Does Your Nonprofit Need an Audit?](https://wwd-cpa.com/resources/does-your-nonprofit-need-an-audit/) - The regulations on nonprofit auditing vary from state to state. There are federal laws that mandate audits for certain nonprofits too. First and foremost, you should educate yourself on the laws in your state and investigate whether you are legally required to undergo an audit. For example, the federal government requires that any nonprofit receiving - [How to Manage Nonprofit Salaries](https://wwd-cpa.com/resources/how-to-manage-nonprofit-salaries/) - Payroll for nonprofits adheres to principles that apply to employees and executives. First, nonprofits must consider payroll classifications. Do you hire direct employees or independent contractors? Ninety-five percent of the time, organizations hire employees. Second, nonprofits also should consider how much savings they will experience if they don’t have to cover payroll taxes. This, however, - [How to Achieve Your Financial Goals](https://wwd-cpa.com/resources/how-to-achieve-your-financial-goals/) - The first step in financial planning is determining your short-term (under a year), mid-range- (three to five year) and long-term (over five years) financial goals. The next step is setting a strategy that will achieve these goals. Many planners use a SMART strategy to do this. Using this strategy means working together to set goals - [How to WIN at Family Dinner](https://wwd-cpa.com/resources/how-to-win-at-family-dinner/) - Eating dinner together as a family can be a challenge, but if you can manage to fit family dinners into your busy schedules, you and your children will reap the rewards. The dinner table is one of the best places to reconnect and share stories about your day. It's even a great time to share - [The Best Ways to Finance a Car](https://wwd-cpa.com/resources/the-best-ways-to-finance-a-car/) - Want or need a new car? Figuring out your budget and financing can help gauge how much vehicle you can afford. This will help you narrow your choices. Few buyers can afford to pay cash for the full price of a new or used vehicle. That's why you'll opt for an auto loan to cover - [What To Know About Trusts and Taxes](https://wwd-cpa.com/resources/what-to-know-about-trusts-and-taxes/) - For all intents and purposes, a trust is considered its own entity. Trusts are legal documents, but they are also taxed separately from those to whom the assets within a trust will be distributed. People who are in the process of planning their estates rely on trusts because trusts serve as protection over the assets - [5 Personal Finance Tips Everyone Should Follow](https://wwd-cpa.com/resources/5-personal-finance-tips-everyone-should-follow/) - Many people overestimate their financial stability. Even if you have enough money in the bank and take home a consistent paycheck, you still need to make a conscious and consistent effort to manage your money effectively. If you want more financial freedom and to take complete control of your finances, follow these 5 guidelines. Create - [Tax Credits for Energy-Efficient Home Improvements](https://wwd-cpa.com/resources/tax-credits-for-energy-efficient-home-improvements/) - Under the Inflation Reduction Act of 2022, tax credits are available for making homes more energy-efficient, using clean energy sources and retrofitting heating and cooling systems. The energy-efficient home improvement credit has been raised to $1,200 from the $500 lifetime credit for installing new doors, windows, skylights, insulation and heat pumps. This credit equals 30% - [Honoring Our Veterans: The Importance of Hiring Veterans on National Hire a Veteran Day](https://wwd-cpa.com/resources/honoring-our-veterans-the-importance-of-hiring-veterans-on-national-hire-a-veteran-day/) - On National Hire a Veteran Day, we reflect on the sacrifices made by veterans who have served our country and the importance of supporting their transition to civilian life. One of the best ways to show our appreciation and support is to offer job opportunities to veterans. In this blog post, we'll discuss the valuable - [Managing a Unionized Workforce](https://wwd-cpa.com/resources/managing-a-unionized-workforce/) - If a union is voted in by some of your employees, they are union members, not union employees — they are your employees. How to deal with them? Apply the same good management techniques you've always used in the past. The recent change at Amazon means you should be looking at your union situation. Approach - [How to Recognize a Scam](https://wwd-cpa.com/resources/how-to-recognize-a-scam/) - Nearly everyone has received an email, text or phone call that sounds legitimate but is a scam. Scammers have gotten quite sophisticated, and even savvy individuals have been taken in. As reported in the FBI’s Internet Crime Report, more than $10 billion in losses from online scams were reported to the FBI in 2022, the - [What Does Depreciation Mean to Your Construction Business?](https://wwd-cpa.com/resources/what-does-depreciation-mean-to-your-construction-business/) - Each time your construction company prepares its financial statements, you can record a depreciation expense. This spreads out the initial price of an asset over the course of its useful life. By taking a deduction for depreciation on your business's tax return, you can recover the cost of certain property or equipment. Asset depreciation applies - [Avoid 401(k) Compliance Mistakes](https://wwd-cpa.com/resources/avoid-401k-compliance-mistakes/) - As an employer, one of your main goals should be keeping your employees happy. And you can keep your employees happy without losing favorable 401(k) tax benefits, paying penalties or facing liabilities. In the process, don't forget to take the changes caused by the SECURE 2.0 Act into consideration, namely in terms of retirement savings - [The 10-Point Leadership Checklist](https://wwd-cpa.com/resources/the-10-point-leadership-checklist/) - Understanding the traits good leaders have in common is important for your own development as well as for developing future leaders at your company. Businesses change, but basic leadership skills have not changed over time. Following are 10 essential tasks to improve leadership skills: 1. Set Personal Goals. Being a leader means you need to understand - [How To Offer Competitive Disability Benefits As A Nonprofit Employer](https://wwd-cpa.com/resources/how-to-offer-competitive-disability-benefits-as-a-nonprofit-employer/) - As a nonprofit employer, you want to offer fair coverage to all your valued employees. After all, if someone is injured or ill, you want to be sure they aren't worrying about their job while they recover. But, at the same time, your nonprofit doesn’t perform like a typical business so there are more considerations - [How to Measure Nonprofit Success](https://wwd-cpa.com/resources/how-to-measure-nonprofit-success/) - Nonprofits often need to be as numbers-oriented as commercial businesses, reaching various benchmarks to achieve success. Most concentrate on the number of donors or the total amount of donations -- Key Performance Indicators (KPIs) to be sure, but not the only ones that deserve attention. Although prioritizing KPIs differ by organization, here are five popular - [Digital Marketing: Are New Tactics Needed?](https://wwd-cpa.com/resources/digital-marketing-are-new-tactics-needed/) - Today, digital marketing is the star of the marketing world. It was gaining in popularity before the Covid-19 pandemic, but its adoption was slow and inconsistent. Now, businesses across all segments use it at some level, and that will be the case even after the pandemic ends. But the rise of digital marketing does not - [How Can Nonprofits Create a Realistic Budget?](https://wwd-cpa.com/resources/how-can-nonprofits-create-a-realistic-budget/) - A budget is a planning tool that reflects an organization's programs, mission and strategic plan. The process should begin at least three, maybe even four months before the end of your nonprofit's fiscal year — you need enough time for the budget to be approved by the board of directors. A budget identifies the financial - [3 Tips for Discussing Pay With Your Employees](https://wwd-cpa.com/resources/3-tips-for-discussing-pay-with-your-employees/) - During the normal course of business, managers are typically required to have conversations with their employees regarding compensation. These discussions often revolve around setting pay expectations, communicating pay changes and responding to employees' questions about pay. Setting pay expectations As stated in an article published by the Harvard Business Review, it's important to "talk early and - [Coaching Can Help Bring Out the Best](https://wwd-cpa.com/resources/coaching-can-help-bring-out-the-best/) - Because skilled talent is expensive to find, companies turn to coaching earlier as a method for developing their employees' potential. People are also changing roles more often and need to be supported through those transitions. Learning to look within for answers Coaching supports new behaviors and new ways of thinking, intended both to achieve professional - [Needing to Send Invoice Reminders via QuickBooks?](https://wwd-cpa.com/resources/needing-to-send-invoice-reminders-via-quickbooks/) - A business prepares an invoice when a product is delivered or work is performed for a customer. The next step is getting paid. As a business owner, you expect prompt payment from your customer based on the payment terms offered. Sometimes you are left waiting and waiting for the check to arrive. Often invoices have - [Are You Ready for the Pregnant Workers Fairness Act?](https://wwd-cpa.com/resources/are-you-ready-for-the-pregnant-workers-fairness-act/) - On Dec. 29, President Joe Biden signed the Pregnant Workers Fairness Act (PWFA), to become effective on June 27. Like many laws, the text can be complex, but the Equal Employment Opportunity Commission has provided a summary of the key provisions. What exactly is the PWFA? In brief, says the EEOC, the PWFA requires "covered - [How To Choose the Best Payroll Software](https://wwd-cpa.com/resources/how-to-choose-the-best-payroll-software/) - When looking for proper payroll software, many employers ask a lot of the same questions. So how do you find payroll software that fits your business as best as possible? Is there a software platform that can apply to your company and its needs? Are there ways to program the software so that it's as - [Are Insurance Premiums Crippling Your Bottom Line?](https://wwd-cpa.com/resources/are-insurance-premiums-crippling-your-bottom-line/) - Keeping insurance costs down is an ongoing struggle for the construction industry, largely because it faces more costs and risks than most industries. Complicating matters even further, insurance policies must be renewed every year, leaving many small companies and startup operations scrambling to protect their businesses' interests and bottom lines. However, decision-makers and construction managers - [Managing Business Expenses](https://wwd-cpa.com/resources/managing-business-expenses/) - Every business has expenses, including manufacturing costs, rent, furniture, light bills and vehicles. These are all the goods and services that you need to keep the business running. The IRS lets you deduct these expenses in total, in part or over time, depending on how the expense is classified. Classifying business expenses isn't rocket science, - [FLSA Rules on Hiring Interns](https://wwd-cpa.com/resources/flsa-rules-on-hiring-interns/) - Entrepreneur magazine's Small Business Encyclopedia defines an intern as "A person, usually a student, participating in a program of temporary, supervised work in a particular field in order to gain practical experience." While this "temporary, supervised work" is often unpaid, employers should not assume that all internships are unpaid. Per the Fair Labor Standards Act - [Is Your Nonprofit Struggling With UBTI Issues](https://wwd-cpa.com/resources/is-your-nonprofit-struggling-with-ubti-issues/) - Business owners, corporations and trusts pay income tax. And when tax-exempt organizations engage in commercial activity that's outside the scope of their exempt purposes, they may find themselves with unrelated business taxable income — UBTI. The government wants tax from an otherwise tax-exempt organization that regularly carries on a trade or conducts business not substantially - [Restricted Funds: How to Handle Them](https://wwd-cpa.com/resources/restricted-funds-how-to-handle-them/) - Your donors have the right to set restrictions on the donations they give. Grant funders want to make sure their funds are spent on agreed-upon programs. You have to ensure these funds are spent in a way that supporters approve of. Restricted funds ensure that donors alone can direct the usage of their assets. Failure - [Management at a Nonprofit](https://wwd-cpa.com/resources/management-at-a-nonprofit/) - As a manager, you are responsible for ensuring that your team is motivated, engaged and productive. This is true in any organization, but it has special meaning in a nonprofit, where you are all (hopefully) working toward a common mission. Indeed, how you go about this process is just as important as the process itself. - [Concerned About Investment Oversight in Your Nonprofit?](https://wwd-cpa.com/resources/concerned-about-investment-oversight-in-your-nonprofit/) - The boards for nonprofit organization are critical to the success. But what about the financial future and viability of the venture? Not everyone involved in a nonprofit will be skilled in determining the best financial plan, so it is important to rely on the right people to help. Investment committees are now playing a bigger - [D-Day: 79 Years Later](https://wwd-cpa.com/resources/d-day-79-years-later/) - Today, June 6, marks the 79th anniversary of D-Day when the Allies invaded Normandy Beach. These celebrations are becoming more significant because it’s the last time that many of those still alive who fought will be able to attend. D-Day was part of Operation Overlord—a plan by Allied forces to invade Western Europe through France - [Avoiding Common HR Mistakes](https://wwd-cpa.com/resources/avoiding-common-hr-mistakes/) - Human resources may sound and look like a straightforward topic, but it's not one that should be taken lightly. HR mistakes can cost you time and money, and your reputation. Here are four common mistakes to be aware of. Companies of all sizes, from global corporations to mom-and-pop outfits, are prone to these potentially critical - [7 Tips for Building Business Credit](https://wwd-cpa.com/resources/7-tips-for-building-business-credit/) - Building credit for a small business is difficult, especially if you do not want to post a personal guarantee. It is possible, though, if the following guidelines are followed: Do not commingle personal and business credit. Commingling, or using personal funds for business purposes and vice versa, may result in losing the protection of your - [30 Years of the FMLA](https://wwd-cpa.com/resources/30-years-of-the-fmla/) - Ever since it was put into action, the FMLA has made it possible for working Americans to receive a guaranteed 12 weeks of unpaid leave in the event they need to recover from an illness, care for a family member under specific circumstances or stay home with a newborn, all without fearing that they will - [How To Deal With Employee Taxes](https://wwd-cpa.com/resources/how-to-deal-with-employee-taxes/) - Employers generally must withhold income tax from employees' wages. To figure out how much tax to withhold, you need to use the employee's Form W-4, the appropriate method and the appropriate withholding table described in Publication 15-T, Federal Income Tax Withholding Methods. You'll deposit your withholdings based on your business and the amount you withhold. File - [A Cash-Out Refinance Can Be a Lifeline](https://wwd-cpa.com/resources/a-cash-out-refinance-can-be-a-lifeline/) - A cash-out refinance is a way for homeowners with enough equity in their residences to access a lump sum of cash. They can then use that cash for anything they want, from paying down high-interest-rate credit card debt or funding a kitchen remodel to paying for a child’s college tuition. Here’s how it works: Instead - [Retirement Investment Options: The Pros and Cons](https://wwd-cpa.com/resources/retirement-investment-options-the-pros-and-cons/) - The varieties of instruments that can be used to create an investment portfolio are as vast as the night sky has stars. The possibilities range from tangible assets like a home, physical possession of gold bars, to creation of a wine collection that you bet your future on. Some of these investments are much more - [Property Taxes: What's the Deal?](https://wwd-cpa.com/resources/property-taxes-whats-the-deal/) - Deductible levies for itemizers include their payments for income taxes, sales taxes, real estate taxes and personal property taxes. But those write-offs come with strings attached as to which ones qualify, when they’re deductible and how much is allowable. You should be aware that the IRS sets traps for unwary homeowners. While the IRS says - [Savers Can Sleep More Soundly at Night](https://wwd-cpa.com/resources/savers-can-sleep-more-soundly-at-night/) - Since the turbulent days of the Great Financial Crisis, the US banking sector has been relatively stable. Rock-bottom borrowing costs and a COVID-19 powered demand for digital services had kept inflows surging. But cracks began to appear, as rising interest rates took a toll, and customers pulled out deposits in classic bank runs from two - [Know Your Employee Injury Responsibilities](https://wwd-cpa.com/resources/know-your-employee-injury-responsibilities/) - The Occupational Safety and Health Administration takes employee injuries very seriously and requires companies to submit injury data. The requirements are complex, and you may want to work with experts in this field, depending on the kind of business you run. In brief, according to OSHA, many employers with more than 10 employees are required - [Essential Tips for Managing Your Construction Company's Inventory](https://wwd-cpa.com/resources/essential-tips-for-managing-your-construction-companys-inventory/) - Construction and inventory don’t always go hand in hand, but it’s important to understand your company’s cost to acquire products as your largest expense. For construction company owners who don't utilize an effective inventory management system to track demand, sales, and delivery processes, unused materials can lock up a large portion of your cash. That - [Top Tax Issues for Businesses](https://wwd-cpa.com/resources/top-tax-issues-for-businesses/) - Agencies typically apply different taxes to various situations based on each individual agency's rules, regulations and payment methods. Contrary to what people often say, what you don't know actually can hurt you, so becoming more knowledgeable about tax issues that businesses often face is key. Here are three common tax issues that can ultimately affect - [Working for a Younger Boss](https://wwd-cpa.com/resources/working-for-a-younger-boss/) - Younger employees, including Millennials and even Gen Z “Zoomers,” increasingly find themselves in supervisory positions. When a young executive must manage an older colleague, tension can ensue. The more seasoned worker may harbor resentment, while the younger boss may feel insecure. The relationship, labeled by sociologists as “status incongruence,” is understandable: it appears to go - [Creating a Budget at Your Nonprofit](https://wwd-cpa.com/resources/creating-a-budget-at-your-nonprofit/) - A budget is a planning tool that reflects an organization's programs, mission and strategic plan. The process should begin at least three, maybe even four months before the end of your nonprofit's fiscal year — you need enough time for the budget to be approved by the board of directors. A budget identifies the financial - [How to Be a Better Nonprofit Manager](https://wwd-cpa.com/resources/how-to-be-a-better-nonprofit-manager/) - As a manager, you are responsible for ensuring that your team is motivated, engaged and productive. This is true in any organization, but it has special meaning in a nonprofit, where you are all (hopefully) working toward a common mission. Indeed, how you go about this process is just as important as the process itself. - [Writing a Nonprofit Business Plan](https://wwd-cpa.com/resources/writing-a-nonprofit-business-plan/) - Every nonprofit manager knows that a written business plan is a crucial tool in obtaining grant funding. But while the plan document is important, the process your nonprofit organization's leaders go through to develop it may be the best thing about it. The creation and implementation of the plan encourages strategic thinking. The business-planning process - [How to Improve Your Fundraising](https://wwd-cpa.com/resources/how-to-improve-your-fundraising/) - Getting your nonprofit funded is no easy task. The best thing to keep in mind is to diversify. Tap into multiple funding sources, such as donations, grants or online fundraising, to get the best results. Remember, diversifying your efforts does not mean diving into an abundance of different options. Instead, engage in a manageable amount - [The Future of Construction: A Skilled Workforce](https://wwd-cpa.com/resources/the-future-of-construction-a-skilled-workforce/) - The construction industry is booming, and skilled labor is in high demand. Because skilled workers are more productive and accurate than unskilled workers and can command higher salaries, they have better job security and more opportunities for advancement. If you are looking for a career in construction, consider becoming a skilled tradesperson. Many different trades - [Are You Concerned About Maximizing Your Business Value](https://wwd-cpa.com/resources/are-you-concerned-about-maximizing-your-business-value/) - According to StoneBridge Business Partners in Rochester, New York, business owners often pass their businesses on to their adult children, using an estate-planning option or gifting program. Other owners believe that the sale of their business represents a prudent way to liquidate their holdings. Yet when it’s time to sell their business, they have only - [3 Ways to Increase Customer Loyalty](https://wwd-cpa.com/resources/3-ways-to-increase-customer-loyalty/) - How do you maintain customer loyalty? For businesses, the question involves when, how and how often to interact with customers. According to the Harvard Business Review, the Customer Contact Council, a division of the Corporate Executive Board, conducted a study of more than 75,000 people who had interacted over the phone with contact-center representatives or - [Minimum Wage Changes — What's Happening and What's Coming](https://wwd-cpa.com/resources/minimum-wage-changes-whats-happening-and-whats-coming/) - On Jan. 1, the minimum wage increased in 23 states. From a 23-cent increase in Michigan to an increase of $1.50 in Nebraska, people who earn minimum wage are celebrating in many places across the nation. Now, a major influence regarding the adjustments has been the increased rate of inflation that has swept the nation - [HR & Payroll Goals for Small Businesses](https://wwd-cpa.com/resources/hr-payroll-goals-for-small-businesses/) - Because small businesses often have limited assets, it's vital that they prioritize their human resource objectives. Staffing, budgeting, legal compliance and outsourcing are top HR goals to consider. Staffing To save money, some small employers add HR tasks to the workload of employees who have no (or very little) HR experience. However, this misdelegation of - [How Much Life Insurance Do You Need?](https://wwd-cpa.com/resources/how-much-life-insurance-do-you-need/) - Because of the very nature of life insurance, many people don’t want to discuss it. It is difficult to talk about death, so life insurance is often a private matter. But really, it shouldn’t be. For this reason, there are a lot of misconceptions about life insurance that need to be dismissed. Here is what - [A Disaster Recovery Plan for Your Business](https://wwd-cpa.com/resources/a-disaster-recovery-plan-for-your-business/) - We are all aware that a natural disaster can happen anytime. Fortunately, people and businesses can recover from these emergencies. They rebuild and move forward. Understand Plan Goals It is difficult, but having a disaster recovery plan in place helps your recovery proceed much more smoothly and efficiently. The goal of a business disaster recovery - [Ways to Maintain a Debt-Free Lifestyle and Still Live Comfortably](https://wwd-cpa.com/resources/ways-to-maintain-a-debt-free-lifestyle-and-still-live-comfortably/) - Living comfortably in the lifestyle you desire can be done without acquiring an overbearing amount of debt. The reality is that with a few simple alterations in both your habits and your mindset, you will be able to have a comfortable life with the things most important to you. The most important way to maintain - [Are You Panicking Because You Haven't Filed a Tax Return in Years](https://wwd-cpa.com/resources/are-you-panicking-because-you-havent-filed-a-tax-return-in-years/) - The very thought of April 15 strikes fear in your heart — so you've ignored it for years. What can really happen to you if you've neglected to participate in the great equalizer known as filing a tax return? First, let's look at the less serious of the two possible outcomes — you are entitled - [CAPE Indicator: Do You Know How to Use It?](https://wwd-cpa.com/resources/cape-indicator-do-you-know-how-to-use-it/) - Like a traffic light, the CAPE metric flashes clear red and green signals. When the S&P 500 Shiller CAPE rises over a 30 threshold, the red light suggests that prices are becoming too elevated; when it sinks below 22, markets may soon see bargains. Sound idiot-proof? Remember it only speaks to expected future returns, so - [Streamlining Your Life and Living Space](https://wwd-cpa.com/resources/streamlining-your-life-and-living-space/) - It can be a welcome relief to downsize a home and simplify life for retirement. Clearing out and/or selling the family house does not merely represent the end of a chapter; it also marks the beginning of a fresh adventure. You may be cutting expenses or addressing logistical challenges, such as stairs or long driveways. - [Starting Late? Tips For Building Quick Retirement Savings](https://wwd-cpa.com/resources/starting-late-tips-for-building-quick-retirement-savings/) - Maybe you spent most of your early career working paycheck to paycheck. Perhaps your savings went to college funds for your children or paid off old debts. Whatever your circumstances, it’s never too late to build a nest egg. Follow these tips to quickly grow your retirement fund and avoid penny-pinching in your golden years. - [Construction and IT: Are You Up to Speed?](https://wwd-cpa.com/resources/construction-and-it-are-you-up-to-speed/) - Consider the typical building — a small high-rise or large manufacturing plant. Several hundred companies need to work in unison — a general contractor, an architect, engineers, designers and material suppliers — for it to become a reality. Despite the need, somehow the construction industry has been one of the last holdouts to take advantage - [Are You Concerned About Budgeting for Your Construction Business?](https://wwd-cpa.com/resources/are-you-concerned-about-budgeting-for-your-construction-business/) - It is important to identify the factors that drive your construction company budget. The significant number of moving pieces can change the dynamics of your business quickly and without warning. And even a small alteration can completely the change the course of your company's financial well-being. Let's take a closer look at those essential factors. - [What To Do If Your Business Is Audited](https://wwd-cpa.com/resources/what-to-do-if-your-business-is-audited/) - So, you just found out your business is getting audited. Don't panic! You can get through it. The first thing to check is whether it's a real audit. The IRS emphasizes that it always initiates audits by mail. If you get a phone call or an email, it's a fraud. Even if you've confirmed it's - [Should You Pay an Employee Who Resigns With Two Weeks' Notice?](https://wwd-cpa.com/resources/should-you-pay-an-employee-who-resigns-with-two-weeks-notice/) - An employee who resigns with two weeks' notice may think they are doing you a favor. But in fact, it can be a payroll headache, especially if you listen to some of the misinformation you may have heard about two-week notices. For example, you may have heard a rumor that you don't need to pay - [You Need to Raise Funds for Your Nonprofit](https://wwd-cpa.com/resources/you-need-to-raise-funds-for-your-nonprofit/) - You manage a nonprofit organization. Perhaps it supports research for the cure of a disease, manages a local theater program or protects animal habitats in your state. No matter what mission you have, you need an ongoing stream of money to support your goals. Although it can be difficult to raise money, it is not - [How to Hire Today at a Nonprofit](https://wwd-cpa.com/resources/how-to-hire-today-at-a-nonprofit/) - As you create your nonprofit's hiring plan for a post-pandemic world, you need to adapt to a new reality. To begin with, you will need to consider these trends: Talent shortage. There is an ongoing talent shortage in many areas, making the hiring landscape more competitive than ever before. Businesses need to assess what new - [Nonprofit Financial Fundamentals](https://wwd-cpa.com/resources/nonprofit-financial-fundamentals/) - Few people start a career in the nonprofit sector because they love finance. However, the higher you rise in your organization, the more you need to know about accounting and budgeting. The first thing you need to understand is the yearly accounting cycle, which includes bookkeeping, generating financial statements and analyzing information from those statements. - [Analyzing the Merger and Acquisition Deal](https://wwd-cpa.com/resources/analyzing-the-merger-and-acquisition-deal/) - When a company is involved in an merger and acquisition (M&A), either as a buyer or a target, analyzing the prospective transaction to determine if it makes sense for shareholders is critical. Knowing the basics of when or if a deal makes practical and financial sense is helpful, but seeking help from a qualified professional - [An Introduction to the Sales Tax for Wholesalers](https://wwd-cpa.com/resources/an-introduction-to-the-sales-tax-for-wholesalers/) - Sales tax is a tax you pay on retail goods and services. Sales taxes are known as point-of-sale taxes because they are collected by the merchant or retailer when a sale occurs and then passed on to the governing jurisdiction. It sounds simple, but it can get quite complex. Indeed, in many instances, businesses may - [Watch Out for Fake ERC Plans](https://wwd-cpa.com/resources/watch-out-for-fake-erc-plans/) - You may be aware of widely circulated promotions — ads on radio and the internet — touting refunds involving Employee Retention Credits. The IRS says these are a blatant attempt to con ineligible people to claim the ERC credit. The problem is widespread enough to make the IRS's annual "Dirty Dozen" list. The promotions are - [Should You Reimburse Staff for a Home Office?](https://wwd-cpa.com/resources/should-you-reimburse-staff-for-a-home-office/) - What challenges have your employees been facing, and how can you offer the solutions they need? Deciding on a home office reimbursement policy can be the difference between successful work-at-home policies and dysfunction, disgruntlement and maybe even lawsuits. When the sudden retreat to homes for work occurred, employees had to make do without the usual - [Understanding the Gift Tax](https://wwd-cpa.com/resources/understanding-the-gift-tax/) - For tax purposes, gift givers, rather than gift recipients, have to account for and potentially pay the gift tax. But you won't owe the gift tax until you have given away millions in cash or other assets during your lifetime. It sounds simple enough, but you still may have to file gift tax returns even - [Building a Healthy Work/Life Balance](https://wwd-cpa.com/resources/building-a-healthy-work-life-balance/) - The COVID-19 pandemic shifted norms for the division between labor and leisure. As many office workers embraced new work-from-home practices, they experienced gains and losses. On the one hand, many dispensed with a tedious and time-consuming commute; on the other hand, they found their work schedules blurring into evening and weekend hours. Feeling obligated to - [Community Property or Separate Property?](https://wwd-cpa.com/resources/community-property-or-separate-property/) - Each state has its own set of rules when it comes to marital or community property. Most states operate under the common law system of property ownership, which makes it easy to understand which spouse owns what: If your name only is on the account, deed, title, or registration, then that asset is yours regardless - [How to Navigate an Individual Tax Audit](https://wwd-cpa.com/resources/how-to-navigate-an-individual-tax-audit/) - While it is accurate to say that the IRS has audited significantly fewer people, less than 1% of individual tax returns are audited and the majority of audits nowadays are handled from a distance rather than in person, these changes do not mean that the IRS will never select you for an in-person audit of - [What Are the Different Types of Trusts?](https://wwd-cpa.com/resources/what-are-the-different-types-of-trusts/) - Trusts are used in estate planning to transfer assets to beneficiaries. Trusts have some advantages over wills, including skipping probate. That's pretty basic. But it gets complicated when you try to figure out which type is right for you. Know the options available to help you make an informed decision. Living trust. You create it when - [You're Trying To Organize a Job Costing System](https://wwd-cpa.com/resources/youre-trying-to-organize-a-job-costing-system/) - Job costing is within every company's purview. Successful job costing can mean the difference between profitability and struggling to stay afloat. You may be overwhelmed with work, but perhaps you are wondering why you're not any more profitable. The basic principle behind job costing helps you know as accurately as possible the cost of each - [Welcome to Tax 101 for Building Contractors](https://wwd-cpa.com/resources/welcome-to-tax-101-for-building-contractors/) - If you are an individual building contractor, it's important to stay on top of tax rules and know how the latest laws affect what you can and cannot deduct, as shown below. Taxes Paid for Fixtures and Materials The operations associated with the work performed by building contractors are normally divided up into three different - [Do You Know Whether Your Business Is Ready to Borrow?](https://wwd-cpa.com/resources/do-you-know-whether-your-business-is-ready-to-borrow/) - Whether your business is in the start-up or growth phase, you may need to borrow money sooner or later. Although every loan process may be different, you can do several things to make the loan process easier. Most importantly, remember that loan officers look at many factors, not just your financial record. And keep in mind - [Nonprofit Leadership Advice](https://wwd-cpa.com/resources/nonprofit-leadership-advice/) - Leaders outperform their competition in such key bottom-line metrics as financial performance, quality of products and services, employee engagement, and customer satisfaction, says John Rampton, a member of the Entrepreneur Leadership Network. Each NPO will have its own metrics, but no matter the organization, there is always a way, and a need, to measure leadership. - [Tips on Fundraising for your Nonprofit](https://wwd-cpa.com/resources/tips-on-fundraising-for-your-nonprofit/) - You manage a nonprofit organization. Perhaps it supports research for the cure of a disease, manages a local theater program, or protects animal habitats in your state. No matter what mission you have, you need an ongoing stream of money to support your goals. Although it can be difficult to raise money, it is not - [Form 990: What Are the Filing Requirements?](https://wwd-cpa.com/resources/form-990-what-are-the-filing-requirements/) - Nearly all the approximately 1.74 million organizations recognized as tax-exempt by the IRS must file Form 990 or another form in the same series annually. Organizations making less than $200,000 in revenue and having less than $500,000 in assets must file Form 990-EZ, and organizations making less than $50,000 must file a Form 990-N e-postcard. - [Managing Your Nonprofit Investments](https://wwd-cpa.com/resources/managing-your-nonprofit-investments/) - The number one priority for nonprofit executives and investment committees has always been and always will be the organization's mission. Doing good has never been more challenging. The responsibility of balancing the endowment's growth while supporting the spending needs of the mission increases that complexity. Nonprofits are turning to their investment committees to play a - [Improve Communication in Your Company](https://wwd-cpa.com/resources/improve-communication-in-your-company/) - Effective internal communication has gotten more important since the pandemic and remote work decentralized teams. Better internal communication engages employees, keeps teams aligned, prevents duplicate work, and keeps time from being wasted in searching for information. How can you supercharge communication no matter where everyone is working? Demonstrate empathy. Managers need to show that they know - [Business Startups: A New Wave?](https://wwd-cpa.com/resources/business-startups-a-new-wave/) - Projected business formations (within four quarters) for December 2022, adjusted for seasonal variation, were 30,292, according to a Census Bureau release. That is, the Census Bureau is projecting that 30,292 new business startups with payroll tax liabilities will form within four quarters of application from all the business applications filed during December. What does this - [David Wolfenden](https://wwd-cpa.com/resources/david-wolfenden/) - We are deeply saddened to share the unexpected passing of our Managing Director, David Wolfenden. Dave co-founded our firm and took great pride in its success over the years. He was very active in the Delaware community, serving on various boards, most recently Habitat for Humanity of New Castle County and Community Bank of Delaware, - [Know the Rules on Tax and Nonprofit Organizations](https://wwd-cpa.com/resources/know-the-rules-on-tax-and-nonprofit-organizations/) - Nonprofit accounting may seem overwhelming, but it becomes easier once you understand how finances function and move within your nonprofit organization. Using this info lets you implement best practices for effective accounting decisions. With the right accounting practices, you can be compliant and transparent, creating reports that let donors see how their money is being - [A Checklist for Small Business](https://wwd-cpa.com/resources/a-checklist-for-small-business/) - Business owners need to take care of their personal and business lives on a regular basis. It is always a good time to make sure everything is in order for taxes as well as for general business purposes. The following checklist is a guide to the items your business will need to address on an - [New IRS Portal for Form 1099 Series](https://wwd-cpa.com/resources/new-irs-portal-for-form-1099-series/) - The IRS has announced that businesses can now file Form 1099 series information returns using a new online portal, available free from the IRS. Known as the Information Returns Intake System, this free electronic filing service is "secure, accurate and requires no special software," according to the agency. Although any business can use it, the - [Business Owners May Face Special Compensation Rules](https://wwd-cpa.com/resources/business-owners-may-face-special-compensation-rules/) - S corporations allow the business to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. But with those great advantages come many rules, including those related to compensation. Shareholder-employees may think there's no practical difference between income as owners and income as an employee, but they'd be wrong. The - [How To Create a Business Succession Plan](https://wwd-cpa.com/resources/how-to-create-a-business-succession-plan/) - There is an unbelievable number of companies across a wide array of industries, which may lead you to believe that the creation of a succession plan must be a unique and one-off process. For instance, family businesses in particular carry distinctive cultures and reflect idiosyncratic histories in ways that might be challenging for outsiders to - [Hobby or Business: The IRS Takes a Stand](https://wwd-cpa.com/resources/hobby-or-business-the-irs-takes-a-stand/) - From a tax perspective, the distinction between hobbies and businesses is important because businesses can deduct losses, but hobbies cannot. The Tax Cuts and Jobs Act kept the itemized deductions for allocable mortgage interest and property taxes. However, by eliminating virtually all miscellaneous itemized deductions for tax years 2018-2025, the 2017 TCJA made it advantageous - [IRS Offers A Host Of Car Credits](https://wwd-cpa.com/resources/irs-offers-a-host-of-car-credits/) - Thinking of buying a new car in 2023? The IRS is on your side with some great credits, but you have to follow the strict conditions. Read below to see if you're eligible. Credits for New Clean Vehicles Purchased in 2023 or Later If you buy a new plug-in electric vehicle (EV) or fuel cell - [Changes in Homeowners’ Deductions for Mortgage Interest and Taxes](https://wwd-cpa.com/resources/changes-in-homeowners-deductions-for-mortgage-interest-and-taxes/) - What are the rules that apply to deductions for interest payments on mortgages? They can get confusing. The old rules that apply for 2017 and previous years. They allowed itemizers to deduct payments for interest on as much as $1 million of mortgage debt for a main home and a second home used as a - [Get Ready For Taxes](https://wwd-cpa.com/resources/get-ready-for-taxes/) - What's important to you as you prepare to file your taxes? Your situation can make a big difference in the tax your pay and the paperwork you have to file. The IRS is trying to get you off to a good start this filing season by listing some of the issues the Agency believes are - [What's the Latest on the Federal Excise Tax?](https://wwd-cpa.com/resources/whats-the-latest-on-the-federal-excise-tax/) - The IRS explains that the excise tax is an indirect tax on specific goods, services, and activities. The federal government typically imposes an excise tax on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco, and other goods and services. Businesses that are subject to excise tax - [Deciding Whether Contractors Can Claim R&D Benefits](https://wwd-cpa.com/resources/deciding-whether-contractors-can-claim-rd-benefits/) - Of particular relevance to contractors is the research and development tax credit, which is a tax incentive program. Also known as the research and experimentation tax credit or the research tax credit, this provision enables companies to work at maximum efficiency. Many incorrectly think that the R&D tax credit applies only to companies that actually - [The Top KPIs for Nonprofits](https://wwd-cpa.com/resources/the-top-kpis-for-nonprofits/) - Keeping track of the right key performance indicators can give you a framework to measure the health and growth of your nonprofit over time. But nonprofits are idiosyncratic, and the KPIs you prioritize are different from the ones a for-profit company would track. The manager at a bank doesn't have to worry about issues like - [Nonprofit Organizations: The Various Flavors](https://wwd-cpa.com/resources/nonprofit-organizations-the-various-flavors/) - When you apply at the IRS to become eligible as a nonprofit that doesn't need to pay taxes, there are several important aspects to keep in mind. Although most types of nonprofits are not necessarily required to pay taxes, there are many exceptions, and it ultimately depends on the specific circumstances involved and on your - [What To Know About the New Lease Accounting Standard ASC 842](https://wwd-cpa.com/resources/what-to-know-about-the-new-lease-accounting-standard-asc-842/) - Every day that passes marks less time for private companies to get ready for ASC 842, the new lease accounting standard. Private companies will have to comply with this standard in fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. ASC 842 is intended to "increase - [Deciphering the Tax Rules for Your Nonprofit](https://wwd-cpa.com/resources/deciphering-the-tax-rules-for-your-nonprofit/) - Running a nonprofit is hard work. It also can be rewarding. So it is important to understand the benefits, such as tax-exempt status, when you’re preparing to launch a community, charity, or nonprofit organization. Establishing a tax-exempt nonprofit isn’t easy, and you may be wondering how aspects of these tax rules apply to your nonprofit. - [3 Reasons To Pay Above the Minimum Wage](https://wwd-cpa.com/resources/3-reasons-to-pay-above-the-minimum-wage/) - Enacted in 1938, the Fair Labor Standards Act governs the federal minimum wage, among other things. Last increased in 2009, the federal minimum wage stands at $7.25 per hour. Many states and some localities have their own minimum wage laws that set the minimum higher than the national rate. Minimum wage laws represent only the - [Will My Noncompete Agreement Hold Water?](https://wwd-cpa.com/resources/will-my-noncompete-agreement-hold-water/) - You may want to require employees to sign noncompete agreements to keep them from working for rival companies. Will these protect the business? The answer is … maybe. Over time, courts have become less willing to uphold strict provisions. Indeed, President Biden has issued an executive order for the Federal Trade Commission to examine abusive - [401(k) and IRA Limits Rise for 2023](https://wwd-cpa.com/resources/401k-and-ira-limits-rise-for-2023/) - The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. This also applies to 403(b), most 457 plans, and the federal government's Thrift Savings Plan. Also increasing is the catch-up contribution limit for employees aged 50 and over who participate in - [IRS Establishes Mileage Rates for 2023](https://wwd-cpa.com/resources/irs-establishes-mileage-rates-for-2023/) - The IRS has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. In a statement issued on Dec. 29, the IRS said that beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, - [How Do Taxes Work With Bonuses?](https://wwd-cpa.com/resources/how-do-taxes-work-with-bonuses/) - Bonuses, frequently given at the end of the year, are a popular "thank you" for a job well done, and smart business owners know they can build loyalty, helping retain the most productive employees. However, both owners and employees often misunderstand how taxes work with bonuses, leading to confusion and frustration. Fortunately, with some education - [How to Prepare for a Re-Compete from a Contract Manager’s Perspective](https://wwd-cpa.com/resources/how-to-prepare-for-a-re-compete-from-a-contract-managers-perspective/) - When it's time to prepare for a re-compete, contract managers need to examine several important aspects of the contract and ask a variety of essential questions. Lessons Learned: Ideally, lessons learned are processes discussed and documented shortly after the proposal is submitted. People often think they will remember everything they need, but memories fade and inevitably - [How to Make Your Proposal Stand Out](https://wwd-cpa.com/resources/how-to-make-your-proposal-stand-out/) - In the competitive world of Federal government contracting, companies need to use every (ethical) advantage they can. Generally, business (cost) proposals, unlike technical proposals, do not have a page limit. If that's the case, these are some suggestions on how you can differentiate your cost proposal from your competitors. Use graphics. Remember that not everyone who - [How To Manage the 3 Major Supply Chain Risks](https://wwd-cpa.com/resources/how-to-manage-the-3-major-supply-chain-risks/) - "When will the COVID-19 pandemic finally end?" Many business owners are asking themselves that question. Unfortunately, the answer is not yet clear, and business owners must remain vigilant to the threats to their industry. For many, this means managing internal and external risks is a top priority. Supply chain risks occur when the raw materials - [The Day The Dogs Came To Work](https://wwd-cpa.com/resources/the-day-the-dogs-came-to-work/) - Yesterday was doggone cold and miserable outside, but it was a great day at the office—we had the pleasure of bringing our dogs to work with us. Our furry friends were excited to be at work with us and make new friends, and they brightened up the office and put a few smiles on our faces. Even - [Nonprofits: Understanding the Tax Issues](https://wwd-cpa.com/resources/nonprofits-understanding-the-tax-issues/) - It's often assumed that nonprofits have no tax obligations at all, but that's not true. Nonprofits do get a lot of tax breaks, but managers of nonprofits still need to be well-versed in the tax code to make sure they're in compliance. Although most tax-exempt nonprofit organizations don't pay federal taxes, they must file an informational return - [Tips for Sensible Nonprofit Budgeting](https://wwd-cpa.com/resources/tips-for-sensible-nonprofit-budgeting/) - When it comes to financial planning, few things are more important to a nonprofit than the creation of the budget. It's how the board of directors and staff plan for income and expenses. Approval of the annual budget is a fundamental step toward sound financial management. Staff is responsible for creating the initial draft of - [How To Protect Employees' Private Information](https://wwd-cpa.com/resources/how-to-protect-employees-private-information/) - Personal identifiable information is defined as the personal information of an individual that can be used to identify them. According to the Department of Labor, PII can be in the form of either direct or indirect information. Examples of direct forms of PII include the following: Name. Address. Phone number. Social Security number. Driver's license - [Staying Current on Payroll Rules](https://wwd-cpa.com/resources/staying-current-on-payroll-rules/) - Hiring staff? Good for you! It means your business is thriving. Now is the time to get up to speed or reacquaint yourself with any labor laws you’ll need to be compliant with. Labor laws were created to protect employees’ rights. If you’re vigilant, you can avoid financial headaches. Here’s some advice to stay on - [Can You Take Advantage of the WOTC?](https://wwd-cpa.com/resources/can-you-take-advantage-of-the-wotc/) - As explained by the IRS, the work opportunity tax credit (WOTC) is equal to 40% of up to $6,000 wages paid or incurred, with a maximum credit of $2,400, for an employee who: Is in their first year of employment. Is certified as being a member of an eligible group. Works at least 400 hours - [IRS Publishes 2022-2023 Special Per Diem Rates](https://wwd-cpa.com/resources/irs-publishes-2022-2023-special-per-diem-rates/) - According to Notice 2022-44 from the IRS, various regulations outline the rules for using a per diem rate to substantiate the amount of ordinary and necessary business expenses paid or incurred while traveling away from home. As explained in the Journal of Accountancy, "Generally, in lieu of actual lodging, meal, and incidental expenses incurred, a payer may - [WW&D Sponsors 2022 Festival of Trees](https://wwd-cpa.com/resources/wwd-sponsors-2022-festival-of-trees/) - Wheeler Wolfenden & Dwares was a proud sponsor of the Delaware Hospice Festival of Trees for a second year. The Festival of Trees is the annual event that has ushered in the holiday season statewide for 35 years. Delaware Hospice hosts the festival annually to support its programs. Magnificent displays of decorated trees and wreaths - [Investing Success: Keeping an Eye on Taxes](https://wwd-cpa.com/resources/investing-success-keeping-an-eye-on-taxes/) - Avoiding taxation should not be the only goal, or even the main goal, of your investment strategy. Still, you always have to keep taxes in mind to make sure you're not unnecessarily sending too much of your money to the government. Keep on top of your tax losses. No one likes to see their investments - [Consider These Tips for Early Retirement](https://wwd-cpa.com/resources/consider-these-tips-for-early-retirement/) - Retiring early is a goal for many people. However, according to findings from the Boston College Center for Retirement Research, the average age of retirement has risen to 65.7 years old for college-educated men, 62.8 years old for college-educated women and around 62 years old for people whose highest level of education is a high - [Learn About Property Tax Calculations](https://wwd-cpa.com/resources/learn-about-property-tax-calculations/) - Property taxes are a major source of income for city, county, and state governments. The tax is derived from a percentage of the assessed value of a property, true, but the municipality also determines how much money needs to be allocated for providing such services as education, transportation, emergencies, parks, recreation, and libraries. These are - [Lending Money to Grown Children: Good Idea?](https://wwd-cpa.com/resources/lending-money-to-grown-children-good-idea/) - Studies have shown that two out of five parents with adult children have paid off debts for their grown-up kids. Mostly, Mom and Dad pay for car loans and medical bills, according to a CreditCards.com poll. The Pew Research Center has found that among parents with at least one adult child, 61 percent had helped - [Volunteers: Knowing Their Importance](https://wwd-cpa.com/resources/volunteers-knowing-their-importance/) - Would your budget survive if you suddenly had to pay your volunteers for their time? Most nonprofits would answer with a resounding "no." But financial gain isn't the reason your volunteers show up to help. They are actively supportive because they believe in your organization's mission and values. Keeping them motivated and engaged, in many - [Conflicts of Interest in Nonprofits](https://wwd-cpa.com/resources/conflicts-of-interest-in-nonprofits/) - Every nonprofit wants to get its name in the papers as much as possible. But if you have a conflict of interest or the appearance of one, you may find yourself getting the wrong kind of press entirely. That's one reason why a conflict-of-interest policy is essential for every nonprofit. Here are the three main - [A Compensation Plan That Rewards Top Talent](https://wwd-cpa.com/resources/a-compensation-plan-that-rewards-top-talent/) - [Document Management and Recordkeeping for Nonprofits](https://wwd-cpa.com/resources/document-management-and-recordkeeping-for-nonprofits/) - If you work for a nonprofit that's funded by grants or donations, you need to keep ironclad records in order to account for every penny if you're ever audited. However, that doesn't mean you must retain all your files forever. Nobody's got the storage space for that. Here's a handy guide to how long you - [Decision-Making Best Practices for Nonprofits](https://wwd-cpa.com/resources/decision-making-best-practices-for-nonprofits/) - Do you ever have meetings that end with everyone agreeing that something should change, but then nothing changes? Maybe a department head makes the case for hiring a new team member, and everyone agrees in principle, but no one goes on to initiate the hiring process. Or someone presents a preliminary plan for a fundraiser - [Tips for Managing Volunteers at a Nonprofit](https://wwd-cpa.com/resources/tips-for-managing-volunteers-at-a-nonprofit/) - Getting your nonprofit funded is no easy task. The best thing to keep in mind is to diversify. Tap into multiple funding sources, such as donations, grants, or online fundraising, to get the best results. Remember, diversifying your efforts does not mean diving into an abundance of different options. Instead, engage in a manageable amount of - [Quiet Quitting: What Employers Need To Know](https://wwd-cpa.com/resources/quiet-quitting-what-employers-need-to-know/) - CBS News says, "There's a new term for clocking in and doing the bare minimum at work: 'quiet quitting.'" This employee practice is a type of disengagement in which employees no longer go above and beyond at work. They do as little as possible, but just enough to keep their jobs. The term "quiet quitting" first - [The Tax Implications of Your Business Reputation](https://wwd-cpa.com/resources/the-tax-implications-of-your-business-reputation/) - When it comes to a person's reputation, the line between business and pleasure is indeed very thin. The factors that control the outcome are the particular circumstances themselves. For example, a federal appeals court refused to allow a write-off for the cost of settling a contested will, notwithstanding that the taxpayer settled to protect his - [Employee Retention Credit: Over but Not Done](https://wwd-cpa.com/resources/employee-retention-credit-over-but-not-done/) - The federal government's Employee Retention Credit proved to be a lifeline for many businesses and their employees. The eligibility rules were complex and changed over time, as noted in an extensive IRS chart. Not all owners may have been able to figure out whether they were eligible; however, the IRS is giving them a break: Even - [Lost Your Tax-Exempt Status? Here’s How To Regain It](https://wwd-cpa.com/resources/lost-your-tax-exempt-status-heres-how-to-regain-it/) - So you forgot to file your not-for-profit’s Form 990, 990-EZ or 990-N with the IRS. It can happen — particularly with newer organizations that are still trying to get a handle on all the financial and regulatory requirements of running a nonprofit. However, if you forget to file three years in a row, you could face - [Businesses: Prepare For The Lower 1099-K Filing Threshold](https://wwd-cpa.com/resources/businesses-prepare-for-the-lower-1099-k-filing-threshold/) - Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the threshold has dropped significantly for the filing of Form 1099-K, “Payment Card and Third-Party Network Transactions.” Businesses and workers in - [Forecasts vs. projections: What’s the big difference?](https://wwd-cpa.com/resources/forecasts-vs-projections-whats-the-big-difference/) - Financial statements look at historical performance. But there are times when you want forward-looking reports to help your business make strategic investment decisions, evaluate the viability of a turnaround plan or apply for a loan. Your accountant can help ensure the assumptions underlying prospective financial statements make sense in today’s volatile marketplace. Key definitions When - [Addressing Adopted Children Or Stepchildren In Your Estate Plan](https://wwd-cpa.com/resources/addressing-adopted-children-or-stepchildren-in-your-estate-plan/) - Families that have children who are adopted, or stepchildren who haven’t been legally adopted, may face unique estate planning challenges. Additional consideration must be taken when a family includes an unmarried couple in a long-term relationship and one person has biological or adopted children. If your family’s makeup is as such, it’s important to understand - [Matching Gifts Make Donations Twice As Sweet](https://wwd-cpa.com/resources/matching-gifts-make-donations-twice-as-sweet/) - According to nonprofit consultant Double the Donation, almost 65% of U.S. companies offer matching gift programs to help boost their employees’ charitable giving power. Sadly, billions of dollars in corporate matching gift funds go unclaimed every year. If your not-for-profit isn’t actively pursuing these gifts, you may be leaving them on the table. Participating employers - [Formalizing Your Business BYOD Policy](https://wwd-cpa.com/resources/formalizing-your-business-byod-policy/) - When the pandemic hit about two and a half years ago, thousands of employees suddenly found themselves working from home. In many cases, this meant turning to personal devices to access their business email, handle documents and perform other tasks. Even before COVID, more and more businesses were allowing employees to use their own phones, - [Work Opportunity Tax Credit Provides Help To Employers](https://wwd-cpa.com/resources/work-opportunity-tax-credit-provides-help-to-employers/) - 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 - [American Business Women's Day 2022](https://wwd-cpa.com/resources/american-business-womens-day-2022/) - A successful business woman is someone who has strong convictions and follows through with them. She is passionate about her work and takes pride in her accomplishments. She is also a strong leader who can motivate others. These are the strong business women of WW&D. They are determined and passionate about their work. They are - [Could Your Business Benefit From A PEO?](https://wwd-cpa.com/resources/could-your-business-benefit-from-a-peo/) - Keeping up with employment regulations and health care benefits can be a struggle for many small to midsize businesses. One potential solution is engaging a professional employer organization (PEO). PEOs employ experts who understand the minutiae of many HR functions. Moreover, these firms can handle difficult, recurring tasks such as managing employment taxes and administering - [Using Agreed-Upon Procedures To Target Specific Items Of Concern](https://wwd-cpa.com/resources/using-agreed-upon-procedures-to-target-specific-items-of-concern/) - Your CPA offers a wide menu of services. One flexible offering, known as an “agreed-upon procedures” engagement, provides limited assurance on a specific aspect of an organization’s financial or nonfinancial information. What’s covered? Agreed-upon procedures can cover various items. For example, a CPA could provide a statement about the reliability of a company’s accounts receivable, - [Caring For An Elderly Relative? You May Be Eligible For Tax Breaks](https://wwd-cpa.com/resources/caring-for-an-elderly-relative-you-may-be-eligible-for-tax-breaks/) - Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. 1. Medical expenses. If the individual qualifies as your “medical dependent,” and you itemize deductions on your tax return, you can include any medical expenses - [Separating Your Business From Its Real Estate](https://wwd-cpa.com/resources/separating-your-business-from-its-real-estate/) - Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits may be outweighed by the tax, liability and estate planning advantages of separating real estate ownership from the business. Tax - [Make Marketing Better With A Brand Audit](https://wwd-cpa.com/resources/make-marketing-better-with-a-brand-audit/) - Mention the word “audit” to a business owner and you’ll probably get an anxious look. But not all audits are of the tax, financial statement or retirement plan variety. You can audit many areas of your company to help you better manage those functions. Take your brand, for example. Your business brand is more than - [Inflation Reduction Act Provisions Of Interest To Small Businesses](https://wwd-cpa.com/resources/inflation-reduction-act-provisions-of-interest-to-small-businesses/) - The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and taxes. There has been a lot of media coverage about the law’s impact on large corporations. For example, the IRA contains a new 15% alternative minimum tax on large, profitable corporations. And the - [Inflation Enhances The 2023 Amounts For Health Savings Accounts](https://wwd-cpa.com/resources/inflation-enhances-the-2023-amounts-for-health-savings-accounts/) - The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of - [Finding the Right Balance Between Remote and In-Person Employees](https://wwd-cpa.com/resources/finding-the-right-balance-between-remote-and-in-person-employees/) - Finding a healthy and sustainable balance between remote workers and in-person employees can become rather complicated. Companies that do not actively work to improve this area of their business operations may find themselves losing valuable employees when this could have been prevented. Questions worth asking employees By incorporating these six questions into their planning process, - [New Law Puts “Book Income” In The Crosshairs](https://wwd-cpa.com/resources/new-law-puts-book-income-in-the-crosshairs/) - The Financial Accounting Standards Board (FASB) could have congressional lobbyists nipping at its heels over a “book minimum tax” rule in the newly enacted Inflation Reduction Act of 2022 (IRA). This would be the first corporate alternative minimum tax based on financial statement book income since the 1980s. And many in the accounting profession are - [Are Your Risk Management Practices Keeping Up With The Times?](https://wwd-cpa.com/resources/are-your-risk-management-practices-keeping-up-with-the-times/) - Risks abound in today’s uncertain marketplace. Nearly two-thirds of senior finance leaders said that the volume and complexity of corporate risk have changed “mostly” or “extensively” in the past five years, according to a new report published by the American Institute of Certified Public Accountants (AICPA) and North Carolina State University. Surprisingly, this report, 2022 - [Valuable Gifts To Charity May Require An Appraisal](https://wwd-cpa.com/resources/valuable-gifts-to-charity-may-require-an-appraisal/) - If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. If you donate an item of property (or a group of similar items) worth more than $5,000, certain appraisal requirements apply. - [Why An LLC Might Be The Best Choice Of Entity For Your Business](https://wwd-cpa.com/resources/why-an-llc-might-be-the-best-choice-of-entity-for-your-business/) - The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide you with the best - [Businesses May Receive Notices About Information Returns That Don’t Match IRS Records](https://wwd-cpa.com/resources/businesses-may-receive-notices-about-information-returns-that-dont-match-irs-records/) - The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed information returns that are missing a Taxpayer Identification Number (TIN), have an incorrect - [Do You Know The Signs Of Financial Distress In A Business?](https://wwd-cpa.com/resources/do-you-know-the-signs-of-financial-distress-in-a-business/) - Financial statements tell only part of the story. Investors, lenders and other stakeholders who know how to identify red flags of impending problems can protect their own financial interests. Additional due diligence may be needed to uncover these issues. For instance, stakeholders might need to talk to management, visit the company’s website and compute financial - [Are you and your spouse considering “splitting” gifts?](https://wwd-cpa.com/resources/are-you-and-your-spouse-considering-splitting-gifts/) - Gift splitting can be a valuable estate planning tool, allowing you and your spouse to maximize the amount of wealth you can transfer tax-free. But in some cases, it can have undesirable consequences, so be sure that you understand the implications before making an election to split gifts. Gifts of separate property Gift splitting is - [Provide Employee Parking? Here’s What The IRS Wants To Know](https://wwd-cpa.com/resources/provide-employee-parking-heres-what-the-irs-wants-to-know/) - Many offices, plants and other business facilities are once again filled with real, live people. And those hard-working employees need somewhere to park. If your company provides parking as a fringe benefit — either on or near your premises or at a location from which employees commute — the IRS may take an interest in - [What Charitable Givers Need To Know About Taxes](https://wwd-cpa.com/resources/what-charitable-givers-need-to-know-about-taxes/) - Although most charitable donors aren’t primarily motivated by potential tax breaks, they still need to know how donations affect their taxes. It’s important for your not-for-profit to educate them — particularly as tax laws change. For example, in 2020 and 2021, even nonitemizers were allowed to deduct up to $300 and itemizers could deduct cash - [Want To Turn A Hobby Into A Business? Watch Out For The Tax Rules](https://wwd-cpa.com/resources/want-to-turn-a-hobby-into-a-business-watch-out-for-the-tax-rules/) - Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return? You can generally deduct losses for expenses - [Making Your Return To In-Person Fundraising Successful](https://wwd-cpa.com/resources/making-your-return-to-in-person-fundraising-successful/) - It’s been a long two years. But many not-for-profits are starting to plan in-person galas and other special events for this coming summer and autumn. If your organization is trying to get back to “normal” with a face-to-face fundraising, understand that it’s likely to be more challenging to plan than in the past. Some of - [The Tax Mechanics Involved In The Sale Of Trade Or Business Property](https://wwd-cpa.com/resources/the-tax-mechanics-involved-in-the-sale-of-trade-or-business-property/) - What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by - [Leveraging Internal Audits](https://wwd-cpa.com/resources/leveraging-internal-audits/) - Many companies have an internal audit department that tests whether the organization is accurately reporting financial results and complying with U.S. Generally Accepted Accounting Principles (GAAP). But it’s important for internal auditors to think beyond compliance. Internal auditors who understand the big picture can expand their department’s influence by helping their organizations mitigate risk, improve - [Understanding The Terms Of Health Care Directives](https://wwd-cpa.com/resources/understanding-the-terms-of-health-care-directives/) - Estate planning experts usually cite the need to include advance health care directives in a comprehensive estate plan. But there may be different legal names given to those directives, depending on one’s jurisdiction. In any event, regardless of what they’re called in the state where you reside, it’s important to create these documents and keep - [Businesses Looking For Outside Investors Need A Sturdy Pitch Deck](https://wwd-cpa.com/resources/businesses-looking-for-outside-investors-need-a-sturdy-pitch-deck/) - Is your business ready to seek funding from outside investors? Perhaps you’re a start-up that needs money to launch as robustly as possible. Or maybe your company has been operating for a while and you want to pivot in a new direction or just take it to the next level. Whatever the case may be, - [Last Call For Lease Accounting ](https://wwd-cpa.com/resources/last-call-for-lease-accounting/) - The updated lease accounting standard is currently in effect for private companies. After several postponements during the pandemic, the Financial Accounting Standards Board (FASB) voted unanimously to move forward with the changes. That means private companies and private not-for-profit entities that follow U.S. Generally Accepted Accounting Principles (GAAP) must adopt the new standard for fiscal - [Take A Balanced Approach To Retirement And Estate Planning Using A Split Annuity](https://wwd-cpa.com/resources/take-a-balanced-approach-to-retirement-and-estate-planning-using-a-split-annuity/) - If you’re approaching retirement or have already retired, one of the biggest challenges is balancing the need to maintain your standard of living with your desire to preserve as much wealth as possible for your loved ones. This balance can be difficult to achieve, especially when retirement can last decades. One strategy to consider is - [Thinking about converting your home into a rental property?](https://wwd-cpa.com/resources/thinking-about-converting-your-home-into-a-rental-property/) - In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home carries potential tax benefits and pitfalls. You’re generally treated as a - [Undertaking A Pay Equity Audit At Your Business](https://wwd-cpa.com/resources/undertaking-a-pay-equity-audit-at-your-business/) - Pay equity is both required by law and a sound business practice. However, providing equitable compensation to employees who perform the same or similar jobs, while accounting for differences in experience and tenure, isn’t easy. That’s why every company should at least consider undertaking a pay equity audit to assess its compensation philosophy and approach. - [It’s Almost That Time Of Year Again! If You’re Not Ready, File For An Extension](https://wwd-cpa.com/resources/its-almost-that-time-of-year-again-if-youre-not-ready-file-for-an-extension/) - The clock is ticking down to the April 18 tax filing deadline. Sometimes, it’s not possible to gather your tax information and file by the due date. If you need more time, you should file for an extension on Form 4868. An extension will give you until October 17 to file and allows you to - [2022 Q2 Tax Calendar: Key Deadlines For Businesses And Other Employers](https://wwd-cpa.com/resources/2022-q2-tax-calendar-key-deadlines-for-businesses-and-other-employers/) - Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing - [Power up your trust with Crummey powers](https://wwd-cpa.com/resources/power-up-your-trust-with-crummey-powers/) - The unified gift and estate tax exemption is set at an inflation-adjusted $12.06 million for 2022, up from $11.7 million for 2021. This means that for many families, estate tax liability isn’t a factor. However, for others, the annual gift tax exclusion continues to be an important estate planning strategy — especially since future tax - [Is Your Nonprofit On Track? Ask Your Clients](https://wwd-cpa.com/resources/is-your-nonprofit-on-track-ask-your-clients/) - Regularly asking clients for feedback about your not-for-profit and its services is essential to maintaining healthy relationships. But the practice also makes financial sense. You want to ensure you maximize the power of your budget by allocating funds to the most productive programs that deliver the best outcomes. Here are several best practices for collecting - [The Tax Rules Of Renting Out A Vacation Property](https://wwd-cpa.com/resources/the-tax-rules-of-renting-out-a-vacation-property/) - Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the year. The tax treatment depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by your relatives - [Taking The Opposite Approach: Ways Your Business Can Accelerate Taxable Income And Defer Deductions](https://wwd-cpa.com/resources/taking-the-opposite-approach-ways-your-business-can-accelerate-taxable-income-and-defer-deductions/) - Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the opposite? And why would you want to? One reason might be tax law changes that raise tax rates. There have been discussions in Washington about raising the corporate federal - [6 Ways To Fortify Your Cybersecurity Defenses](https://wwd-cpa.com/resources/6-ways-to-fortify-your-cybersecurity-defenses/) - Small to midsize businesses might assume hackers won’t bother with them. But construction companies of any size are indeed a prime target for cybercriminals. In fact, construction was the top industry hit by ransomware attacks between 2020 and 2021, according to a report by NordLocker. The encryption software firm analyzed 1,200 companies across 35 industries - [What Is Bonding Capacity, Really?](https://wwd-cpa.com/resources/what-is-bonding-capacity-really/) - Many construction companies rely on their ability to procure surety bonds to win projects. Owners of those jobs — government agencies in particular — often require bonding to guarantee that work will be completed one way or another. As you’re likely aware, contractors are urged to manage their financials carefully to preserve and even increase - [Proper Accounting For Change Orders Makes All The Difference](https://wwd-cpa.com/resources/proper-accounting-for-change-orders-makes-all-the-difference/) - If there’s any aspect of the construction business that gives you mixed feelings, it’s probably the humble — or in some cases not-so-humble — change order. On the one hand, the circumstances that give rise to change orders tend to be disruptive and often cause confusion or even conflict between contractors and project owners. On - [NO MORE DRAMA: Build stability and value into your succession plan](https://wwd-cpa.com/resources/no-more-drama-build-stability-and-value-into-your-succession-plan/) - You need look no further than the hit TV show “Succession” to see how lack of a clear succession plan can tear a family — and business — asunder. Although the power struggles and drama are certainly heightened on the show, the dangers of failing to think ahead about leadership change are anything but fictional - [A Beneficiary Designation Or Joint Title Can Override Your Will](https://wwd-cpa.com/resources/a-beneficiary-designation-or-joint-title-can-override-your-will/) - Inattention to beneficiary designations and jointly titled assets can quickly unravel your estate plan. Suppose, for example, that your will provides for all of your property to be divided equally among your three children. But what if your IRA, which names the oldest child as beneficiary, accounts for half of the estate? In that case, - [Conflict-Of-Interest Policies: It’s About Trust](https://wwd-cpa.com/resources/conflict-of-interest-policies-its-about-trust/) - According to a 2021 Independent Sector survey, 57% of Americans trust not-for-profits to “do what is right.” Although that’s a majority, being trusted by just over half of respondents is hardly worth celebrating. Well-publicized scandals involving nonprofit principals and a general decline in the population’s faith in institutions (particularly among conservatives and rural dwellers) have - [Degree Feedback Helps Business Owners See The Big Picture](https://wwd-cpa.com/resources/degree-feedback-helps-business-owners-see-the-big-picture/) - Business owners are regularly urged to “see the big picture.” In many cases, this imperative applies to a pricing adjustment or some other strategic planning idea. However, seeing the big picture also matters when it comes to managing the performance of your staff. Perhaps the best way to get a fully rounded perspective on how - [When Inheriting Money, Be Aware Of “Income In Respect Of A Decedent” Issues](https://wwd-cpa.com/resources/when-inheriting-money-be-aware-of-income-in-respect-of-a-decedent-issues/) - Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there may be ways to minimize or even eliminate the IRD tax bite. Basic rules For the most part, property you - [Establish A Tax-Favored Retirement Plan](https://wwd-cpa.com/resources/establish-a-tax-favored-retirement-plan/) - If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $61,000 for - [Going Private](https://wwd-cpa.com/resources/going-private/) - Recently, the news media has given a lot of attention to initial public offerings using special purpose acquisition companies (SPACs). But there’s another major transaction that’s gaining momentum amid the economic chaos caused by the COVID-19 pandemic: privatizations. Going private (also known as delisting) has many benefits, including: Reduced accounting, regulatory and governance costs,Fewer liability - [Defined-value gifts: Plan carefully to avoid unpleasant tax surprises](https://wwd-cpa.com/resources/defined-value-gifts-plan-carefully-to-avoid-unpleasant-tax-surprises/) - For 2022, the federal gift and estate tax exemption has reached its highest level ever. In fact, you can transfer up to $12.06 million by gift or bequest without triggering federal transfer taxes. This is a limited time offer, however, as the exemption amount is scheduled to drop to $5 million (adjusted for inflation) in - [Nonprofits: Seize the day with real-time strategic planning](https://wwd-cpa.com/resources/nonprofits-seize-the-day-with-real-time-strategic-planning/) - Traditional strategic planning requires not-for-profit leaders to perform a lot of guesswork about what might happen in the future. This approach also asks decision-makers to explicitly shut down options and possibilities. Real-time strategic planning (RTSP) is a more flexible approach. It enables nonprofits to identify, understand and act on today’s challenges and opportunities. Coordinated set - [Business Owners, Lean Into Sales Staff Retention](https://wwd-cpa.com/resources/business-owners-lean-into-sales-staff-retention/) - Although there have been some positive signs for the U.S. economy thus far in 2022, many businesses are still reeling from last year’s “Great Resignation.” This trend of a historic number of workers voluntarily leaving their jobs, combined with the difficulty of hiring new employees, didn’t spare sales teams. However, one could say that the - [Lost Your Job? Here Are The Tax Aspects Of An Employee Termination](https://wwd-cpa.com/resources/lost-your-job-here-are-the-tax-aspects-of-an-employee-termination/) - Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, there are tax implications due to your changed personal and professional circumstances. Depending on your situation, the tax aspects can be complex and require - [Does Your Business Barter? Here Are Some Facts You Should Know](https://wwd-cpa.com/resources/does-your-business-barter-here-are-some-facts-you-should-know/) - In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses. But if your business gets involved in - [New audit committee survey reveals trends on risks, ESG reporting and more](https://wwd-cpa.com/resources/new-audit-committee-survey-reveals-trends-on-risks-esg-reporting-and-more/) - In late January, a survey entitled “Audit Committee Practices Report: Common Threads Across Audit Committees” was published by Deloitte and the Center for Audit Quality, an affiliate of the American Institute of Certified Public Accountants. The survey analyzed 246 responses, including 86% of respondents who served on audit committees of public companies. Here are some - [Clarity counts when it comes to estate planning documents](https://wwd-cpa.com/resources/clarity-counts-when-it-comes-to-estate-planning-documents/) - Precise language is critical in wills, trusts and other estate planning documents. A lack of clarity may be an invitation to litigation. An example of this is the dispute that arose after Tom Petty’s death, between his widow and his two daughters from a previous marriage. (The two parties have since resolved their differences and - [No audit required? Do it anyway](https://wwd-cpa.com/resources/no-audit-required-do-it-anyway/) - Your not-for-profit may not be required to undergo regular audits. But an audit can reassure donors and other stakeholders that you take seriously your responsibility. An audit can also help you identify risks before they become intractable problems. Here’s how to initiate and prepare for an audit. Find and meet with an auditor Start by - [5 Ways to Control Your Business Insurance Costs](https://wwd-cpa.com/resources/5-ways-to-control-your-business-insurance-costs/) - Common sense dictates that every company, no matter how small, should carry various forms of business insurance. But that doesn’t mean you should pay unnecessarily high premiums just to retain the coverage you need. Here are five ways to better control your insurance costs without sacrificing the quality of your policies: 1. Review coverage periodically. - [There still may be time to cut your tax bill with an IRA](https://wwd-cpa.com/resources/there-still-may-be-time-to-cut-your-tax-bill-with-an-ira/) - If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and benefit from the tax - [Are you ready for the new disclosure requirements for government assistance?](https://wwd-cpa.com/resources/are-you-ready-for-the-new-disclosure-requirements-for-government-assistance/) - Starting in fiscal year 2022, all entities — except nonprofit organizations in the scope of Topic 958, Not-for-Profit Entities, and employee benefit plans — must provide detailed disclosures about government assistance. Here are the details of the new rules. Defining government assistance The term “government assistance” may refer to perks and other incentives policymakers provide to - [Owning real estate in more than one state may multiply probate costs](https://wwd-cpa.com/resources/owning-real-estate-in-more-than-one-state-may-multiply-probate-costs/) - One goal of estate planning is to avoid or minimize probate. This is particularly important if you own real estate in more than one state. Why? Because each piece of real estate titled in your name must go through probate in the state where the property is located. Cost and time can become issues Probate - [Should your business address retirement plan leakage?](https://wwd-cpa.com/resources/should-your-business-address-retirement-plan-leakage/) - Under just about any circumstances, the word “leakage” has negative connotations. And so it follows that this indeed holds true for retirement planning as well. In this context, leakage refers to early, pre-retirement withdrawals from an account. Now, as a business owner who sponsors a qualified retirement plan, you might say, “Well, that’s my participants’ - [Your nonprofit’s board needs to know these financial warning signs](https://wwd-cpa.com/resources/your-nonprofits-board-needs-to-know-these-financial-warning-signs/) - Is your board staring at financial red flags without knowing it? Although some warning signs — such as those experienced when the pandemic first hit — are obvious, others are easy to overlook. Here are several signs of trouble that board members need to be aware of and prepared to act on. Unexplained variances and - [Can you deduct the costs of a spouse on a business trip?](https://wwd-cpa.com/resources/can-you-deduct-the-costs-of-a-spouse-on-a-business-trip/) - If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for deducting a spouse’s travel costs are very restrictive. First of all, to qualify, your spouse must be your employee. This means you can’t deduct the - [Tax considerations when adding a new partner at your business](https://wwd-cpa.com/resources/tax-considerations-when-adding-a-new-partner-at-your-business/) - Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to it. Let’s further assume that your bases in your partnership interests are - [Goodwill in a bad economy](https://wwd-cpa.com/resources/goodwill-in-a-bad-economy/) - In today’s volatile economy, many businesses and nonprofits have been required to write down the value of acquired goodwill on their balance sheets. Others are expected to follow suit — or report additional write-offs — in 2022. To the extent that goodwill is written off, it can’t be recovered in the future, even if the - [Tighten up billing and collections to mitigate economic uncertainties](https://wwd-cpa.com/resources/tighten-up-billing-and-collections-to-mitigate-economic-uncertainties/) - While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross domestic product unexpectedly contracted in the first quarter of 2022. Rising inflation is on everyone’s mind. And global supply chain issues persist, spurred on by events such as the COVID-19 lockdowns in China and - [Are you ready for the 2021 gift tax return deadline?](https://wwd-cpa.com/resources/are-you-ready-for-the-2021-gift-tax-return-deadline/) - If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? The annual gift tax - [The election to apply the research tax credit against payroll taxes](https://wwd-cpa.com/resources/the-election-to-apply-the-research-tax-credit-against-payroll-taxes/) - The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in addition to the credit itself, be aware that the credit also has two features - [CFO, yes or no? Here’s how to decide](https://wwd-cpa.com/resources/cfo-yes-or-no-heres-how-to-decide/) - Whether your not-for-profit organization needs a chief financial officer (CFO) depends on many factors, such as the size of your organization, the complexity and types of revenue sources, and the number of programs you have. Static organizations are less likely to need a CFO than those with evolving programs and long-term plans that rely on - [The HSA: A healthy supplement to your wealth-building regimen](https://wwd-cpa.com/resources/the-hsa-a-healthy-supplement-to-your-wealth-building-regimen/) - A Health Savings Account (HSA) can be a powerful tool for financing health care expenses while supplementing your other retirement savings vehicles. And it offers estate planning benefits to boot. ABCs of an HSA Similar to a traditional IRA or 401(k) plan, an HSA is a tax-advantaged savings account funded with pretax dollars. Funds can - [Management Letters: Follow Up On Your Auditor’s Recommendations](https://wwd-cpa.com/resources/management-letters-follow-up-on-your-auditors-recommendations/) - Maintaining the status quo in today’s volatile marketplace can be risky. To succeed, businesses need to “level up” by being proactive and adaptable. But some managers may be unsure where to start or they’re simply out of new ideas. Fortunately, when audited financial statements are delivered, they’re accompanied by a management letter that suggests ways - [Opening Up To SLAT Opportunities](https://wwd-cpa.com/resources/opening-up-to-slat-opportunities/) - Estate tax planning can become complicated when multiple parties are involved. For example, you may be concerned about providing assets to a surviving spouse of a second marriage, while also providing for your children from your first marriage. Of course, you also want to take advantage of favorable estate tax provisions in the law. Fortunately, - [What Estate Planning Strategies Are Available For Non-U.S. Citizens?](https://wwd-cpa.com/resources/what-estate-planning-strategies-are-available-for-non-u-s-citizens/) - Are you, or is your spouse, a non-U.S. citizen? If so, several traditional estate planning techniques won’t be available to you. However, if you’re a U.S. resident, but not a citizen, the IRS will treat you similarly to a U.S. citizen. If you’re considered a resident, you’re subject to federal gift and estate taxes on - [Offering Summer Job Opportunities? Double-Check Child Labor Laws](https://wwd-cpa.com/resources/offering-summer-job-opportunities-double-check-child-labor-laws/) - Spring has sprung — and summer isn’t far off. If your business typically hires minors for summer jobs, now’s a good time to brush up on child labor laws. In News Release No. 22-546-DEN, the U.S. Department of Labor’s Wage and Hour Division (WHD) recently announced that it’s stepping up efforts to identify child labor - [Once You File Your Tax Return, Consider These 3 Issues](https://wwd-cpa.com/resources/once-you-file-your-tax-return-consider-these-3-issues/) - The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax records away now You should hang onto tax records related - [Tax Issues To Assess When Converting From a C Corporation To An S Corporation](https://wwd-cpa.com/resources/tax-issues-to-assess-when-converting-from-a-c-corporation-to-an-s-corporation/) - Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you should assess before making a decision to switch. Here’s a quick rundown of the most important issues to - [FAQS About Fair Value In Accounting](https://wwd-cpa.com/resources/faqs-about-fair-value-in-accounting/) - In recent years, accounting rule makers have issued guidance that requires certain items on the balance sheet to be reported at “fair value.” Here are some answers to frequently asked questions about this standard of value and how it’s measured. What is fair value? Under U.S. Generally Accepted Accounting Principles (GAAP), fair value is “the - [Careful Planning Required For Beneficiaries To Borrow From A Trust](https://wwd-cpa.com/resources/careful-planning-required-for-beneficiaries-to-borrow-from-a-trust/) - Intrafamily loans allow you to provide financial assistance to loved ones — often at favorable terms — while potentially reducing gift and estate taxes. But what about families that lack the liquid assets to make such loans? Are there other options if they have a trust? One lesser-known possibility is for trust beneficiaries to borrow - [4 Levels Of Audit Opinions](https://wwd-cpa.com/resources/4-levels-of-audit-opinions/) - The first page of audited financial statements is the auditor’s report. This is an important part of the financials that shouldn’t be overlooked. It contains the audit opinion, which indicates whether the financial statements are fairly presented in all material respects, compliant with Generally Accepted Accounting Principles (GAAP) and free from material misstatement. In general, - [AI For Small To Midsize Businesses Isn't Going Away](https://wwd-cpa.com/resources/ai-for-small-to-midsize-businesses-isnt-going-away/) - Artificial intelligence (AI) has made great inroads into certain sectors of the U.S. economy. However, it hasn’t reached many small to midsize businesses (SMBs) in a major way … yet. In 2021, AI analysis firm Unsupervised published a survey of 520 SMB owners that found 48% of them still found AI too cost prohibitive. Forty - [Selling Mutual Fund Shares: What Are The Tax Implications?](https://wwd-cpa.com/resources/selling-mutual-fund-shares-what-are-the-tax-implications/) - If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company Institute, a survey found 58.7 million households owned mutual funds in mid-2020. But despite their popularity, the tax rules involved in selling mutual fund shares can be complex. What are the - [Use The Net Gift Technique To Reduce Your Gift Tax Rate](https://wwd-cpa.com/resources/use-the-net-gift-technique-to-reduce-your-gift-tax-rate/) - If you’re concerned about the impact of transfer taxes on your gifts, consider making “net gifts” to your loved ones. A net gift is simply a gift for which the recipient agrees to pay the gift tax, thereby reducing the value of the gift for tax purposes. It may also be possible to reduce its - [Keeping Your Nonprofit’s Remote Workers Connected](https://wwd-cpa.com/resources/keeping-your-nonprofits-remote-workers-connected/) - Many employees have embraced the opportunity to work from home during the pandemic — but not all of them. Some workers have experienced feelings of disconnection and isolation. So if your not-for-profit plans to make remote working a longer-term proposition, you should look for ways to make everyone feel connected to the job and their - [Fully Deduct Business Meals This Year](https://wwd-cpa.com/resources/fully-deduct-business-meals-this-year/) - The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021). So, you can - [Prudent Technology Upgrades Call For Some Soul Searching](https://wwd-cpa.com/resources/prudent-technology-upgrades-call-for-some-soul-searching/) - By now, most business owners view technology upgrades as inevitable. Whether hardware or software, the tech your company relies on to operate will need to change slightly or even drastically for you to stay competitive. Strange as it may sound, technology upgrades demand a bit of soul searching. That is, before spending the money, you - [Married Couples Filing Separate Tax Returns: Why Would They Do It?](https://wwd-cpa.com/resources/married-couples-filing-separate-tax-returns-why-would-they-do-it/) - If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly - [Making Withdrawals From Your Closely Held Corporation That Aren’t Taxed As Dividends](https://wwd-cpa.com/resources/making-withdrawals-from-your-closely-held-corporation-that-arent-taxed-as-dividends/) - Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not deductible by the corporation. Five alternatives - [Take Your Financial Statements To The Next Level](https://wwd-cpa.com/resources/take-your-financial-statements-to-the-next-level/) - Spring is the time of year that calendar-year-end businesses issue financial statements and prepare tax returns. This year, take your financial data beyond compliance. Here’s how financial statements can be used to be proactive, not reactive, to changes in the marketplace. Perform a benchmarking study Financial statements can be used to evaluate the company’s current - [The Donor-Advised Fund: A Powerful Vehicle For Charitable Giving](https://wwd-cpa.com/resources/the-donor-advised-fund-a-powerful-vehicle-for-charitable-giving/) - If charitable giving is important to you, consider a donor-advised fund (DAF). A DAF — typically sponsored and managed by a community foundation or commercial investment company — offers many of the benefits of a private foundation at a fraction of the cost. Upsides of a DAF A DAF allows you to make tax-deductible contributions - [Deciding Between Cash And Accrual Accounting Methods](https://wwd-cpa.com/resources/deciding-between-cash-and-accrual-accounting-methods/) - Small businesses may start off using the cash-basis method of accounting. But many eventually convert to accrual-basis reporting to conform with U.S. Generally Accepted Accounting Principles (GAAP). Which method is right for you? Cash method Under the cash method, companies recognize revenue as customers pay invoices and expenses when they pay bills. As a result, - [Approach Turnaround Acquisitions With Due Care](https://wwd-cpa.com/resources/approach-turnaround-acquisitions-with-due-care/) - Economic changes wrought by the COVID-19 pandemic, along with other factors, drove historic global mergers and acquisitions (M&A) activity in 2021. Experts expect 2022 to be another busy year for dealmaking. In many cases, M&A opportunities arise when a business adversely affected by economic circumstances decides that getting acquired by another company is the optimal - [Walking A Tightrope? ERM Can Help](https://wwd-cpa.com/resources/walking-a-tightrope-erm-can-help/) - If risk wasn’t a nagging concern for nonprofits before the pandemic, it certainly is now. Health risks to staffers, volunteers and clients, and financial threats, including declining donations and increased incidence of fraud, now likely keep many executive directors up at night. But enterprise risk management (ERM) can help not-for-profit organizations find firmer ground. Here’s - [Timing Counts: Reporting Subsequent Events](https://wwd-cpa.com/resources/timing-counts-reporting-subsequent-events/) - Major events or transactions — such as a natural disaster, a cyberattack, a regulatory change or the loss of a large business contract — may happen after the reporting period ends but before financial statements are finalized. The decision of whether to report these so-called “subsequent events” is one of the gray areas in financial - [Did You Give To Charity In 2021? Make Sure You Have Substantiation](https://wwd-cpa.com/resources/did-you-give-to-charity-in-2021-make-sure-you-have-substantiation/) - If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements To prove a charitable - [Important Tax Aspects Of Operating Your Business As A Sole Proprietor](https://wwd-cpa.com/resources/important-tax-aspects-of-operating-your-business-as-a-sole-proprietor/) - If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider: 1. You report income and expenses on Schedule C of Form 1040. The net income is taxable to you regardless - [Audit Disclosures: Why The Fine Print Is Important](https://wwd-cpa.com/resources/audit-disclosures-why-the-fine-print-is-important/) - Footnotes appear at the end of a company’s audited financial statements. These disclosures provide insight into account balances, accounting practices and potential risk factors — knowledge that’s vital to making well-informed lending and investing decisions. Here are examples of key risk factors that you might unearth by reading between the lines in a company’s footnotes. - [The 2021 Gift Tax Return Deadline Is Almost Here, Too](https://wwd-cpa.com/resources/the-2021-gift-tax-return-deadline-is-almost-here-too/) - April 18, 2022, is the deadline for filing your federal income tax return. Keep in mind that the gift tax return deadline is on the very same date. So, if you made large gifts to family members or heirs last year, it’s important to determine whether you’re required to file Form 709. Filing requirements Generally, - [How To Recruit When Job Candidates Have The Upper Hand](https://wwd-cpa.com/resources/how-to-recruit-when-job-candidates-have-the-upper-hand/) - The Great Resignation hasn’t been so great for not-for-profit organizations. As many for-profit businesses — particularly in traditionally low-wage industries — have raised pay and hiring incentives, nonprofits have lost staffers. According to a New York Times analysis of Current Population Survey data, nonprofit employment in November 2021 was 4.8% below its prepandemic level, compared - [2022 Deadlines For Reporting Health Care Coverage Information](https://wwd-cpa.com/resources/2022-deadlines-for-reporting-health-care-coverage-information/) - Ever since the Affordable Care Act was signed into law, business owners have had to keep a close eye on how many employees they’ve had on the payroll. This is because a company with 50 or more full-time employees or full-time equivalents on average during the previous year is considered an applicable large employer (ALE) - [The Ins and Outs of IRAs](https://wwd-cpa.com/resources/the-ins-and-outs-of-iras/) - Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview. Traditional IRAs You can make an annual deductible contribution to a traditional IRA if: You (and your - [Keeping Meticulous Records Is The Key To Tax Deductions And Painless IRS Audits](https://wwd-cpa.com/resources/keeping-meticulous-records-is-the-key-to-tax-deductions-and-painless-irs-audits/) - If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported - [The ABCs Of Activity-Based Costing](https://wwd-cpa.com/resources/the-abcs-of-activity-based-costing/) - Revenue and expenses, as reported on your company’s income statement, have limited usefulness to people inside the organization. Managers often need information presented in a different format in order to make operational and strategic decisions. That’s where activity-based costing comes into play. This costing system is commonly used in the manufacturing and construction sectors to - [Does Your Trust Need Protection?](https://wwd-cpa.com/resources/does-your-trust-need-protection/) - Designing an estate plan can be a delicate balancing act. On the one hand, you want to preserve as much wealth as possible for your family by protecting it from estate taxes and creditors’ claims. On the other hand, you want to have some control over your assets during your life. Unfortunately, these two goals - [What your nonprofit needs for a successful capital campaign](https://wwd-cpa.com/resources/what-your-nonprofit-needs-for-a-successful-capital-campaign/) - Many nonprofits have put major purchases and other ambitious initiatives on hold during the pandemic. But if you need to buy or expand a facility, purchase expensive equipment, or seed an endowment, your organization may not want to wait any longer. A capital campaign to raise funds can be more difficult at this time — - [Let Your Financial Statements Guide You To Optimal Business Decisions](https://wwd-cpa.com/resources/let-your-financial-statements-guide-you-to-optimal-business-decisions/) - Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as the year rolls along. No matter how busy things get, don’t forget about an easily accessible and highly informative resource that’s probably just a few clicks away: your financial statements. Assuming you follow U.S. Generally - [Smooth Sailing: Tips To Speed Processing And Avoid Hassles This Tax Season](https://wwd-cpa.com/resources/smooth-sailing-tips-to-speed-processing-and-avoid-hassles-this-tax-season/) - The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1. Contact us soon for an appointment to prepare your tax return. Tip 2. Gather all documents needed to prepare an accurate return. This - [News for Nonprofits](https://wwd-cpa.com/resources/news-for-nonprofits/) - Support for female causes growing slowly While women’s and girls’ organizations have seen some gains in recent years, a new report from the Lilly Family School of Philanthropy at Indiana University finds they still account for a small percentage of giving. According to “The Women & Girls Index: Measuring Giving to Women’s And Girls’ Causes,” - [Changes Are Coming To Your Auditor’s Report](https://wwd-cpa.com/resources/changes-are-coming-to-your-auditors-report/) - The American Institute of Certified Public Accountants (AICPA) Auditing Standards Board’s latest standards are kicking in, and many nonprofits will notice resulting changes to the format and content of auditor reports on their organizations’ financial statements. The updates are intended to make auditor reports more meaningful and transparent for the users of financial statements, including - [Internet Phishing Schemes: How To Protect Your Nonprofit From Cyberattacks](https://wwd-cpa.com/resources/internet-phishing-schemes-how-to-protect-your-nonprofit-from-cyberattacks/) - The COVID-19 pandemic has resulted in numerous risks for nonprofit organizations. In addition to health-related risks and financial challenges, the pandemic has intensified the threat of cyberattacks. Hackers have grown more sophisticated in recent years. They often target nonprofits because charities hold confidential donor data but may fail to safeguard such data. And the cost - [4 Tips For Rebuilding Your Operating Reserves](https://wwd-cpa.com/resources/4-tips-for-rebuilding-your-operating-reserves/) - The COVID-19 pandemic has driven home many lessons for nonprofits, perhaps none so much as the importance of operating reserves. If your nonprofit is among those organizations with dramatically depleted — or nonexistent — reserves, here are some steps you can take to remedy the situation. 1. Achieve buy-in. It sometimes can be difficult to - [Nonprofit Observer Spring Newsletter](https://wwd-cpa.com/resources/nonprofit-observer-spring-newsletter/) - Here’s a brief glance at what you’ll find in the Spring issue… Nonprofit-Observer-Spring-2022-1Download 4 tips for rebuilding your operating reserves The COVID-19 pandemic has driven home many lessons for nonprofits, perhaps none so much as the importance of operating reserves. This article provides some steps nonprofits with dramatically depleted — or nonexistent — reserves can - [Should You Invest In Custom Software?](https://wwd-cpa.com/resources/should-you-invest-in-custom-software/) - Contractors are regularly urged to buy the latest and greatest high-tech solutions, but no software tool is perfect. Off-the-shelf products don’t always provide the specific functionality needed or “play well” with other systems, forcing employees to engage in redundant and potentially error-ridden practices. All this hassle might lead some contractors to consider engaging an outside - [Strategize To Manage Materials And Labor Costs](https://wwd-cpa.com/resources/strategize-to-manage-materials-and-labor-costs/) - The COVID-19 pandemic’s ongoing impact on supply chains and labor have made managing project costs increasingly difficult for construction companies. Over the past two years, we’ve seen materials costs skyrocket and the availability of supplies and skilled labor plummet. In today’s climate, getting supplies and people to jobsites when they’re needed calls for more planning. - [A GOOD IDEA: BUY-SELL AGREEMENTS](https://wwd-cpa.com/resources/a-good-idea-buy-sell-agreements/) - Life comes at you fast. Marriages end, illnesses and injuries occur, people decide to change careers or retire — sometimes without much advance notice! Any of these events could pose a major problem to any construction company with multiple owners. That’s why having a buy-sell agreement is a good idea. Keeping it fresh A buy-sell - [Infrastructure Projects: A Review Of Bidding Methods For Federal Contracts](https://wwd-cpa.com/resources/infrastructure-projects-a-review-of-bidding-methods-for-federal-contracts/) - With the signing of the Infrastructure Investment and Jobs Act in late 2021, things are looking up for federal construction projects in the months and even years ahead. If your company is considering getting in on the action, but perhaps unfamiliar with the road to get there, the journey will begin as most jobs do - [On-Site Spring Construction Newsletter](https://wwd-cpa.com/resources/on-site-spring-construction-newsletter/) - Here’s a brief glance at what you’ll find in the Spring issue… Infrastructure projects: A review of bidding methods for federal contracts With the signing of the Infrastructure Investment and Jobs Act in late 2021, things are looking up for federal construction projects. For construction companies considering getting in on the action, the journey will - [Entrepreneurs And Taxes: How Expenses Are Claimed On Tax Returns](https://wwd-cpa.com/resources/entrepreneurs-and-taxes-how-expenses-are-claimed-on-tax-returns/) - While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or they needed money due - [Preparations Vs. Compilations](https://wwd-cpa.com/resources/preparations-vs-compilations/) - Your business needs financial statements so management can monitor performance, attract investment capital and borrow money from a bank or other lender. But not all financial statements are created equal. Audited statements are considered the “gold standard” in financial reporting. While public companies are required to issue audited statements, smaller, privately held organizations have options. - [Educate Your Children On Wealth Management](https://wwd-cpa.com/resources/educate-your-children-on-wealth-management/) - If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about money. - [Big, Small Or In-Between: Your Nonprofit’s Board Size Is Up To You](https://wwd-cpa.com/resources/big-small-or-in-between-your-nonprofits-board-size-is-up-to-you/) - When a nonprofit is new, it may struggle to find an adequate number of board members. But as it grows, its board is also likely to grow — sometimes, to an unwieldy size. The question is: How many directors does your organization need to effectively pursue its mission? Perks and drawbacks Both small and large - [Using B2B Media To Lengthen Your Marketing Reach](https://wwd-cpa.com/resources/using-b2b-media-to-lengthen-your-marketing-reach/) - Companies that sell products or services primarily to other businesses face a tough challenge when it comes to marketing. Your customers are likely well-versed and experienced in what they do, so you must not only persuade them to buy from you, but also communicate that you’re an expert in your industry or field. If you - [Numerous Tax Limits Affecting Businesses Have Increased For 2022](https://wwd-cpa.com/resources/numerous-tax-limits-affecting-businesses-have-increased-for-2022/) - Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security tax The amount of an employee’s earnings that is subject to Social Security tax is capped for 2022 at - [How To Forecast Smarter](https://wwd-cpa.com/resources/how-to-forecast-smarter/) - Forecasting key business metrics — such as sales demand, receivables, payables and working capital — can help you reduce excess inventory and other overhead, offer competitive prices, and keep your business on solid financial footing. Although historical financial statements are often the starting point for forecasts, you’ll need to do more than just multiply last - [How Will Revised Tax Limits Affect Your 2022 Taxes?](https://wwd-cpa.com/resources/how-will-revised-tax-limits-affect-your-2022-taxes/) - While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. If you’re like most people, you’re probably more concerned about your 2021 tax bill right now than you are about - [Businesses With Employees Who Receive Tips May Be Eligible For A Tax Credit](https://wwd-cpa.com/resources/businesses-with-employees-who-receive-tips-may-be-eligible-for-a-tax-credit/) - If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Basics of the credit The FICA credit applies with respect to tips that your employees - [Could An FLP Fit Into Your Succession Plan?](https://wwd-cpa.com/resources/could-an-flp-fit-into-your-succession-plan/) - Among the biggest long-term concerns of many business owners is succession planning — how to smoothly and safely transfer ownership and control of the company to the next generation. From a tax perspective, the optimal time to start this process is long before the owner is ready to give up control. A family limited partnership - [How Are Court Awards And Out-Of-Court Settlements Taxed?](https://wwd-cpa.com/resources/how-are-court-awards-and-out-of-court-settlements-taxed/) - Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and perhaps state governments. Hopefully, you’ll never need to know how payments for personal injuries are taxed. - [Reporting and Managing Inventory](https://wwd-cpa.com/resources/reporting-and-managing-inventory/) - Ineffective inventory management and reporting can result in bloated working capital and impaired business profits. In industries that rely on overseas suppliers, best practices for managing inventory may have recently changed. In today’s uncertain marketplace, it’s clearly a good idea to review your current approach and make adjustments as needed. What’s the right reporting method? - [Making Funeral Arrangements In Advance Can Ease Family Turmoil After Your Death](https://wwd-cpa.com/resources/making-funeral-arrangements-in-advance-can-ease-family-turmoil-after-your-death/) - It’s difficult for many people to think about their mortality, so it’s not surprising to learn that many put off planning their own funerals. Unfortunately, this lack of planning may result in emotional turmoil for surviving family members when someone dies unexpectedly. Also, a death in the family may cause unintended financial consequences. Why not - [KPIs: What Are They, And Which Ones Count?](https://wwd-cpa.com/resources/kpis-what-are-they-and-which-ones-count/) - Management needs timely, accurate feedback to guide operating decisions, anticipate problems and take advantage of emerging opportunities. Unfortunately, comprehensive financial statements take a long time to generate. Reporting key performance indicators (KPIs) on a monthly or weekly basis is a simplified alternative to gauge performance in real time. Popular financial metrics KPIs measure an organization’s - [With Proper Planning, A Charitable Remainder Trust Can Replicate A “Stretch” IRA](https://wwd-cpa.com/resources/with-proper-planning-a-charitable-remainder-trust-can-replicate-a-stretch-ira/) - The “stretch” IRA generally no longer exists. But if you have a substantial balance in a traditional IRA, a properly designed charitable remainder trust (CRT) can allow you to replicate many of its benefits. SECURE Act’s effects on stretch IRAs For years, a stretch IRA was an effective tool that allowed your children or other - [3 Steps To A More Financially Resilient Future](https://wwd-cpa.com/resources/3-steps-to-a-more-financially-resilient-future/) - It’s a new year with new opportunities for your not-for-profit to boost its financial resilience. Although COVID-19 continues to make forecasting difficult, your staff and your board’s finance committee can take steps to negotiate obstacles. Here are three. 1. Managing reserves and cash flow Financial reserves have taken a hit across all types of nonprofits, - [Coming Soon: New Accounting Rule On Government Assistance Disclosures](https://wwd-cpa.com/resources/coming-soon-new-accounting-rule-on-government-assistance-disclosures/) - On November 17, the Financial Accounting Standards Board (FASB) issued a new accounting standard on disclosing certain types of government incentives that businesses receive to set up shop in a locality. The standard comes at a time when investors have been clamoring for more detailed information around incentives businesses get — some to the tune of - [Will The Standard Business Mileage Rate Go Up In 2022? Yes!](https://wwd-cpa.com/resources/will-the-standard-business-mileage-rate-go-up-in-2022-yes/) - After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will - [Why Excess Benefit Transactions Are Out-Of-Bounds](https://wwd-cpa.com/resources/why-excess-benefit-transactions-are-out-of-bounds/) - Emily was a dedicated board member of her community’s most prominent social-services charity. But her commitment to the cause and the nonprofit’s programs didn’t prevent her from inadvertently violating the rule against excess benefit transactions. This happened when the organization wanted to build a new facility and bought land from her even though similar, and - [With Year-End Approaching, 3 Ideas That May Help Cut Your Tax Bill](https://wwd-cpa.com/resources/with-year-end-approaching-3-ideas-that-may-help-cut-your-tax-bill/) - If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage - [Are You Ready For The Upcoming Audit Season?](https://wwd-cpa.com/resources/are-you-ready-for-the-upcoming-audit-season/) - An external audit is less stressful and less intrusive if you anticipate your auditor’s document requests. Auditors typically ask clients to provide similar documents year after year. They’ll accept copies or client-prepared schedules for certain items, such as bank reconciliations and fixed asset ledgers. To verify other items, such as leases, invoices and bank statements, - [Small Businesses: There Still May Be Time To Cut Your 2021 Taxes](https://wwd-cpa.com/resources/small-businesses-there-still-may-be-time-to-cut-your-2021-taxes/) - Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase assets Thinking about buying new or used equipment, machinery or office equipment in the new year? Buy them and place them in service by December 31, and you - [Preparing Your Nonprofit For An Enviable Challenge](https://wwd-cpa.com/resources/preparing-your-nonprofit-for-an-enviable-challenge/) - Contending with a large outpouring of support sounds like a problem any not-for-profit would embrace. But, in fact, it’s possible to become overwhelmed by supporter interest and donations — particularly if your organization is small or relatively new. Expanded tax deductions for charitable gifts made in 2021 may boost giving this holiday season. Make sure - [Converting A Traditional IRA To A Roth IRA Can Benefit Your Retirement And Estate Plans](https://wwd-cpa.com/resources/converting-a-traditional-ira-to-a-roth-ira-can-benefit-your-retirement-and-estate-plans/) - Retirement planning and estate planning often go hand in hand: The more you save in retirement, the more you’ll have to pass on to the next generation. If you currently have a substantial balance in a traditional IRA, you may be considering whether you should convert the IRA to a Roth IRA. To answer that - [New Digital Asset Reporting Requirements Will Be Imposed In Coming Years](https://wwd-cpa.com/resources/new-digital-asset-reporting-requirements-will-be-imposed-in-coming-years/) - The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage - [Look To The Future With A QOE Report](https://wwd-cpa.com/resources/look-to-the-future-with-a-qoe-report/) - Are you thinking about merging with or acquiring a business? CPA-prepared financial statements can provide valuable insight into historical financial results. But an independent quality of earnings (QOE) report can be another valuable tool in the due diligence process. It looks beyond the quantitative information provided by the seller’s financial statements. These reports can help - [Why A Gifting Strategy Still Matters](https://wwd-cpa.com/resources/why-a-gifting-strategy-still-matters/) - The IRS recently announced next year’s cost-of-living adjustment amounts. For 2022, the federal gift and estate tax exemption has cracked the $12 million mark: $12.06 million to be exact. Arguably more notable, the annual gift tax exemption has increased by $1,000 to $16,000 per recipient ($32,000 for married couples). It’s adjusted only in $1,000 increments, - [Loan-Hunting Tips For Nonprofits](https://wwd-cpa.com/resources/loan-hunting-tips-for-nonprofits/) - To remain financially afloat and retain staffers, many not-for-profit organizations took advantage of government loan programs in 2020 and 2021. But nonprofits shouldn’t think about borrowing only as an emergency solution. If, for example, your nonprofit is in good shape and wants to make a major capital purchase or launch a new program, you may - [4 Red Flags Of An Unreliable Budget](https://wwd-cpa.com/resources/4-red-flags-of-an-unreliable-budget/) - Every business should prepare an annual budget. Creating a comprehensive, realistic spending plan allows you to identify potential shortages of cash, possible constraints on your capacity to fulfill strategic objectives, and other threats. Whether you’ve already put together a 2022 budget or still need to get on that before year end, here are four red - [Businesses Can Show Appreciation — And Gain Tax Breaks — With Holiday Gifts And Parties](https://wwd-cpa.com/resources/businesses-can-show-appreciation-and-gain-tax-breaks-with-holiday-gifts-and-parties/) - With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after a year of forgoing them due to the pandemic. It’s a good time to brush - [How To Assess Fraud Risks Today](https://wwd-cpa.com/resources/how-to-assess-fraud-risks-today/) - Auditing standards require external auditors to consider potential fraud risks by watching out for conditions that provide the opportunity to commit fraud. Unfortunately, conditions during the COVID-19 pandemic may have increased your company’s fraud risks. For example, more employees may be working remotely than ever before. And some workers may be experiencing personal financial distress - [Consider All The Angles Of Joint Ownership](https://wwd-cpa.com/resources/consider-all-the-angles-of-joint-ownership/) - Estate planners generally tout the virtues of owning property jointly — and with good reason. Joint ownership offers several advantages for surviving family members. But this shouldn’t be viewed as a panacea for every estate planning concern. You must also be aware of all the implications. 2 types of joint ownership As the name implies, - [Competitive Intelligence Can Give Your Marketing Campaigns An Edge](https://wwd-cpa.com/resources/competitive-intelligence-can-give-your-marketing-campaigns-an-edge/) - It’s understandable and indeed critical to focus a marketing campaign on the strengths and distinctive benefits of the products or services in question. However, something that’s easy to overlook is how your business and its offerings differ from — and are preferable to — the competition. Making this distinction isn’t as simple as, “Well, we’re - [Established Nonprofits Must Continue To Build And Grow](https://wwd-cpa.com/resources/established-nonprofits-must-continue-to-build-and-grow/) - If your not-for-profit was well-established before 2020, it has probably weathered the pandemic and economic stress of the past year-and-a-half better than younger organizations. But as you transition out of “survival” mode, challenges remain, including those faced by most nonprofits, such as finding staffers and fundraising in an inhospitable environment. Then there are obstacles specific - [Feeling Generous At Year End? Strategies For Donating To Charity Or Gifting To Loved Ones](https://wwd-cpa.com/resources/feeling-generous-at-year-end-strategies-for-donating-to-charity-or-gifting-to-loved-ones/) - As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to charity Normally, if you take the standard deduction and don’t itemize, you can’t claim a deduction for charitable contributions. But - [Many Factors Are Involved When Choosing A Business Entity](https://wwd-cpa.com/resources/many-factors-are-involved-when-choosing-a-business-entity/) - Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you — a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company (LLC) or S corporation. There are many factors to consider and proposed - [FASB Offers Practical Expedient For Private Companies That Issue Share-Based Awards](https://wwd-cpa.com/resources/fasb-offers-practical-expedient-for-private-companies-that-issue-share-based-awards/) - On October 25, the Financial Accounting Standards Board (FASB) issued a simpler accounting option that will enable private companies to more easily measure certain types of shares they provide to both employees and nonemployees as part of compensation awards. Here are the details. Complex rules Many companies award stock options and other forms of share-based payments - [Do You Have A Will?](https://wwd-cpa.com/resources/do-you-have-a-will/) - The need for a will as a key component of your estate plan may seem obvious, but you’d be surprised by the number of people — even affluent individuals — who don’t have one. A reason for this may be a common misconception that a revocable trust (sometimes called a “living trust”) obviates the need - [Your Board Can’t Do Its Job Without Information From You](https://wwd-cpa.com/resources/your-board-cant-do-its-job-without-information-from-you/) - If your not-for-profit’s board members don’t have the information they need to make decisions, the repercussions can be severe. Board time can be wasted, voting may be delayed and your organization may be unable to act when it needs to. Worse, board members might make decisions based on faulty information, negatively affecting your mission. Here’s - [IRS Announces Adjustments To Key Retirement Plan Limits](https://wwd-cpa.com/resources/irs-announces-adjustments-to-key-retirement-plan-limits/) - In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified Employee Pensions (SARSEPs). - [Protect Your Business With A Cybersecurity Assessment](https://wwd-cpa.com/resources/protect-your-business-with-a-cybersecurity-assessment/) - Years ago, it may have seemed like only government agencies with top-secret intel or wealthy international banks had to worry about hackers. Nowadays, even the smallest small business could see its reputation ruined by a data breach, while larger companies could have their sensitive data taken hostage in a ransomware attack that costs millions to - [Factor In Taxes If You’re Relocating To Another State In Retirement](https://wwd-cpa.com/resources/factor-in-taxes-if-youre-relocating-to-another-state-in-retirement/) - Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local taxes. - [Would You Like To Establish A Health Savings Account For Your Small Business?](https://wwd-cpa.com/resources/would-you-like-to-establish-a-health-savings-account-for-your-small-business/) - With the increasing cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the important - [Data Visualization: A Picture Is Worth 1,000 Words](https://wwd-cpa.com/resources/data-visualization-a-picture-is-worth-1000-words/) - Graphs, performance dashboards and other visual aids can help managers, investors and lenders digest complex financial information. Likewise, auditors also use visual aids during a financial statement audit to quickly identify trends and anomalies that warrant attention. Powerful tool Your auditor uses many tools and techniques to validate the accuracy and integrity of your company’s - [When Nonprofits Should Return Donations](https://wwd-cpa.com/resources/when-nonprofits-should-return-donations/) - Return requests generally are rare, but occasionally donors may ask your not-for-profit to return their gifts. Are you required to comply? What if you’ve already spent the money? Such requests raise many difficult questions — and even the answers can be complicated. But establishing a return policy can help. Common reasons There are several reasons - [What Business Owners Should Know About Stop-Loss Insurance](https://wwd-cpa.com/resources/what-business-owners-should-know-about-stop-loss-insurance/) - When choosing health care benefits, many businesses opt for a self-insured (self-funded) plan rather than a fully insured one. Why? Among various reasons, self-insured plans tend to offer greater flexibility and potentially lower fixed costs. When implementing a self-insured plan, stop-loss insurance is typically recommended. Although buying such a policy isn’t required, many small to - [Happy Thanksgiving](https://wwd-cpa.com/resources/happy-thanksgiving/) - We wish you a Happy Thanksgiving, full of joy and happiness Today & every day we want to say THANK YOU to all of our Clients in appreciation of your business and for your trust in us. - [Thinking About Participating In Your Employer’s 401(K) Plan? Here’s How It Works](https://wwd-cpa.com/resources/thinking-about-participating-in-your-employers-401k-plan-heres-how-it-works/) - Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work, here are some of the features. Under a 401(k) plan, you have the option of setting aside a - [Employers: The Social Security Wage Base Is Increasing In 2022](https://wwd-cpa.com/resources/employers-the-social-security-wage-base-is-increasing-in-2022/) - The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background information The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed - [Demand Mounts For ESG Attestations](https://wwd-cpa.com/resources/demand-mounts-for-esg-attestations/) - Interest in environmental, social and governance (ESG) matters has grown significantly during the COVID-19 pandemic. And that momentum may continue under the Biden administration. Currently, about 90% of large public companies voluntarily publish so-called “sustainability reports” that communicate performance on ESG matters, according to a recent report published by the Center for Audit Quality and - [Estate Planning For The Young And Affluent Can Be Tricky](https://wwd-cpa.com/resources/estate-planning-for-the-young-and-affluent-can-be-tricky/) - Events of the last decade have taught us that tax law is anything but certain. So how can young, affluent people plan their estates when the tax landscape may look dramatically different 20, 30 or 40 years from now — or even a few months from now? The answer is by taking a flexible approach - [Getting Personal For Fundraising Success](https://wwd-cpa.com/resources/getting-personal-for-fundraising-success/) - According to a recent survey conducted by fundraising platform FrontStream, the vast majority (87%) of Americans say they’re donating to charity in 2021. And almost 20% claim they’re giving more this year than they did in 2020. However, remaining uncertainty surrounding COVID-19 and the economy is making fundraising challenging for many not-for-profits right now. Social - [Engaging In Customer-Focused Strategic Planning](https://wwd-cpa.com/resources/engaging-in-customer-focused-strategic-planning/) - When creating or updating your strategic plan, you might be tempted to focus on innovative products or services, new geographic locations, or technological upgrades. But, what about your customers? Particularly if you’re a small to midsize business, focusing your strategic planning efforts on them may be the most direct route to a better bottom line. - [You May Owe “Nanny Tax” Even If You Don’t Have A Nanny](https://wwd-cpa.com/resources/you-may-owe-nanny-tax-even-if-you-dont-have-a-nanny/) - Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a household - [Get Your Piece Of The Depreciation Pie Now With A Cost Segregation Study](https://wwd-cpa.com/resources/get-your-piece-of-the-depreciation-pie-now-with-a-cost-segregation-study/) - If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost - [Going Concern Disclosures Today](https://wwd-cpa.com/resources/going-concern-disclosures-today/) - With the COVID-19 pandemic well into its second year and the start of planning for the upcoming audit season, you may have questions about how to evaluate your company’s going concern status. While some industries appear to have rebounded from the worst of the economic downturn, others continue to struggle with pandemic-related issues, such as - [Don’t Choose Your Executor Too Hastily](https://wwd-cpa.com/resources/dont-choose-your-executor-too-hastily/) - Haste makes waste. Or, in the case of estate planning, it can lead to other problems and, possibly, financial loss. Notably, if you don’t take enough time to choose the best executor for your estate, this “wrong call” can cost your family. Many responsibilities You may think that there’s not much to the job, but - [4 Ways To Refine Your Cash Flow Forecasting](https://wwd-cpa.com/resources/4-ways-to-refine-your-cash-flow-forecasting/) - Run a business for any length of time and the importance of cash flow becomes abundantly clear. When payroll is due, bills are piling up and funds aren’t available, blood pressure tends to rise. For this reason, being able to accurately forecast cash flow is critical. Here are four ways to refine your approach: 1. - [Nonprofit Restructuring Has Become Easier, But Not Without Challenges](https://wwd-cpa.com/resources/nonprofit-restructuring-has-become-easier-but-not-without-challenges/) - A few years ago, IRS Revenue Procedure 2018-15 changed the rules regarding not-for-profit restructuring. If you’ve participated in a restructuring in the past, you’ll be relieved to know that in many cases it’s now easier. Even so, if recent challenges have led your organization to consider restructuring, it’s important to work with a professional advisor, - [Vacation Home: How Is Your Tax Bill Affected If You Rent It Out?](https://wwd-cpa.com/resources/vacation-home-how-is-your-tax-bill-affected-if-you-rent-it-out/) - If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can be complex. It depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by you, your relatives - [New Per Diem Business Travel Rates Became Effective On October 1](https://wwd-cpa.com/resources/new-per-diem-business-travel-rates-became-effective-on-october-1/) - Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. (Taxpayers in the transportation - [10 Financial Statement Areas To Watch For COVID-Related Effects](https://wwd-cpa.com/resources/10-financial-statement-areas-to-watch-for-covid-related-effects/) - The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature of operations and geographic location. Has your organization factored the effects of the pandemic into its financial statements? You might not have considered this question since last year if your organization prepares statements that comply - [Don’t Forget To Take State Estate Taxes Into Account](https://wwd-cpa.com/resources/dont-forget-to-take-state-estate-taxes-into-account/) - A generous gift and estate tax exemption means only a small percentage of families are currently subject to federal estate taxes. But it’s important to consider state estate taxes as well. Although many states tie their exemption amounts to the federal exemption, several states have exemptions that are significantly lower — in some cases $1 - [Remind Your Sales Team About The Power Of Storytelling](https://wwd-cpa.com/resources/remind-your-sales-team-about-the-power-of-storytelling/) - Everyone loves a story. It’s why movies are still big business and many of us spend hours on the couch binge-watching our favorite television shows. What’s important to keep in mind — and to remind your sales team — is that effective storytelling can also drive sales. This doesn’t mean devising fanciful, fictional tales to - [Nonprofits Shouldn’t Venture Abroad Without A Map](https://wwd-cpa.com/resources/nonprofits-shouldnt-venture-abroad-without-a-map/) - Budgetary shortfalls may have your not-for-profit looking for new sources of support. If those sources are international, be careful. Activities such as soliciting donations, recruiting members and selling products in foreign countries can raise tax and legal issues. Is there a need? Before your nonprofit adopts a global strategy, make sure that the need for - [Navigating The Tax Landscape When Donating Works Of Art To Charity](https://wwd-cpa.com/resources/navigating-the-tax-landscape-when-donating-works-of-art-to-charity/) - If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. A charitable contribution of a work of - [Flash Reports: Real-Time Financial Reporting](https://wwd-cpa.com/resources/flash-reports-real-time-financial-reporting/) - Timely financial reporting is key to making informed business decisions. Managers need to know what’s in the pipeline to respond promptly and decisively. Unfortunately, it typically takes several weeks to prepare financial statements under U.S. Generally Accepted Accounting Principles (GAAP). And many companies only produce GAAP financials at the end of the quarter or year. - [Estate Planning Pitfalls Exist If A Significant Portion Of Your Wealth Is Concentrated In A Single Stock](https://wwd-cpa.com/resources/estate-planning-pitfalls-exist-if-a-significant-portion-of-your-wealth-is-concentrated-in-a-single-stock/) - Estate planning and investment risk management go hand in hand. After all, an estate plan is effective only if you have some wealth to transfer to the next generation. One of the most effective strategies for reducing your investment risk is to diversify your holdings. However, it’s not unusual for affluent people to end up - [Is Your Business Tracking Website Metrics?](https://wwd-cpa.com/resources/is-your-business-tracking-website-metrics/) - In today’s data-driven world, business owners are constantly urged to track everything. And for good reason — having accurate, timely information displayed in an easy-to-understand format can allow you to spot trends, avoid risk and take advantage of opportunities. This includes your company’s website. Although social media drives so much of the conversation now when - [Got An Endowment? You Need An Investment Advisor](https://wwd-cpa.com/resources/got-an-endowment-you-need-an-investment-advisor/) - Since the beginning of the pandemic, financial markets have been riding a roller coaster. This volatility is a good reminder that if your nonprofit has an endowment, it could benefit from management by a professional investment advisor. Here’s how to find a qualified advisor. Nonprofit experience required Finding the right investment advisor for your organization - [The Tax Score Of Winning](https://wwd-cpa.com/resources/the-tax-score-of-winning/) - Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rules Whether you win - [M&A Transactions: Be Careful When Reporting To The IRS](https://wwd-cpa.com/resources/ma-transactions-be-careful-when-reporting-to-the-irs/) - Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports that 2021 is set to be the biggest in M&A history, with the United States accounting for $2.14 trillion worth of transactions already this year. - [Is It Time To Upgrade Your Accounting System?](https://wwd-cpa.com/resources/is-it-time-to-upgrade-your-accounting-system/) - Timely financial data is key to making informed business decisions. Unfortunately, it’s common for managers to struggle with their companies’ accounting systems to get the information they need, when they need it. Often, it takes multiple, confusing steps to enter and extract data specific to customers and/or projects. Businesses and accounting software solutions evolve over - [Is Your Power Of Attorney For Property Powerful Enough?](https://wwd-cpa.com/resources/is-your-power-of-attorney-for-property-powerful-enough/) - Your estate plan may include a power of attorney for property that appoints another person to manage your investments, pay your bills, file your tax returns and otherwise handle your property if you’re unable to do so. But not all powers of attorney are created equal. Thus, it’s a good idea to periodically review your - [Keep Nonprofit Board Meetings Short And Sweet](https://wwd-cpa.com/resources/keep-nonprofit-board-meetings-short-and-sweet/) - Whether your not-for-profit is continuing to hold videoconference board meetings or is back to in-person gatherings, you don’t want to waste members’ time. Board meetings need to be long enough to accomplish agenda items and keep your organization on track, but not so long that the meetings become tedious and unproductive. The key is good - [EIDL Program Retooled For Still-Struggling Small Businesses](https://wwd-cpa.com/resources/eidl-program-retooled-for-still-struggling-small-businesses/) - For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and serious staffing shortages. In response, the Small Business Administration (SBA) has retooled its Economic Injury Disaster Loan (EIDL) program to offer targeted relief to eligible - [Is A Health Savings Account Right For You?](https://wwd-cpa.com/resources/is-a-health-savings-account-right-for-you/) - Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. Here are the main tax benefits: Contributions made to an - [Tax Depreciation Rules For Business Automobiles](https://wwd-cpa.com/resources/tax-depreciation-rules-for-business-automobiles/) - If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle. Cents-per-mile vs. - [Related-Party Transactions Draw Attention From Auditors](https://wwd-cpa.com/resources/related-party-transactions-draw-attention-from-auditors/) - Related-party transactions and financial connections are a normal part of operating a business. But these arrangements have gotten a bad rap because dishonest people sometimes use them to disguise poor performance or dishonest activities. So, identifying related parties and evaluating your interactions with them are important parts of the external audit process — especially in - [What Are Your Options To Pay For Long-Term Care?](https://wwd-cpa.com/resources/what-are-your-options-to-pay-for-long-term-care/) - Too often, people planning their estates focus on tax and asset-protection issues and overlook long-term health care needs. But the high cost of long-term care (LTC) can quickly devour resources you need to maintain your lifestyle during retirement and provide for your children or other heirs after your death. Here are a few insurance options - [Opening A New Location Calls For Careful Planning](https://wwd-cpa.com/resources/opening-a-new-location-calls-for-careful-planning/) - The U.S. economy has been nothing short of a roller-coaster ride for the past year and a half. Some industries have had to overcome seemingly insurmountable challenges, while others have seen remarkable growth opportunities arise. If your business is doing well enough for you to consider adding a location, both congratulations and caution are in - [Associations Should Prioritize Common Interests, Not Individual Services](https://wwd-cpa.com/resources/associations-should-prioritize-common-interests-not-individual-services/) - Watch out, nonprofit trade associations! If your group is a 501(c)(6) organization, your activities could potentially threaten your tax-exempt status. To ensure you’re in compliance with IRS rules, you need to routinely review your member offerings and any business you might conduct. Support common interests Trade associations exist to promote their members’ common interests and - [Selling A Home: Will You Owe Tax On The Profit?](https://wwd-cpa.com/resources/selling-a-home-will-you-owe-tax-on-the-profit/) - Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in - [Restating Financial Results](https://wwd-cpa.com/resources/restating-financial-results/) - In the first half of 2021, there was a surge in financial restatements. The reason relates to guidance issued by the Securities and Exchange Commission, requiring special purpose acquisition companies (SPACs) to report warrants as liabilities. SPACs are shell corporations that are listed on a stock exchange with the purpose of acquiring a private company, - [3 Essential Estate Planning Strategies Not To Be Ignored](https://wwd-cpa.com/resources/3-essential-estate-planning-strategies-not-to-be-ignored/) - With most tax planning, there are certain strategies that are generally effective and shouldn’t be ignored. The same holds true for estate planning. Here are three essential estate planning strategies to consider that may help you achieve your goals. 1. Use an ILIT to hold life insurance Do you own an insurance policy on your - [Think Like A Lender Before Applying For A Business Loan](https://wwd-cpa.com/resources/think-like-a-lender-before-applying-for-a-business-loan/) - Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s Paycheck Protection Program has been helpful to many companies, though fraught with administrative challenges. As your business pushes forward, you may find yourself in need of cash in the months ahead. If so, more traditional - [Planning For Year-End Gifts With The Gift Tax Annual Exclusion](https://wwd-cpa.com/resources/planning-for-year-end-gifts-with-the-gift-tax-annual-exclusion/) - As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or - [Claiming A Theft Loss Deduction If Your Business Is The Victim Of Embezzlement](https://wwd-cpa.com/resources/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 recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do. Basic rules for theft losses The tax code - [Best Practices For Reporting Business-Related T&E Expenses](https://wwd-cpa.com/resources/best-practices-for-reporting-business-related-te-expenses/) - Many companies have resumed some level of business-related travel and entertainment (T&E) activities — or they plan to do so this fall. Unfortunately, these expense categories may be susceptible to incomplete recordkeeping and even fraud. So, it’s important for companies to implement formal T&E policies to ensure reporting is detailed and legitimate. Substantiating expenses Traditionally, - [Estate Planning In A Socially Distanced Environment](https://wwd-cpa.com/resources/estate-planning-in-a-socially-distanced-environment/) - As many states continue to struggle with the current surge in COVID-19 cases, the “new normal” demands continued social distancing in many areas of life. What does this mean for estate planning? Clearly, estate planning is as important today — or arguably more important — than ever. But how do you plan your estate and - [Give Your Staffers A Break With An Accountable Plan](https://wwd-cpa.com/resources/give-your-staffers-a-break-with-an-accountable-plan/) - Accountable plans reimburse employees for work-related expenses free of federal income and employment taxes. So reimbursement payments aren’t subject to withholding from staffers’ paychecks. Your not-for-profit also benefits because the reimbursements aren’t subject to the employer’s portion of federal employment taxes. Most prospective employees probably won’t accept a job based on the availability of an - [5 Questions To Ask About Your Marketing Efforts](https://wwd-cpa.com/resources/5-questions-to-ask-about-your-marketing-efforts/) - For many small to midsize businesses, spending money on marketing calls for a leap of faith that the benefits will outweigh the costs. Much of the planning process tends to focus on the initial expenses incurred rather than how to measure return on investment. Here are five questions to ask yourself and your leadership team - [Want To Find Out What IRS Auditors Know About Your Business Industry?](https://wwd-cpa.com/resources/want-to-find-out-what-irs-auditors-know-about-your-business-industry/) - In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can use - [You Can Only Claim A Casualty Loss Tax Deduction In Certain Situations](https://wwd-cpa.com/resources/you-can-only-claim-a-casualty-loss-tax-deduction-in-certain-situations/) - In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there - [Financial Reporting Issues To Consider In “Going Private” Transactions](https://wwd-cpa.com/resources/financial-reporting-issues-to-consider-in-going-private-transactions/) - In the midst of mounting inflation, supply shortages, geopolitical turmoil, threats of cyberattacks and continuing COVID-19 concerns, public stock prices are expected to fluctuate in the coming months. This situation has unsettled shareholders and makes long-term strategic planning challenging. Now might be a good time to consider getting off the rollercoaster by taking your company - [A Tenancy-In-Common Interest Can Ease Distribution Of Real Estate](https://wwd-cpa.com/resources/a-tenancy-in-common-interest-can-ease-distribution-of-real-estate/) - If your estate includes significant real estate investments, the manner in which you own these assets can have a dramatic effect on your estate plan. One versatile estate planning option to consider is tenancy-in-common (TIC) ownership. What is tenancy-in-common? A TIC interest is an undivided fractional interest in property. Rather than splitting the property into - [Your Nonprofit May Have An Internal Controls Gap](https://wwd-cpa.com/resources/your-nonprofit-may-have-an-internal-controls-gap/) - The typical defrauded not-for-profit loses $75,000 per fraud incident, according to the Association of Certified Fraud Examiners. And that doesn’t account for the negative publicity and subsequent lost donations and support that often follow fraud. Although no preventive measure is 100% effective, strong internal controls can greatly reduce the risk that a crooked staffer or - [Expanding Succession Planning Beyond Ownership](https://wwd-cpa.com/resources/expanding-succession-planning-beyond-ownership/) - Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of an ownership change, a solid succession plan can help prevent conflicts and preserve the legacy you’ve spent years or decades building. But if you want to take your succession plan to the next level, consider - [Does Your Employer Provide Life Insurance? Here Are The Tax Consequences](https://wwd-cpa.com/resources/does-your-employer-provide-life-insurance-here-are-the-tax-consequences/) - Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and the coverage is higher than $50,000, there may be undesirable income tax implications. Tax on income you don’t receive The first $50,000 of group term life insurance coverage that your employer provides is excluded - [Getting A Divorce? Be Aware Of Tax Implications If You Own A Business](https://wwd-cpa.com/resources/getting-a-divorce-be-aware-of-tax-implications-if-you-own-a-business/) - If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Tax-free property transfers You can generally divide most assets, including cash and business ownership interests, - [Private companies: Are you on track to meet the 2022 deadline for the updated lease standard?](https://wwd-cpa.com/resources/private-companies-are-you-on-track-to-meet-the-2022-deadline-for-the-updated-lease-standard/) - Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting in fiscal year 2022. The updated guidance requires these organizations to report — for the first time — the full magnitude - [Is Recording My Will Signing On Video A Good Idea?](https://wwd-cpa.com/resources/is-recording-my-will-signing-on-video-a-good-idea/) - Some people make video recordings of their will signings in an effort to create evidence that they possess the requisite testamentary capacity. For some, this strategy may help stave off a will contest. But in most cases, the risk that the recording will provide ammunition to someone who wishes to challenge the will outweighs the - [Put Some Muscle Behind Your Nonprofit’s Capacity-Building Effort](https://wwd-cpa.com/resources/put-some-muscle-behind-your-nonprofits-capacity-building-effort/) - Economic instability caused by the pandemic may have your nonprofit scrambling to find funding. But just as important is making internal adjustments that build your nonprofit’s capacity to fulfill its long-term mission. However, you may want to tweak the standard capacity-building process. Making a case The National Council of Nonprofits defines “capacity building” as the - [IRS Additional Guidance Addresses COBRA Assistance Under ARPA](https://wwd-cpa.com/resources/irs-additional-guidance-addresses-cobra-assistance-under-arpa/) - In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment rights are available to certain assistance eligible individuals (AEIs) during the period beginning on April 1, 2021, and ending on September - [ABLE Accounts May Help Disabled Or Blind Family Members](https://wwd-cpa.com/resources/able-accounts-may-help-disabled-or-blind-family-members/) - There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related - [Possible Tax Consequences Of Guaranteeing A Loan To Your Corporation](https://wwd-cpa.com/resources/possible-tax-consequences-of-guaranteeing-a-loan-to-your-corporation/) - What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. If your corporation defaults on the loan and you’re required to pay principal or - [With A Self-Directed IRA, You Choose Your Own Investments](https://wwd-cpa.com/resources/with-a-self-directed-ira-you-choose-your-own-investments/) - If you’re the type who would rather order ala carte rather than a set entrée, you might prefer a “self-directed” IRA. With this option, you may be able to amp up the benefits of a traditional or Roth IRA by enabling them to hold nontraditional investments of your choosing that can potentially offer greater returns. - [Reaping The Benefits Of Cause Marketing](https://wwd-cpa.com/resources/reaping-the-benefits-of-cause-marketing/) - Starbucks, Nike, Pepsi, Uber and scores of other major companies regularly use cause marketing to burnish their image and reach customers. The not-for-profit organizations that partner with these companies can reap multiple benefits, including financial support and raised awareness of their mission. Cause marketing can take many forms, so it’s important to find both the - [Is Your Business Underusing Its Accounting Software?](https://wwd-cpa.com/resources/is-your-business-underusing-its-accounting-software/) - Someone might have once told you that human beings use only 10% of our brains. The implication is that we have vast, untapped stores of cerebral power waiting to be discovered. In truth, this is a myth widely debunked by neurologists. What you may be underusing, as a business owner, is your accounting software. Much - [Scholarships Are Usually Tax Free But They May Result In Taxable Income](https://wwd-cpa.com/resources/scholarships-are-usually-tax-free-but-they-may-result-in-taxable-income/) - If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It doesn’t matter if the scholarship makes a direct - [Large Cash Transactions With Your Business Must Be Reported To The IRS](https://wwd-cpa.com/resources/large-cash-transactions-with-your-business-must-be-reported-to-the-irs/) - If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements? Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or two or more related transactions), must file - [Have You Followed Up On The Management Letter From Your Audit Team?](https://wwd-cpa.com/resources/have-you-followed-up-on-the-management-letter-from-your-audit-team/) - Auditors typically deliver financial statements to calendar-year businesses in the spring. A useful tool that accompanies the annual report is the management letter. It may provide suggestions — based on industry best practices — on how to fortify internal control systems, streamline operations and reduce expenses. Managers generally appreciate the suggestions found in management letters. - [On-Site Fall Construction Newsletter](https://wwd-cpa.com/resources/on-site-fall-construction-newsletter/) - Here’s a brief glance at what you’ll find in the Fall issue below… Year-end tax planning Work Opportunity Tax Credit could solve two problems For contractors, the struggle to find skilled workers is real. One way construction companies can widen their hiring pools while potentially qualifying for a valuable tax break is to complete the - [A Family Bank Professionalizes Intrafamily Lending](https://wwd-cpa.com/resources/a-family-bank-professionalizes-intrafamily-lending/) - Because of the COVID-19 pandemic and the resulting economic turndown in some areas, you may have family members in need of financial support. If you’re interested in lending money to loved ones in need, consider establishing a “family bank.” These entities enhance the benefits of intrafamily loans, while minimizing unintended consequences. Intrafamily loans Lending can - [5 Ways Nonprofits Can Prepare For An Audit](https://wwd-cpa.com/resources/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 following steps. 1. Reconcile routinely You shouldn’t wait until audit time to reconcile accounts — for example, cash, receivables, pledges, payables, accruals and revenues. Reconcile general ledger account - [DEI Programs Are Good For Business](https://wwd-cpa.com/resources/dei-programs-are-good-for-business/) - Many businesses are spending more time and resources on supporting the well-being of their employees. This includes recognizing and addressing issues related to diversity, equity and inclusion (DEI). A thoughtfully designed DEI program can do more than just head off potential conflicts and disruptions among coworkers; it can help you attract good job candidates, retain - [5 Possible Tax Aspects Of A Parent Moving Into A Nursing Home](https://wwd-cpa.com/resources/5-possible-tax-aspects-of-a-parent-moving-into-a-nursing-home/) - If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical - [Is An LLC The Right Choice For Your Small Business?](https://wwd-cpa.com/resources/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 want to know your options for setting it up. Here are the basics of operating as an LLC and why it might be - [Financial Statements: Take The Time To Read The Entire Story](https://wwd-cpa.com/resources/financial-statements-take-the-time-to-read-the-entire-story/) - A complete set of financial statements for your business contains three reports. Each serves a different purpose, but ultimately helps stakeholders — including managers, employees, investors and lenders — evaluate a company’s performance. Here’s an overview of each report and a critical question it answers. 1. Income statement: Is the company growing and profitable? The - [Keep Family Matters Out Of The Public Eye By Avoiding Probate](https://wwd-cpa.com/resources/keep-family-matters-out-of-the-public-eye-by-avoiding-probate/) - Although probate can be time consuming and expensive, one of its biggest downsides is that it’s public — anyone who’s interested can find out what assets you owned and how they’re being distributed after your death. The public nature of probate may also draw unwanted attention from disgruntled family members who may challenge the disposition - [Nonprofit Fundraising: From Ad Hoc To Ongoing](https://wwd-cpa.com/resources/nonprofit-fundraising-from-ad-hoc-to-ongoing/) - When not-for-profits first start up, fundraising can be an ad hoc process, with intense campaigns followed by fallow periods. As organizations grow and acquire staff and support, they generally decide that fundraising needs to be ongoing. But it can be hard to maintain focus and momentum without a strategic fundraising plan. Here’s how to create - [Get Serious About Your Strategic Planning Meetings](https://wwd-cpa.com/resources/get-serious-about-your-strategic-planning-meetings/) - Most business owners would likely agree that strategic planning is important. Yet many companies rarely engage in active measures to gather and discuss strategy. Sometimes strategic planning is tacked on to a meeting about something else; other times it occurs only at the annual company retreat when employees may feel out of their element and - [You May Have Loads Of Student Debt, But It May Be Hard To Deduct The Interest](https://wwd-cpa.com/resources/you-may-have-loads-of-student-debt-but-it-may-be-hard-to-deduct-the-interest/) - More than 43 million student borrowers are in debt with an average of $39,351 each, according to the research group EducationData.org. If you have student loan debt, you may wonder if you can deduct the interest you pay. The answer is yes, subject to certain limits. However, the deduction is phased out if your adjusted - [Remembering September 11, 2001](https://wwd-cpa.com/resources/remembering-september-11-2001/) - Today, we take a moment of silence to remember the innocent people who were just going about their day, to remember the heroes aboard flight 93, the family members left behind to mourn their lost loved ones, the brave men and women who arrived on the scene to help, the brave men and women who - [Analytics Software: A Brave New World In Auditing](https://wwd-cpa.com/resources/analytics-software-a-brave-new-world-in-auditing/) - Analytical software tools will never fully replace auditors, but they can help auditors do their work more efficiently and effectively. Here’s an overview of how data analytics — such as outlier detection, regression analysis and semantic modeling — can enhance the audit process. Auditors bring experience and professional skepticism When it’s appropriate, instead of manually - [The Deductibility Of Corporate Expenses Covered By Officers Or Shareholders](https://wwd-cpa.com/resources/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 corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation. Deductible vs. nondeductible - [Can A Broken Trust Be Fixed?](https://wwd-cpa.com/resources/can-a-broken-trust-be-fixed/) - An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves your purposes? Is it too late to change it? Depending on applicable state law, you may have several options for fixing a “broken” trust. How trusts break There are several reasons a trust can break, - [HR Outsourcing: Considerations For Nonprofits](https://wwd-cpa.com/resources/hr-outsourcing-considerations-for-nonprofits/) - The global market for human resources outsourcing was approximately $32.8 billion in 2020 and is projected to rise to $45.8 billion by 2027, according to market research company Reportlinker. Should your not-for-profit join the many organizations that have already determined that outsourcing HR makes financial and operational sense? Here’s what you should consider before acting. Take a - [Keeping Remote Sales Sharp In The New Normal](https://wwd-cpa.com/resources/keeping-remote-sales-sharp-in-the-new-normal/) - The COVID-19 pandemic has dramatically affected the way people interact and do business. Even before the crisis, there was a trend toward more digital interactions in sales. Many experts predicted that companies’ experiences during the pandemic would accelerate this trend, and that seems to be coming to pass. As this transformation continues, your business should - [Getting A New Business Off The Ground: How Start-Up Expenses Are Handled On Your Tax Return](https://wwd-cpa.com/resources/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 reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number. Entrepreneurs often don’t know - [There’s Currently A “Stepped-Up Basis” If You Inherit Property — But Will It Last?](https://wwd-cpa.com/resources/theres-currently-a-stepped-up-basis-if-you-inherit-property-but-will-it-last/) - If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, - [Internal Control Questionnaires: How To See The Complete Picture](https://wwd-cpa.com/resources/internal-control-questionnaires-how-to-see-the-complete-picture/) - Businesses rely on internal controls to help ensure the accuracy and integrity of their financial statements, as well as prevent fraud, waste and abuse. Given their importance, internal controls are a key area of focus for internal and external auditors. Many auditors use detailed internal control questionnaires to help evaluate the internal control environment — - [A Fresh Look At CRTs, CRATs And CRUTs](https://wwd-cpa.com/resources/a-fresh-look-at-crts-crats-and-cruts/) - A charitable remainder trust (CRT) allows you to support a favorite charity while potentially boosting your cash flow, shrinking the size of your taxable estate, and reducing or deferring income taxes. In a nutshell, you contribute stock or other assets to an irrevocable trust that provides you — and, if you desire, your spouse (or - [Does Your Nonprofit Owe Tax On Its Sponsorships And Advertising?](https://wwd-cpa.com/resources/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 to your tax-exempt purpose, you may unwittingly expose your organization to UBIT liability. The rules governing these types of support are complicated, so it’s important to have a - [Can Taxpayers Who Manage Their Own Investment Portfolios Deduct Related Expenses? It Depends](https://wwd-cpa.com/resources/can-taxpayers-who-manage-their-own-investment-portfolios-deduct-related-expenses-it-depends/) - Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses aren’t deductible through 2025 if they’re considered investment expenses for the production of income. But they’re deductible if they’re considered trade or business expenses. For years before 2018, production-of-income - [5 Ways To Take Action On Accounts Receivable](https://wwd-cpa.com/resources/5-ways-to-take-action-on-accounts-receivable/) - No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will likely stumble and could even collapse. If your collections aren’t as efficient as you’d like, consider these five - [Who In A Small Business Can Be Hit With The “Trust Fund Recovery Penalty?”](https://wwd-cpa.com/resources/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 the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because taxes are considered - [Is Your Company Ready For Agile Auditing?](https://wwd-cpa.com/resources/is-your-company-ready-for-agile-auditing/) - Agility — or the ability to react quickly — is essential to surviving and thriving in today’s competitive landscape. Though agile techniques were originally used in the realm of software development, this concept has many applications in the modern business world, including how companies approach their internal audits. Here’s an overview of agile auditing and - [Heading Across State Lines With Your Trust Requires Planning](https://wwd-cpa.com/resources/heading-across-state-lines-with-your-trust-requires-planning/) - In some cases, it may be desirable to move a trust to a more favorable jurisdiction. But moving a trust from one state to another can present significant risks, so don’t attempt to do so without considering all the benefits, limitations and risks, and obtaining professional advice. Reasons to move a trust There are many - [IRS Extends Administrative Relief For 401(K) Plans](https://wwd-cpa.com/resources/irs-extends-administrative-relief-for-401k-plans/) - As mitigation measures related to COVID-19 ease, it will be interesting to see which practices and regulatory changes taken in response to the pandemic remain in place long-term. One of them might be relief from a sometimes-inconvenient requirement related to the administration of 401(k) plans. A virtual solution In IRS Notice 2021-40, the IRS recently - [Cryptocurrency Donations: Will Your Nonprofit Accept Them?](https://wwd-cpa.com/resources/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 “yes” to a Bitcoin (or other cryptocurrency) gift, make sure you understand the issues involved — including the risks. Virtual currency = risk Cryptocurrency refers to - [IRS Audits May Be Increasing, So Be Prepared](https://wwd-cpa.com/resources/irs-audits-may-be-increasing-so-be-prepared/) - The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just 0.5% - [10 Facts About The Pass-Through Deduction For Qualified Business Income](https://wwd-cpa.com/resources/10-facts-about-the-pass-through-deduction-for-qualified-business-income/) - Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction. It’s available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships and S corporations. It may also be claimed - [Auditing WIP](https://wwd-cpa.com/resources/auditing-wip/) - Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production is a continuous process. So, any work that’s been started but isn’t yet completed before the end of the accounting period is reported as work in progress (WIP) under U.S. Generally Accepted Accounting Principles (GAAP). - [Does Your Estate Plan Address Your Grandchildren In A Fair Manner?](https://wwd-cpa.com/resources/does-your-estate-plan-address-your-grandchildren-in-a-fair-manner/) - Many people, when planning their estates, simply divide their assets equally among their children. But “equal” may not necessarily mean “fair.” It all depends on your family’s circumstances. Specifically, providing for grandchildren is one area where equal treatment may inadvertently result in unfairness. Consider this scenario Bob has two adult children, Ted and Carol. Ted - [Critical Path Method Can Propel IT Projects](https://wwd-cpa.com/resources/critical-path-method-can-propel-it-projects/) - Among the only certainties of business technology is that it will continue changing. One consequence of this is a regular need for companies to undertake IT projects such as developing custom software or upgrading network infrastructure. Much like a physical construction job, IT projects often look eminently feasible on “paper” but may get bogged down - [Are You A Nonworking Spouse? You May Still Be Able To Contribute To An IRA](https://wwd-cpa.com/resources/are-you-a-nonworking-spouse-you-may-still-be-able-to-contribute-to-an-ira/) - Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a - [Follow The Cutoff Rules For Revenue And Expenses](https://wwd-cpa.com/resources/follow-the-cutoff-rules-for-revenue-and-expenses/) - Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a strict “cutoff” for recognizing revenue and expenses. However, during the COVID-19 pandemic, managers may be tempted to show earnings or reduce losses. As a result, they may extend revenue cutoffs beyond the end of the - [Is Your Nonprofit Complying With Federal Procurement Requirements?](https://wwd-cpa.com/resources/is-your-nonprofit-complying-with-federal-procurement-requirements/) - “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards” (Uniform Guidance) applies to all not-for-profits that accept federal funding. It has been updated and amended several times, most recently in 2020. So if you haven’t reviewed your own organization’s procurement policies lately, now’s a good time to ensure you’re in compliance. Pay attention - [Make Health Care Decisions While You’re Healthy](https://wwd-cpa.com/resources/make-health-care-decisions-while-youre-healthy/) - Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them yourself. And, as with other aspects of your estate plan, the time to act is - [Are Your Company’s Job Descriptions Pulling Their Weight?](https://wwd-cpa.com/resources/are-your-companys-job-descriptions-pulling-their-weight/) - At many businesses, job descriptions have it easy. They were “hired” (that is, written) many years ago. They haven’t had to change or do anything, really, besides get copied and pasted into a want ad occasionally. They’re not really good at what they do, but they’re used again and again because everyone assumes they’re just - [Seniors May Be Able To Write Off Medicare Premiums On Their Tax Returns](https://wwd-cpa.com/resources/seniors-may-be-able-to-write-off-medicare-premiums-on-their-tax-returns/) - Are you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But there may be a bright side: You may qualify for - [Traveling For Business Again? What Can You Deduct?](https://wwd-cpa.com/resources/traveling-for-business-again-what-can-you-deduct/) - As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay. Note - [Members Of The Sandwich Generation Find Themselves In A Unique Situation](https://wwd-cpa.com/resources/members-of-the-sandwich-generation-find-themselves-in-a-unique-situation/) - The “sandwich generation” is a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. As a result, estate planning — which traditionally focuses on providing for one’s children — has expanded in many cases to include one’s aging parents as well. - [Accounting Methods: Private Companies Have Options](https://wwd-cpa.com/resources/accounting-methods-private-companies-have-options/) - Businesses need financial information that’s accurate, relevant and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the “gold standard” in financial reporting in the United States. But privately held companies can use simplified alternative accounting methods. What’s right for your business depends on - [Collective Impact Projects Find Strength In Numbers](https://wwd-cpa.com/resources/collective-impact-projects-find-strength-in-numbers/) - Collective impact projects are collaborations between not-for-profits, government, businesses and communities with the goal of achieving challenging and complicated social objectives. They can succeed in ways that simply aren’t available to individual organizations. But they also require a level of commitment your nonprofit may not be prepared for. A common cause Collective impact is more - [Don’t Assume Your Profitable Company Has Strong Cash Flow](https://wwd-cpa.com/resources/dont-assume-your-profitable-company-has-strong-cash-flow/) - Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of the expression goes. A dangerous assumption that many business owners make is that, if their companies are profitable, their cash flow must also be strong. - [Tax-Favored Ways To Build Up A College Fund](https://wwd-cpa.com/resources/tax-favored-ways-to-build-up-a-college-fund/) - If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities for eligible - [Accounting Estimates Present Challenges In Times Of Uncertainty](https://wwd-cpa.com/resources/accounting-estimates-present-challenges-in-times-of-uncertainty/) - In today’s unprecedented market conditions, it can be challenging to predict metrics that underlie your company’s accounting estimates. Examples of key “unknowns” include how much longer certain pandemic issues will continue, how federal stimulus spending will affect the economy over the long run, and the extent to which tax laws and environment regulations may change - [What Nonprofit Board Members Need To Know About Fiduciary Duties](https://wwd-cpa.com/resources/what-nonprofit-board-members-need-to-know-about-fiduciary-duties/) - It takes more than dedication and enthusiasm for your not-for-profit’s cause and programs to make a good board member. The most critical duty for all board members is being a fiduciary. This means, among other things, that they can be trusted to always act in their nonprofit’s best interests, avoid unnecessary risk, make decisions thoughtfully - [Help Guide Your Family With A Road Map For Your Estate Plan](https://wwd-cpa.com/resources/help-guide-your-family-with-a-road-map-for-your-estate-plan/) - You’ve likely spent a lot of time working with your advisor to plan your estate. While documents such as your will, various trusts and a power of attorney are essential, consider adding a “road map” to your plan. Plot it out Essentially, the road map is an informal letter or other document that guides your - [Pondering The Possibility Of A Company Retreat](https://wwd-cpa.com/resources/pondering-the-possibility-of-a-company-retreat/) - As vaccination levels rise and major U.S. population centers fully reopen, business owners may find themselves pondering an intriguing thought: Should we have a company retreat this year? Although there are still health risks to consider, your employees may love the idea of attending an in-person event after so many months of video calls, emails - [Retiring Soon? 4 Tax Issues You May Face](https://wwd-cpa.com/resources/retiring-soon-4-tax-issues-you-may-face/) - If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is the minimum amount you must withdraw from your retirement accounts. You - [Recordkeeping Dos And DON’Ts For Business Meal And Vehicle Expenses](https://wwd-cpa.com/resources/recordkeeping-dos-and-donts-for-business-meal-and-vehicle-expenses/) - If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting - [Hit Or Miss: Is Your Working Capital On-Target?](https://wwd-cpa.com/resources/hit-or-miss-is-your-working-capital-on-target/) - Working capital equals the difference between current assets and current liabilities. Organizations need a certain amount of working capital to run their operations smoothly. The optimal (or “target”) amount of working capital depends on the nature of operations and the industry. Inefficient working capital management can hinder growth and performance. Benchmarks The term “liquidity” refers - [Estate Planning in the FAST Lane](https://wwd-cpa.com/resources/estate-planning-in-the-fast-lane/) - Traditionally, estate planning has focused on more technical objectives, such as minimizing gift and estate taxes and protecting assets against creditors’ claims or lawsuits. These goals are still important, but affluent families are increasingly turning their attention to “softer,” yet equally critical, aspirations, such as educating the younger generation, preparing them to manage wealth responsibly, - [Director Kathy Corcoran Celebrates 20 Years](https://wwd-cpa.com/resources/director-kathy-corcoran-celebrates-20-years/) - Kathy joined Wheeler Wolfenden and Dwares, CPAs in 2001, after graduating from the University of Delaware with a bachelor of science degree in Accounting. Congratulations on 20 years! - [Nonprofits: Limit Disaster Damage With A Plan](https://wwd-cpa.com/resources/nonprofits-limit-disaster-damage-with-a-plan/) - COVID-19 was a kind of disaster most not-for-profits weren’t prepared for. As your organization recovers from this unusual event, don’t let it become vulnerable to other, more common, threats. Every nonprofit needs a formal disaster plan for such risks as a fire, natural disaster or terrorist attack. Isolate threats No organization can anticipate or eliminate - [The Long And Short Of Succession Planning](https://wwd-cpa.com/resources/the-long-and-short-of-succession-planning/) - For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon. But if the past year or so have taught us anything, it’s that anything can happen. Owners who’ve built - [Plan Ahead For The 3.8% Net Investment Income Tax](https://wwd-cpa.com/resources/plan-ahead-for-the-3-8-net-investment-income-tax/) - High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified adjusted gross income (MAGI) exceeds: $250,000 for married taxpayers filing jointly and surviving spouses,$125,000 - [Hiring Your Minor Children This Summer? Reap Tax And Nontax Benefits](https://wwd-cpa.com/resources/hiring-your-minor-children-this-summer-reap-tax-and-nontax-benefits/) - If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income,Realize - [How To Strengthen Your Internal Controls](https://wwd-cpa.com/resources/how-to-strengthen-your-internal-controls/) - Internal controls are a system of policies and procedures organizations put in place to protect assets and improve operating efficiency. Effective internal controls are critical to accurate financial reporting. A solid system of controls can help prevent, detect and correct financial misstatements due to errors and fraud. Internal and external risk factors evolve over time. - [Making The Decision To Hire New Nonprofit Staffers](https://wwd-cpa.com/resources/making-the-decision-to-hire-new-nonprofit-staffers/) - Many Americans remain unemployed due to the COVID-19 pandemic — at least 9.8 million at the end of April, according to the U.S. Bureau of Labor Statistics. But that’s expected to change quickly as employers ramp up hiring activities. If your not-for-profit will soon need new staffers, you might want to start putting out feelers now. - [Are You Ready For The Return Of Trade Shows And Other Events?](https://wwd-cpa.com/resources/are-you-ready-for-the-return-of-trade-shows-and-other-events/) - It’s happening. With vaccination rates rising and the more severe effects of the pandemic trending downward, several industries have announced in-person trade shows for later this year. Meanwhile, over the summer, businesses will likely see marketing opportunities in other events such as “sidewalk days” and local festivals. Are you and your team ready to get - [The IRS Has Announced 2022 Amounts For Health Savings Accounts](https://wwd-cpa.com/resources/the-irs-has-announced-2022-amounts-for-health-savings-accounts/) - 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 - [Many Parents Will Receive Advance Tax Credit Payments Beginning July 15](https://wwd-cpa.com/resources/many-parents-will-receive-advance-tax-credit-payments-beginning-july-15/) - Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? The ARPA temporarily expanded and made CTCs refundable - [Using Your Financial Statements To Evaluate Capital Budgeting Decisions](https://wwd-cpa.com/resources/using-your-financial-statements-to-evaluate-capital-budgeting-decisions/) - Strategic investments — such as expanding a plant, purchasing a major piece of equipment or introducing a new product line — can add long-term value. But management shouldn’t base these decisions on gut instinct. A comprehensive, formal analysis can help minimize the guesswork and maximize your return on investment. Forecasting cash flows Financial forecasts typically - [Protect Your Assets With A “Hybrid” DAPT](https://wwd-cpa.com/resources/protect-your-assets-with-a-hybrid-dapt/) - One benefit of the current federal gift and estate tax exemption amount ($11.7 million in 2021) is that it allows most people to focus their estate planning efforts on asset protection and other wealth preservation strategies, rather than tax minimization. (Although, be aware that President Biden has indicated that he’d like to roll back the - [Is A Merger In Your Nonprofit’s Post-Pandemic Plans?](https://wwd-cpa.com/resources/is-a-merger-in-your-nonprofits-post-pandemic-plans/) - As the COVID-19 pandemic finally seems to be fading in the United States, your not-for-profit organization may be making plans for its post-pandemic future. Is a merger with another nonprofit part of these plans? A merger can provide your organization with greater stability and resilience so that you can survive any new challenges that comes - [Getting Max Value Out Of Your CRM Software](https://wwd-cpa.com/resources/getting-max-value-out-of-your-crm-software/) - The days of the Rolodex are long gone. To connect with customers and prospects, many businesses now rely on customer relationship management (CRM) software. These solutions give users easy access to comprehensive information — including detailed notes on existing connections with targeted individuals and companies — that can enhance marketing efforts and boost sales. CRM - [Still Have Questions After You File Your Tax Return?](https://wwd-cpa.com/resources/still-have-questions-after-you-file-your-tax-return/) - 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 - [What’s “Fair Value” In An Accounting Context?](https://wwd-cpa.com/resources/whats-fair-value-in-an-accounting-context/) - In recent years, the accounting rules for certain balance sheet items have transitioned from historical cost to “fair value.” Examples of assets that may currently be reported at fair value are asset retirement obligations, derivatives and intangible assets acquired in a business combination. Though fair value may better align your company’s financial statements with today’s - [An S Corporation Could Cut Your Self-Employment Tax](https://wwd-cpa.com/resources/an-s-corporation-could-cut-your-self-employment-tax/) - If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. Fundamentals of self-employment tax The self-employment tax is imposed on 92.35% - [Beware Of The “Reciprocal Trust” Doctrine](https://wwd-cpa.com/resources/beware-of-the-reciprocal-trust-doctrine/) - If you and your spouse have similar irrevocable trusts that benefit each other, it’s important to know that the trusts might be subject to the “reciprocal trust” doctrine. In a nutshell, the doctrine prohibits tax avoidance through trusts that are interrelated and place both spouses in the same economic position as if they’d each created - [Time To Plan An In-Person Board Retreat?](https://wwd-cpa.com/resources/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 directors. Members are likely to welcome the opportunity to see one another again in the flesh and a retreat can provide them with a chance to de-stress - [Look At Your Employee Handbook With Fresh Eyes](https://wwd-cpa.com/resources/look-at-your-employee-handbook-with-fresh-eyes/) - For businesses, so much has changed over the past year or so. The COVID-19 pandemic hit suddenly and companies were forced to react quickly — sending many employees home to work remotely and making myriad other tweaks and revisions to their processes. Understandably, you may not have fully documented all the changes you’ve made. But - [Working In The Gig Economy Results In Tax Obligations](https://wwd-cpa.com/resources/working-in-the-gig-economy-results-in-tax-obligations/) - Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost income. There are tax consequences for the people who perform - [Happy Memorial Day](https://wwd-cpa.com/resources/happy-memorial-day/) - [Help Ensure The IRS Doesn’t Reclassify Independent Contractors As Employees](https://wwd-cpa.com/resources/help-ensure-the-irs-doesnt-reclassify-independent-contractors-as-employees/) - Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error. It can be complex to determine whether a worker is an independent contractor or an - [Receivables May Be A Source Of Cash In Tough Times](https://wwd-cpa.com/resources/receivables-may-be-a-source-of-cash-in-tough-times/) - Many companies are continuing to struggle financially during the COVID-19 pandemic. If cash is tight, what can your business do to shorten its cash cycle? The answer could lie in your outstanding accounts receivable. Here are five strategies to help convert receivables into cash ASAP. 1. Apply for a line of credit. A line of - [A Difficult Decision: Choosing A Guardian For Your Children](https://wwd-cpa.com/resources/a-difficult-decision-choosing-a-guardian-for-your-children/) - If you have minor children, choosing a guardian to care for them should you die unexpectedly is one of the most important estate planning decisions you must make. It’s also one of the most difficult. So difficult, in fact, that avoiding it is one of the most common reasons people put off drafting an estate - [Do You Know The New Accounting Rules For Gifts In Kind?](https://wwd-cpa.com/resources/do-you-know-the-new-accounting-rules-for-gifts-in-kind/) - If your not-for-profit organization accepts contributions of nonfinancial assets, such as land, services and supplies, you should know about Financial Accounting Standards Board (FASB) rules approved last year. Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets is intended to increase transparency around gifts in kind. - [Liabilities For Unused Time Off Mount As Pandemic Lingers](https://wwd-cpa.com/resources/liabilities-for-unused-time-off-mount-as-pandemic-lingers/) - During the pandemic, many employees have postponed using their allotted paid time off until COVID-related restrictions are lifted and safety concerns subside. This situation has caused an increase in accruals for certain employers. Here’s some guidance to help evaluate whether your company is required to report a liability for so-called “compensated absences” and, if so, - [Providing Education Assistance To Employees? Follow These Rules](https://wwd-cpa.com/resources/providing-education-assistance-to-employees-follow-these-rules/) - Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of instruction or training - [4 Reasons To Revisit Your Powers Of Attorney](https://wwd-cpa.com/resources/4-reasons-to-revisit-your-powers-of-attorney/) - Although much of estate planning deals with what happens after you die, it’s equally important to have a plan for making critical financial or medical decisions if you’re unable to make them for yourself. Carefully designed financial and health care powers of attorney allow you to designate a trusted person to make financial and medical - [Minimize The Need To Make Year-End Financial Adjustments](https://wwd-cpa.com/resources/minimize-the-need-to-make-year-end-financial-adjustments/) - 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. Here’s - [Is Your Wellness Program Built On A Solid Foundation?](https://wwd-cpa.com/resources/is-your-wellness-program-built-on-a-solid-foundation/) - In a society increasingly conscious of well-being, with the costs of health care benefits remaining high, many businesses have established or are considering employee wellness programs. The Centers for Disease Control and Prevention (CDC) has defined these programs as “a health promotion activity or organization-wide policy designed to support healthy behaviors and improve health outcomes - [Claiming The Business Energy Credit For Using Alternative Energy](https://wwd-cpa.com/resources/claiming-the-business-energy-credit-for-using-alternative-energy/) - Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property. The credit is intended primarily for business users of alternative energy (other energy tax - [Why It’s Important To Meet The Tax Return Filing And Payment Deadlines](https://wwd-cpa.com/resources/why-its-important-to-meet-the-tax-return-filing-and-payment-deadlines/) - The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty - [Accounting For Business Combinations](https://wwd-cpa.com/resources/accounting-for-business-combinations/) - If your company is planning to merge with or buy another business, your attention is probably on conducting due diligence and negotiating deal terms. But you also should address the post-closing financial reporting requirements for the transaction. If not, it may lead to disappointing financial results, restatements and potential lawsuits after the dust settles. Here’s - [Should A Tax Apportionment Clause Be In Your Estate Plan?](https://wwd-cpa.com/resources/should-a-tax-apportionment-clause-be-in-your-estate-plan/) - Even though the federal gift and estate tax exemption is currently very high ($11.7 million for 2021), there are families that still have to contend with significant federal estate tax liability. Plus, the exemption is scheduled to drop significantly in 2026, and reducing it sooner has been proposed. Even if you aren’t subject to federal - [Reduce Your Nonprofit’s Liability Risk With D&O Insurance](https://wwd-cpa.com/resources/reduce-your-nonprofits-liability-risk-with-do-insurance/) - Not-for-profit organizations may operate under the assumption that their missions and their board members’ good intentions protect them from litigation. Sometimes, this assumption is proven wrong with a lawsuit. To protect your leaders from financial exposure, consider directors and officers (D&O) liability insurance. This coverage allows board members to make decisions without fear that they’ll - [Unemployed Last Year? Buying Health Insurance This Year? You May Benefit From Favorable New Changes](https://wwd-cpa.com/resources/unemployed-last-year-buying-health-insurance-this-year-you-may-benefit-from-favorable-new-changes/) - In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return - [Ensure Competitive Intelligence Efforts Are Helpful, Not Harmful](https://wwd-cpa.com/resources/ensure-competitive-intelligence-efforts-are-helpful-not-harmful/) - With so many employees working remotely these days, engaging in competitive intelligence has never been easier. The Internet as a whole, and social media specifically, create a data-rich environment in which you can uncover a wide variety of information on what your competitors are up to. All you or an employee need do is open - [Know The Ins And Outs Of “Reasonable Compensation” For A Corporate Business Owner](https://wwd-cpa.com/resources/know-the-ins-and-outs-of-reasonable-compensation-for-a-corporate-business-owner/) - Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Thus, if funds are paid as dividends, they’re taxed twice, once to the - [What’s On The FASB’s 2021 Agenda?](https://wwd-cpa.com/resources/whats-on-the-fasbs-2021-agenda/) - In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders in early 2021, Jones identified a list of high-priority projects that he plans to tackle under his leadership. Big picture The FASB is responsible for creating and updating U.S. Generally Accepted Accounting Principles (GAAP), the - [Happy Mother's Day](https://wwd-cpa.com/resources/happy-mothers-day/) - What is a Mother? A mother is someone to shelter and guide us,To love us, whatever we do,With a warm understanding and infinite patience,And wonderful gentleness, too.How often a mother means swift reassuranceIn soothing our small, childish fears,How tenderly mothers watch over their childrenAnd treasure them all through the years.The hearth of a mother is - [Spendthrift Trusts Aren’t Just For Spendthrifts](https://wwd-cpa.com/resources/spendthrift-trusts-arent-just-for-spendthrifts/) - 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 - [Protect Your Organization’s Fragile Tax-Exempt Status](https://wwd-cpa.com/resources/protect-your-organizations-fragile-tax-exempt-status/) - Not-for-profit organizations are different from for-profit businesses in many vital ways. One of the most crucial differences is that under Section 501(c)(3), Sec. 501(c)(7) and other provisions, nonprofits are tax-exempt. But your tax-exempt status is fragile. If you don’t follow the rules laid out in IRS Publication 557, Tax-Exempt Status for Your Organization, the IRS - [Changes To Premium Tax Credit Could Increase Penalty Risk For Some Businesses](https://wwd-cpa.com/resources/changes-to-premium-tax-credit-could-increase-penalty-risk-for-some-businesses/) - The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision of the Affordable Care Act (ACA) created the credit. The American Rescue Plan Act (ARPA), signed into law in March 2021, made several significant enhancements - [Home Sales: How To Determine Your “Basis”](https://wwd-cpa.com/resources/home-sales-how-to-determine-your-basis/) - The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it works You can claim an itemized deduction on your tax return for real estate taxes and home mortgage interest. Most other home ownership costs can’t - [Simple Retirement Savings Options For Your Small Business](https://wwd-cpa.com/resources/simple-retirement-savings-options-for-your-small-business/) - Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended as an - [Reporting Profits Interest Awards](https://wwd-cpa.com/resources/reporting-profits-interest-awards/) - During the pandemic, cash has been tight for many small businesses, which may make it hard to attract and retain skilled workers. In lieu of providing cash bonuses or annual raises, some companies may decide to give valued employees a share of their future profits. While corporations generally issue stock options, limited liability companies (LLCs) - [Ultra-Wealthy Donors: Elusive But Worth Your Nonprofit’s Efforts](https://wwd-cpa.com/resources/ultra-wealthy-donors-elusive-but-worth-your-nonprofits-efforts/) - High-net-worth individuals donated $5.8 billion during the first six months of the COVID-19 pandemic — generous giving by most standards. This is according to a recent report, “Philanthropy and COVID-19 in the first half of 2020,” from the Center for Disaster Philanthropy and information service Candid. However, that $5.8 billion amount is deceptive, because nearly three-quarters of - [Providing Optimal IT Support For Remote Employees](https://wwd-cpa.com/resources/providing-optimal-it-support-for-remote-employees/) - If you were to ask your IT staff about how tech support for remote employees is going, they might say something along the lines of, “Fantastic! Never better!” However, if you asked remote workers the same question, their response could be far less enthusiastic. This was among the findings of a report by IT solutions - [Tax Advantages Of Hiring Your Child At Your Small Business](https://wwd-cpa.com/resources/tax-advantages-of-hiring-your-child-at-your-small-business/) - As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations. Shifting business earnings You can turn some of your high-taxed income into tax-free or low-taxed income by shifting some business earnings to a child as wages for - [EIDL Loans, Restaurant Grants Offer Relief To Struggling Small Businesses](https://wwd-cpa.com/resources/eidl-loans-restaurant-grants-offer-relief-to-struggling-small-businesses/) - The American Rescue Plan Act (ARPA), signed into law in early March, aims at offering widespread financial relief to individuals and employers adversely affected by the COVID-19 pandemic. The law specifically targets small businesses in many of its provisions. If you own a small company, you may want to explore funding via the Small Business - [Nonprofits: Heed These Financial Danger Signs](https://wwd-cpa.com/resources/nonprofits-heed-these-financial-danger-signs/) - Many not-for-profits are just starting to emerge from one of the most challenging environments in recent memory due to the COVID-19 pandemic. Even if your organization is in good shape, don’t get too comfortable. Financial obstacles can appear at any time and you need to be vigilant about acting on certain warning signs. Consider the - [Need A New Business Vehicle? Consider A Heavy SUV](https://wwd-cpa.com/resources/need-a-new-business-vehicle-consider-a-heavy-suv/) - Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired - [How To Ensure Life Insurance Isn’t Part Of Your Taxable Estate](https://wwd-cpa.com/resources/how-to-ensure-life-insurance-isnt-part-of-your-taxable-estate/) - If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to federal estate tax. Current exemption amounts For 2021, the federal estate and gift tax exemption is $11.7 million ($23.4 - [A Revocable Living Trust Works Only If You Properly Fund It](https://wwd-cpa.com/resources/a-revocable-living-trust-works-only-if-you-properly-fund-it/) - A revocable living trust is often used to complement a will. For instance, you might transfer specific securities to the trust. Notably, these assets generally don’t have to go through the probate process, which can be time-consuming and expensive. Thus, a living trust enables your beneficiaries to receive some of your wealth on your death, - [4 Ways To Improve The Effectiveness Of Your Audit Committee](https://wwd-cpa.com/resources/4-ways-to-improve-the-effectiveness-of-your-audit-committee/) - Audit committees face many challenges in 2021. 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This is a - [COBRA Provisions Play Critical Role In COVID-19 Relief Law](https://wwd-cpa.com/resources/cobra-provisions-play-critical-role-in-covid-19-relief-law/) - During the COVID-19 pandemic, many employees and their families have lost group health plan coverage because of layoffs or reduced hours. If your business has had to take such steps, and it’s required to offer continuing health care coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA), the recently passed American Rescue Plan Act (ARPA) - [Is An S Corporation The Best Choice Of Entity For Your Business?](https://wwd-cpa.com/resources/is-an-s-corporation-the-best-choice-of-entity-for-your-business/) - Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for your new venture. Here’s an explanation of the reasons why. 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Commercial rental properties with established tenants tend to - [New Legislation Proposes To Help “Rescue” Nonprofits](https://wwd-cpa.com/resources/new-legislation-proposes-to-help-rescue-nonprofits/) - No one needs to tell nonprofit organizations how tough the past year has been. According to the John Hopkins Center for Civil Society Studies, 7.7% of not-for-profit workers — nearly one million people — lost their jobs between February 2020 and January 2021. An even higher percentage of arts and education organizations lost jobs last - [Business Highlights In The New American Rescue Plan Act](https://wwd-cpa.com/resources/business-highlights-in-the-new-american-rescue-plan-act/) - President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses. Here are some of the tax highlights of the ARPA. The Employee Retention Credit (ERC). This - [New Law: Parents And Other Eligible Americans To Receive Direct Payments](https://wwd-cpa.com/resources/new-law-parents-and-other-eligible-americans-to-receive-direct-payments/) - The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under certain income thresholds will also receive additional payments in the - [New COVID-19 Relief Law Extends Employee Retention Credit](https://wwd-cpa.com/resources/new-covid-19-relief-law-extends-employee-retention-credit/) - Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERC). The recent signing of the American Rescue Plan Act (ARPA) brings good news: the ERC has been extended yet again. 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[ASU 2016-02](https://wwd-cpa.com/resources/tag/asu-2016-02/) - [audit](https://wwd-cpa.com/resources/tag/audit/) - [Audit Analytics](https://wwd-cpa.com/resources/tag/audit-analytics/) - [audit committee](https://wwd-cpa.com/resources/tag/audit-committee/) - [audit footnotes](https://wwd-cpa.com/resources/tag/audit-footnotes/) - [Audit Management Letter](https://wwd-cpa.com/resources/tag/audit-management-letter/) - [Audit Preparation](https://wwd-cpa.com/resources/tag/audit-preparation/) - [audit risk](https://wwd-cpa.com/resources/tag/audit-risk/) - [Audit Techniques Guides (ATGs)](https://wwd-cpa.com/resources/tag/audit-techniques-guides-atgs/) - [auditing](https://wwd-cpa.com/resources/tag/auditing/) - [auditing backlogs](https://wwd-cpa.com/resources/tag/auditing-backlogs/) - [auditing standards](https://wwd-cpa.com/resources/tag/auditing-standards/) - [Auditor Opinion](https://wwd-cpa.com/resources/tag/auditor-opinion/) - [auditor's recommendations](https://wwd-cpa.com/resources/tag/auditors-recommendations/) - [auditor's report](https://wwd-cpa.com/resources/tag/auditors-report/) - [auto depreciation](https://wwd-cpa.com/resources/tag/auto-depreciation/) - [Awareness](https://wwd-cpa.com/resources/tag/awareness/) - [B2B](https://wwd-cpa.com/resources/tag/b2b/) - [B2B Marketing](https://wwd-cpa.com/resources/tag/b2b-marketing/) - [B2B Media](https://wwd-cpa.com/resources/tag/b2b-media/) - [bad business debt](https://wwd-cpa.com/resources/tag/bad-business-debt/) - [bad debt deduction](https://wwd-cpa.com/resources/tag/bad-debt-deduction/) - [Balance Sheet](https://wwd-cpa.com/resources/tag/balance-sheet/) - [bank fees](https://wwd-cpa.com/resources/tag/bank-fees/) - [banking charges](https://wwd-cpa.com/resources/tag/banking-charges/) - [banking options](https://wwd-cpa.com/resources/tag/banking-options/) - [Batch Processing](https://wwd-cpa.com/resources/tag/batch-processing/) - [benchmarking](https://wwd-cpa.com/resources/tag/benchmarking/) - [beneficiaries](https://wwd-cpa.com/resources/tag/beneficiaries/) - [Benefits](https://wwd-cpa.com/resources/tag/benefits/) - [billing standards](https://wwd-cpa.com/resources/tag/billing-standards/) - [Bitcoin](https://wwd-cpa.com/resources/tag/bitcoin/) - [blended family estate planning](https://wwd-cpa.com/resources/tag/blended-family-estate-planning/) - [Blockchain](https://wwd-cpa.com/resources/tag/blockchain/) - [Board Meetings](https://wwd-cpa.com/resources/tag/board-meetings/) - [Board of Directors](https://wwd-cpa.com/resources/tag/board-of-directors/) - [bonus](https://wwd-cpa.com/resources/tag/bonus/) - [bonus depreciation](https://wwd-cpa.com/resources/tag/bonus-depreciation/) - [Book minimum tax provision](https://wwd-cpa.com/resources/tag/book-minimum-tax-provision/) - [Book Value](https://wwd-cpa.com/resources/tag/book-value/) - [brand audit](https://wwd-cpa.com/resources/tag/brand-audit/) - [branding](https://wwd-cpa.com/resources/tag/branding/) - [breakeven formula](https://wwd-cpa.com/resources/tag/breakeven-formula/) - [Breakeven Point](https://wwd-cpa.com/resources/tag/breakeven-point/) - [bring your dog to work](https://wwd-cpa.com/resources/tag/bring-your-dog-to-work/) - [bring-your-own-device](https://wwd-cpa.com/resources/tag/bring-your-own-device/) - [BSA E-Filing](https://wwd-cpa.com/resources/tag/bsa-e-filing/) - [budget planning](https://wwd-cpa.com/resources/tag/budget-planning/) - [Budgeting](https://wwd-cpa.com/resources/tag/budgeting/) - [building client base](https://wwd-cpa.com/resources/tag/building-client-base/) - [building technology](https://wwd-cpa.com/resources/tag/building-technology/) - [business](https://wwd-cpa.com/resources/tag/business/) - [business accounting](https://wwd-cpa.com/resources/tag/business-accounting/) - [business checklist](https://wwd-cpa.com/resources/tag/business-checklist/) - [business continuity](https://wwd-cpa.com/resources/tag/business-continuity/) - [business cost proposal templates](https://wwd-cpa.com/resources/tag/business-cost-proposal-templates/) - [business designation](https://wwd-cpa.com/resources/tag/business-designation/) - [business disaster recovery](https://wwd-cpa.com/resources/tag/business-disaster-recovery/) - [Business Energy Credit](https://wwd-cpa.com/resources/tag/business-energy-credit/) - [Business Entity](https://wwd-cpa.com/resources/tag/business-entity/) - [business equipment](https://wwd-cpa.com/resources/tag/business-equipment/) - [Business expenses](https://wwd-cpa.com/resources/tag/business-expenses/) - [business financing](https://wwd-cpa.com/resources/tag/business-financing/) - [Business Lending](https://wwd-cpa.com/resources/tag/business-lending/) - [business loan](https://wwd-cpa.com/resources/tag/business-loan/) - [business meal deductions](https://wwd-cpa.com/resources/tag/business-meal-deductions/) - [business meals](https://wwd-cpa.com/resources/tag/business-meals/) - [Business Mileage](https://wwd-cpa.com/resources/tag/business-mileage/) - [business plane](https://wwd-cpa.com/resources/tag/business-plane/) - [business plans](https://wwd-cpa.com/resources/tag/business-plans/) - [business proposals](https://wwd-cpa.com/resources/tag/business-proposals/) - [business ratios](https://wwd-cpa.com/resources/tag/business-ratios/) - [Business Real Estate](https://wwd-cpa.com/resources/tag/business-real-estate/) - [Business reputation](https://wwd-cpa.com/resources/tag/business-reputation/) - [Business Strengths and Weaknesses](https://wwd-cpa.com/resources/tag/business-strengths-and-weaknesses/) - [business succession planning](https://wwd-cpa.com/resources/tag/business-succession-planning/) - [business tax](https://wwd-cpa.com/resources/tag/business-tax/) - [Business taxes](https://wwd-cpa.com/resources/tag/business-taxes/) - [Business Technology](https://wwd-cpa.com/resources/tag/business-technology/) - [business theft loss](https://wwd-cpa.com/resources/tag/business-theft-loss/) - [Business travel](https://wwd-cpa.com/resources/tag/business-travel/) - [business travel expenses](https://wwd-cpa.com/resources/tag/business-travel-expenses/) - [business valuation](https://wwd-cpa.com/resources/tag/business-valuation/) - [business vehicle](https://wwd-cpa.com/resources/tag/business-vehicle/) - [buy-sell agreement](https://wwd-cpa.com/resources/tag/buy-sell-agreement/) - [Buying or Selling a business](https://wwd-cpa.com/resources/tag/buying-or-selling-a-business/) - [BYOD Policy](https://wwd-cpa.com/resources/tag/byod-policy/) - [C Corp](https://wwd-cpa.com/resources/tag/c-corp/) - [capacity building](https://wwd-cpa.com/resources/tag/capacity-building/) - [CAPE ratio](https://wwd-cpa.com/resources/tag/cape-ratio/) - [capital asset depreciation](https://wwd-cpa.com/resources/tag/capital-asset-depreciation/) - [capital gains tax](https://wwd-cpa.com/resources/tag/capital-gains-tax/) - [capital gains taxes](https://wwd-cpa.com/resources/tag/capital-gains-taxes/) - [Capital Repayments](https://wwd-cpa.com/resources/tag/capital-repayments/) - [capitalized costs](https://wwd-cpa.com/resources/tag/capitalized-costs/) - [car](https://wwd-cpa.com/resources/tag/car/) - [caregiver](https://wwd-cpa.com/resources/tag/caregiver/) - [CARES Act](https://wwd-cpa.com/resources/tag/cares-act/) - [caring for elderly relative](https://wwd-cpa.com/resources/tag/caring-for-elderly-relative/) - [Caring for Parents](https://wwd-cpa.com/resources/tag/caring-for-parents/) - [carpentry](https://wwd-cpa.com/resources/tag/carpentry/) - [cash and cash equivalents](https://wwd-cpa.com/resources/tag/cash-and-cash-equivalents/) - [Cash Basis Accounting](https://wwd-cpa.com/resources/tag/cash-basis-accounting/) - [Cash cycle](https://wwd-cpa.com/resources/tag/cash-cycle/) - [Cash Flow](https://wwd-cpa.com/resources/tag/cash-flow/) - [cash flow from financing](https://wwd-cpa.com/resources/tag/cash-flow-from-financing/) - [cash flow from investing](https://wwd-cpa.com/resources/tag/cash-flow-from-investing/) - [cash flow from operations](https://wwd-cpa.com/resources/tag/cash-flow-from-operations/) - [cash reporting](https://wwd-cpa.com/resources/tag/cash-reporting/) - [cash transactions](https://wwd-cpa.com/resources/tag/cash-transactions/) - [cash vs accrual](https://wwd-cpa.com/resources/tag/cash-vs-accrual/) - [cash-out refianance](https://wwd-cpa.com/resources/tag/cash-out-refianance/) - [Cause Marketing](https://wwd-cpa.com/resources/tag/cause-marketing/) - [census](https://wwd-cpa.com/resources/tag/census/) - [Center for Audit Quality (CAQ)](https://wwd-cpa.com/resources/tag/center-for-audit-quality-caq/) - [Cents-Per-Mile](https://wwd-cpa.com/resources/tag/cents-per-mile/) - [CFO role](https://wwd-cpa.com/resources/tag/cfo-role/) - [Change Orders](https://wwd-cpa.com/resources/tag/change-orders/) - [change-management plan](https://wwd-cpa.com/resources/tag/change-management-plan/) - [Charitable Contributions](https://wwd-cpa.com/resources/tag/charitable-contributions/) - [charitable organizations](https://wwd-cpa.com/resources/tag/charitable-organizations/) - [charitable remainder annuity trust](https://wwd-cpa.com/resources/tag/charitable-remainder-annuity-trust/) - [charitable remainder trust](https://wwd-cpa.com/resources/tag/charitable-remainder-trust/) - [charitable remainder unitrust (CRUT)](https://wwd-cpa.com/resources/tag/charitable-remainder-unitrust-crut/) - [child care](https://wwd-cpa.com/resources/tag/child-care/) - [child care deductions](https://wwd-cpa.com/resources/tag/child-care-deductions/) - [Child Labor Laws](https://wwd-cpa.com/resources/tag/child-labor-laws/) - [Child Tax Credit](https://wwd-cpa.com/resources/tag/child-tax-credit/) - [Choosing an Executor](https://wwd-cpa.com/resources/tag/choosing-an-executor/) - [Client gifts](https://wwd-cpa.com/resources/tag/client-gifts/) - [clipboard](https://wwd-cpa.com/resources/tag/clipboard/) - [Closely Held Corp](https://wwd-cpa.com/resources/tag/closely-held-corp/) - [COBRA](https://wwd-cpa.com/resources/tag/cobra/) - [Collaboration](https://wwd-cpa.com/resources/tag/collaboration/) - [Collections](https://wwd-cpa.com/resources/tag/collections/) - [Collective Impact](https://wwd-cpa.com/resources/tag/collective-impact/) - [college expenses](https://wwd-cpa.com/resources/tag/college-expenses/) - [college fund](https://wwd-cpa.com/resources/tag/college-fund/) - [College Planning](https://wwd-cpa.com/resources/tag/college-planning/) - [college savings](https://wwd-cpa.com/resources/tag/college-savings/) - [Commercial Loan](https://wwd-cpa.com/resources/tag/commercial-loan/) - [Commercial loans](https://wwd-cpa.com/resources/tag/commercial-loans/) - [commercial real estate](https://wwd-cpa.com/resources/tag/commercial-real-estate/) - [commerciality doctrine](https://wwd-cpa.com/resources/tag/commerciality-doctrine/) - [Company Retreat](https://wwd-cpa.com/resources/tag/company-retreat/) - [company tax](https://wwd-cpa.com/resources/tag/company-tax/) - [Company Vehicles](https://wwd-cpa.com/resources/tag/company-vehicles/) - [Competitive Intelligence](https://wwd-cpa.com/resources/tag/competitive-intelligence/) - [Compilations](https://wwd-cpa.com/resources/tag/compilations/) - [compliance](https://wwd-cpa.com/resources/tag/compliance/) - [conflict of interest](https://wwd-cpa.com/resources/tag/conflict-of-interest/) - [conflict of interest policy](https://wwd-cpa.com/resources/tag/conflict-of-interest-policy/) - [Construction](https://wwd-cpa.com/resources/tag/construction/) - [construction budget](https://wwd-cpa.com/resources/tag/construction-budget/) - [construction business](https://wwd-cpa.com/resources/tag/construction-business/) - [construction careers](https://wwd-cpa.com/resources/tag/construction-careers/) - [construction insurance](https://wwd-cpa.com/resources/tag/construction-insurance/) - [Construction IT](https://wwd-cpa.com/resources/tag/construction-it/) - [Construction Newsletter](https://wwd-cpa.com/resources/tag/construction-newsletter/) - [continuing education](https://wwd-cpa.com/resources/tag/continuing-education/) - [contract manager](https://wwd-cpa.com/resources/tag/contract-manager/) - [Contracting by negotiation](https://wwd-cpa.com/resources/tag/contracting-by-negotiation/) - [contractor](https://wwd-cpa.com/resources/tag/contractor/) - [contractor tax deductions](https://wwd-cpa.com/resources/tag/contractor-tax-deductions/) - [contractors](https://wwd-cpa.com/resources/tag/contractors/) - [contracts](https://wwd-cpa.com/resources/tag/contracts/) - [Contribution Limits](https://wwd-cpa.com/resources/tag/contribution-limits/) - [copy/paste](https://wwd-cpa.com/resources/tag/copy-paste/) - [corporate aircraft](https://wwd-cpa.com/resources/tag/corporate-aircraft/) - [corporate federal income tax](https://wwd-cpa.com/resources/tag/corporate-federal-income-tax/) - [cost accounting](https://wwd-cpa.com/resources/tag/cost-accounting/) - [cost of living](https://wwd-cpa.com/resources/tag/cost-of-living/) - [costing job](https://wwd-cpa.com/resources/tag/costing-job/) - [Court Awards And Out-Of-Court Settlements Taxes](https://wwd-cpa.com/resources/tag/court-awards-and-out-of-court-settlements-taxes/) - [Coverdell Accounts](https://wwd-cpa.com/resources/tag/coverdell-accounts/) - [Coverdell Education Savings](https://wwd-cpa.com/resources/tag/coverdell-education-savings/) - [COVID-19](https://wwd-cpa.com/resources/tag/covid-19/) - [Covid-19 Economic Recovery](https://wwd-cpa.com/resources/tag/covid-19-economic-recovery/) - [CPA](https://wwd-cpa.com/resources/tag/cpa/) - [CPA firm](https://wwd-cpa.com/resources/tag/cpa-firm/) - [credit shelter trust](https://wwd-cpa.com/resources/tag/credit-shelter-trust/) - [Crisis Management](https://wwd-cpa.com/resources/tag/crisis-management/) - [critical audit matters (CAMs)](https://wwd-cpa.com/resources/tag/critical-audit-matters-cams/) - [Critical Path Method (CPM)](https://wwd-cpa.com/resources/tag/critical-path-method-cpm/) - [CRM](https://wwd-cpa.com/resources/tag/crm/) - [crypto exchanges](https://wwd-cpa.com/resources/tag/crypto-exchanges/) - [Cryptocurrency](https://wwd-cpa.com/resources/tag/cryptocurrency/) - [custom software](https://wwd-cpa.com/resources/tag/custom-software/) - [customer base](https://wwd-cpa.com/resources/tag/customer-base/) - [customer demographics](https://wwd-cpa.com/resources/tag/customer-demographics/) - [customer experience](https://wwd-cpa.com/resources/tag/customer-experience/) - [customer loyalty](https://wwd-cpa.com/resources/tag/customer-loyalty/) - [Customer Relationship Management](https://wwd-cpa.com/resources/tag/customer-relationship-management/) - [customer satisfaction](https://wwd-cpa.com/resources/tag/customer-satisfaction/) - [cutting 2021 taxes](https://wwd-cpa.com/resources/tag/cutting-2021-taxes/) - [cyber attack](https://wwd-cpa.com/resources/tag/cyber-attack/) - [cyber breach](https://wwd-cpa.com/resources/tag/cyber-breach/) - [cyber risk](https://wwd-cpa.com/resources/tag/cyber-risk/) - [cyber security](https://wwd-cpa.com/resources/tag/cyber-security/) - [cybersecurity](https://wwd-cpa.com/resources/tag/cybersecurity/) - [D&O Insurance](https://wwd-cpa.com/resources/tag/do-insurance/) - [DAPT](https://wwd-cpa.com/resources/tag/dapt/) - [Data Analysis](https://wwd-cpa.com/resources/tag/data-analysis/) - [data entry](https://wwd-cpa.com/resources/tag/data-entry/) - [data management](https://wwd-cpa.com/resources/tag/data-management/) - [data visualization](https://wwd-cpa.com/resources/tag/data-visualization/) - [David Wolfenden](https://wwd-cpa.com/resources/tag/david-wolfenden/) - [DDay](https://wwd-cpa.com/resources/tag/dday/) - [deadlines](https://wwd-cpa.com/resources/tag/deadlines/) - [debt free](https://wwd-cpa.com/resources/tag/debt-free/) - [debt limit](https://wwd-cpa.com/resources/tag/debt-limit/) - [debt restructure](https://wwd-cpa.com/resources/tag/debt-restructure/) - [Debtors](https://wwd-cpa.com/resources/tag/debtors/) - [deductible business expenses](https://wwd-cpa.com/resources/tag/deductible-business-expenses/) - [Deductible Expenses](https://wwd-cpa.com/resources/tag/deductible-expenses/) - [deferred compensation](https://wwd-cpa.com/resources/tag/deferred-compensation/) - [DEI](https://wwd-cpa.com/resources/tag/dei/) - [Delaware Hospice](https://wwd-cpa.com/resources/tag/delaware-hospice/) - [Delaware Hospice Festival of Trees](https://wwd-cpa.com/resources/tag/delaware-hospice-festival-of-trees/) - [Delisting](https://wwd-cpa.com/resources/tag/delisting/) - [dependent care](https://wwd-cpa.com/resources/tag/dependent-care/) - [dependent care FSA](https://wwd-cpa.com/resources/tag/dependent-care-fsa/) - [dependents](https://wwd-cpa.com/resources/tag/dependents/) - [depreciation](https://wwd-cpa.com/resources/tag/depreciation/) - [depreciation expense](https://wwd-cpa.com/resources/tag/depreciation-expense/) - [development](https://wwd-cpa.com/resources/tag/development/) - [Digital Advertising](https://wwd-cpa.com/resources/tag/digital-advertising/) - [digital assets](https://wwd-cpa.com/resources/tag/digital-assets/) - [Digital Marketing](https://wwd-cpa.com/resources/tag/digital-marketing/) - [Disability Income](https://wwd-cpa.com/resources/tag/disability-income/) - [disability insurance](https://wwd-cpa.com/resources/tag/disability-insurance/) - [Disability savings](https://wwd-cpa.com/resources/tag/disability-savings/) - [Disaster Plan](https://wwd-cpa.com/resources/tag/disaster-plan/) - [disaster recovery plan](https://wwd-cpa.com/resources/tag/disaster-recovery-plan/) - [Diversity](https://wwd-cpa.com/resources/tag/diversity/) - [Dividends](https://wwd-cpa.com/resources/tag/dividends/) - [Divorce](https://wwd-cpa.com/resources/tag/divorce/) - [Document management](https://wwd-cpa.com/resources/tag/document-management/) - [document retention](https://wwd-cpa.com/resources/tag/document-retention/) - [Documentation](https://wwd-cpa.com/resources/tag/documentation/) - [dogs at work](https://wwd-cpa.com/resources/tag/dogs-at-work/) - [dogs in the office](https://wwd-cpa.com/resources/tag/dogs-in-the-office/) - [domicile](https://wwd-cpa.com/resources/tag/domicile/) - [Donating to charity](https://wwd-cpa.com/resources/tag/donating-to-charity/) - [donating works of art](https://wwd-cpa.com/resources/tag/donating-works-of-art/) - [Donation Dollars](https://wwd-cpa.com/resources/tag/donation-dollars/) - [donation refund policy](https://wwd-cpa.com/resources/tag/donation-refund-policy/) - [Donation return](https://wwd-cpa.com/resources/tag/donation-return/) - [Donations](https://wwd-cpa.com/resources/tag/donations/) - [Donor Bill of Rights](https://wwd-cpa.com/resources/tag/donor-bill-of-rights/) - [donor-advised fund](https://wwd-cpa.com/resources/tag/donor-advised-fund/) - [Donors](https://wwd-cpa.com/resources/tag/donors/) - [Down Syndrome Awareness](https://wwd-cpa.com/resources/tag/down-syndrome-awareness/) - [downsizing](https://wwd-cpa.com/resources/tag/downsizing/) - [due diligence](https://wwd-cpa.com/resources/tag/due-diligence/) - [EAPs](https://wwd-cpa.com/resources/tag/eaps/) - [early retirement](https://wwd-cpa.com/resources/tag/early-retirement/) - [EBITDA](https://wwd-cpa.com/resources/tag/ebitda/) - [Economic Injury Disaster Loan](https://wwd-cpa.com/resources/tag/economic-injury-disaster-loan/) - [Education](https://wwd-cpa.com/resources/tag/education/) - [Education Assistance](https://wwd-cpa.com/resources/tag/education-assistance/) - [education benefits](https://wwd-cpa.com/resources/tag/education-benefits/) - [Education Legacy](https://wwd-cpa.com/resources/tag/education-legacy/) - [Education Savings Account](https://wwd-cpa.com/resources/tag/education-savings-account/) - [effective internal communication](https://wwd-cpa.com/resources/tag/effective-internal-communication/) - [EIDL](https://wwd-cpa.com/resources/tag/eidl/) - [eldercare](https://wwd-cpa.com/resources/tag/eldercare/) - [Electric motorcycles](https://wwd-cpa.com/resources/tag/electric-motorcycles/) - [Electric Vehicle](https://wwd-cpa.com/resources/tag/electric-vehicle/) - [electrical](https://wwd-cpa.com/resources/tag/electrical/) - [electronic filing](https://wwd-cpa.com/resources/tag/electronic-filing/) - [Embezzlement](https://wwd-cpa.com/resources/tag/embezzlement/) - [Emergency preparedness](https://wwd-cpa.com/resources/tag/emergency-preparedness/) - [employee appreciation](https://wwd-cpa.com/resources/tag/employee-appreciation/) - [Employee Benefits](https://wwd-cpa.com/resources/tag/employee-benefits/) - [employee contribution limits.](https://wwd-cpa.com/resources/tag/employee-contribution-limits/) - [employee engagement](https://wwd-cpa.com/resources/tag/employee-engagement/) - [Employee gifts](https://wwd-cpa.com/resources/tag/employee-gifts/) - [Employee Handbook](https://wwd-cpa.com/resources/tag/employee-handbook/) - [Employee injury](https://wwd-cpa.com/resources/tag/employee-injury/) - [employee parking](https://wwd-cpa.com/resources/tag/employee-parking/) - [Employee Retention Credit](https://wwd-cpa.com/resources/tag/employee-retention-credit/) - [Employee Retention Tax Credit](https://wwd-cpa.com/resources/tag/employee-retention-tax-credit/) - [employee taxes](https://wwd-cpa.com/resources/tag/employee-taxes/) - [Employee verification](https://wwd-cpa.com/resources/tag/employee-verification/) - [Employee vs. Independent Contractor](https://wwd-cpa.com/resources/tag/employee-vs-independent-contractor/) - [employer matching](https://wwd-cpa.com/resources/tag/employer-matching/) - [employers](https://wwd-cpa.com/resources/tag/employers/) - [end of year](https://wwd-cpa.com/resources/tag/end-of-year/) - [Endowment](https://wwd-cpa.com/resources/tag/endowment/) - [Energy Tax Credit](https://wwd-cpa.com/resources/tag/energy-tax-credit/) - [enhanced child and dependent care credit](https://wwd-cpa.com/resources/tag/enhanced-child-and-dependent-care-credit/) - [Enterprise Risk Management](https://wwd-cpa.com/resources/tag/enterprise-risk-management/) - [Entrepreneurs](https://wwd-cpa.com/resources/tag/entrepreneurs/) - [Equity](https://wwd-cpa.com/resources/tag/equity/) - [ERC](https://wwd-cpa.com/resources/tag/erc/) - [ERM](https://wwd-cpa.com/resources/tag/erm/) - [ERTC](https://wwd-cpa.com/resources/tag/ertc/) - [ESA](https://wwd-cpa.com/resources/tag/esa/) - [Estate](https://wwd-cpa.com/resources/tag/estate/) - [Estate Plan Letter of Instruction](https://wwd-cpa.com/resources/tag/estate-plan-letter-of-instruction/) - [Estate planners](https://wwd-cpa.com/resources/tag/estate-planners/) - [Estate Planning](https://wwd-cpa.com/resources/tag/estate-planning/) - [Estate Planning Documents](https://wwd-cpa.com/resources/tag/estate-planning-documents/) - [Estate Planning for Grandchildren](https://wwd-cpa.com/resources/tag/estate-planning-for-grandchildren/) - [Estate planning strategies for non-US citizens](https://wwd-cpa.com/resources/tag/estate-planning-strategies-for-non-us-citizens/) - [Estate Road Map](https://wwd-cpa.com/resources/tag/estate-road-map/) - [estate tax](https://wwd-cpa.com/resources/tag/estate-tax/) - [Estate Tax Appreciation](https://wwd-cpa.com/resources/tag/estate-tax-appreciation/) - [Estate Tax Exemption](https://wwd-cpa.com/resources/tag/estate-tax-exemption/) - [estate taxes](https://wwd-cpa.com/resources/tag/estate-taxes/) - [estimated tax payment](https://wwd-cpa.com/resources/tag/estimated-tax-payment/) - [Events](https://wwd-cpa.com/resources/tag/events/) - [EVs](https://wwd-cpa.com/resources/tag/evs/) - [excel](https://wwd-cpa.com/resources/tag/excel/) - [excess benefit transactions](https://wwd-cpa.com/resources/tag/excess-benefit-transactions/) - [excise tax](https://wwd-cpa.com/resources/tag/excise-tax/) - [Executive Compensation](https://wwd-cpa.com/resources/tag/executive-compensation/) - [Executive Deductions](https://wwd-cpa.com/resources/tag/executive-deductions/) - [Executor](https://wwd-cpa.com/resources/tag/executor/) - [exempt status](https://wwd-cpa.com/resources/tag/exempt-status/) - [Expanding your business](https://wwd-cpa.com/resources/tag/expanding-your-business/) - [Expense reports](https://wwd-cpa.com/resources/tag/expense-reports/) - [expenses](https://wwd-cpa.com/resources/tag/expenses/) - [external confirmations](https://wwd-cpa.com/resources/tag/external-confirmations/) - [Fair Labor Standards Act](https://wwd-cpa.com/resources/tag/fair-labor-standards-act/) - [Fair Value](https://wwd-cpa.com/resources/tag/fair-value/) - [Fair Value Measurements and Disclosures](https://wwd-cpa.com/resources/tag/fair-value-measurements-and-disclosures/) - [family](https://wwd-cpa.com/resources/tag/family/) - [family advancement sustainability trust (FAST)](https://wwd-cpa.com/resources/tag/family-advancement-sustainability-trust-fast/) - [Family Bank](https://wwd-cpa.com/resources/tag/family-bank/) - [family budget](https://wwd-cpa.com/resources/tag/family-budget/) - [Family Business](https://wwd-cpa.com/resources/tag/family-business/) - [family dinner](https://wwd-cpa.com/resources/tag/family-dinner/) - [Family Education Trust](https://wwd-cpa.com/resources/tag/family-education-trust/) - [Family Finances](https://wwd-cpa.com/resources/tag/family-finances/) - [Family Limited Partnership (FLP)](https://wwd-cpa.com/resources/tag/family-limited-partnership-flp/) - [family payroll](https://wwd-cpa.com/resources/tag/family-payroll/) - [family time](https://wwd-cpa.com/resources/tag/family-time/) - [FASB](https://wwd-cpa.com/resources/tag/fasb/) - [FASB Technology](https://wwd-cpa.com/resources/tag/fasb-technology/) - [FASB Updates](https://wwd-cpa.com/resources/tag/fasb-updates/) - [FDIC](https://wwd-cpa.com/resources/tag/fdic/) - [Fear of AI](https://wwd-cpa.com/resources/tag/fear-of-ai/) - [Federal Contracts](https://wwd-cpa.com/resources/tag/federal-contracts/) - [Federal Filing Deadline](https://wwd-cpa.com/resources/tag/federal-filing-deadline/) - [Federal gift and estate tax exemption](https://wwd-cpa.com/resources/tag/federal-gift-and-estate-tax-exemption/) - [federal gift tax exclusion](https://wwd-cpa.com/resources/tag/federal-gift-tax-exclusion/) - [federal government contracts](https://wwd-cpa.com/resources/tag/federal-government-contracts/) - [Festival of Trees](https://wwd-cpa.com/resources/tag/festival-of-trees/) - [FICA credit](https://wwd-cpa.com/resources/tag/fica-credit/) - [FICA Tax](https://wwd-cpa.com/resources/tag/fica-tax/) - [Fiduciary](https://wwd-cpa.com/resources/tag/fiduciary/) - [Fiduciary Duties](https://wwd-cpa.com/resources/tag/fiduciary-duties/) - [filing deadline](https://wwd-cpa.com/resources/tag/filing-deadline/) - [Filing Extension](https://wwd-cpa.com/resources/tag/filing-extension/) - [filing late](https://wwd-cpa.com/resources/tag/filing-late/) - [Filing requirements](https://wwd-cpa.com/resources/tag/filing-requirements/) - [filing status](https://wwd-cpa.com/resources/tag/filing-status/) - [Financial Accounting Standards Advisory Council (FASAC)](https://wwd-cpa.com/resources/tag/financial-accounting-standards-advisory-council-fasac/) - [financial audit](https://wwd-cpa.com/resources/tag/financial-audit/) - [financial awareness](https://wwd-cpa.com/resources/tag/financial-awareness/) - [financial documents](https://wwd-cpa.com/resources/tag/financial-documents/) - [financial forecasting](https://wwd-cpa.com/resources/tag/financial-forecasting/) - [financial gifting](https://wwd-cpa.com/resources/tag/financial-gifting/) - [financial goals](https://wwd-cpa.com/resources/tag/financial-goals/) - [financial management](https://wwd-cpa.com/resources/tag/financial-management/) - [Financial Planning](https://wwd-cpa.com/resources/tag/financial-planning/) - [Financial Planning for Disabled](https://wwd-cpa.com/resources/tag/financial-planning-for-disabled/) - [financial ratios](https://wwd-cpa.com/resources/tag/financial-ratios/) - [financial records](https://wwd-cpa.com/resources/tag/financial-records/) - [Financial regulations](https://wwd-cpa.com/resources/tag/financial-regulations/) - [financial reporting](https://wwd-cpa.com/resources/tag/financial-reporting/) - [financial restatement](https://wwd-cpa.com/resources/tag/financial-restatement/) - [financial risk](https://wwd-cpa.com/resources/tag/financial-risk/) - [Financial Standards](https://wwd-cpa.com/resources/tag/financial-standards/) - [financial statements](https://wwd-cpa.com/resources/tag/financial-statements/) - [Financially Resilient Future](https://wwd-cpa.com/resources/tag/financially-resilient-future/) - [FinCEN’s Bank Secrecy Act E-Filing System.](https://wwd-cpa.com/resources/tag/fincens-bank-secrecy-act-e-filing-system/) - [fine art donations](https://wwd-cpa.com/resources/tag/fine-art-donations/) - [Firm news](https://wwd-cpa.com/resources/tag/firm-news/) - [Fiscal Responsibility Act of 2023](https://wwd-cpa.com/resources/tag/fiscal-responsibility-act-of-2023/) - [Fixed vs variable costs](https://wwd-cpa.com/resources/tag/fixed-vs-variable-costs/) - [flash accounting reports](https://wwd-cpa.com/resources/tag/flash-accounting-reports/) - [Flexible Spending Account](https://wwd-cpa.com/resources/tag/flexible-spending-account/) - [FLSA](https://wwd-cpa.com/resources/tag/flsa/) - [Footnotes](https://wwd-cpa.com/resources/tag/footnotes/) - [Forecasting](https://wwd-cpa.com/resources/tag/forecasting/) - [Forecasting cash flows](https://wwd-cpa.com/resources/tag/forecasting-cash-flows/) - [Form 1040](https://wwd-cpa.com/resources/tag/form-1040/) - [Form 1099-K](https://wwd-cpa.com/resources/tag/form-1099-k/) - [form 1099-S](https://wwd-cpa.com/resources/tag/form-1099-s/) - [Form 5305-SEP](https://wwd-cpa.com/resources/tag/form-5305-sep/) - [Form 709](https://wwd-cpa.com/resources/tag/form-709/) - [Form 720](https://wwd-cpa.com/resources/tag/form-720/) - [Form 8283](https://wwd-cpa.com/resources/tag/form-8283/) - [Form 8300](https://wwd-cpa.com/resources/tag/form-8300/) - [Form 8850](https://wwd-cpa.com/resources/tag/form-8850/) - [Form 990](https://wwd-cpa.com/resources/tag/form-990/) - [Form I-9](https://wwd-cpa.com/resources/tag/form-i-9/) - [form ss-8](https://wwd-cpa.com/resources/tag/form-ss-8/) - [Form W-2](https://wwd-cpa.com/resources/tag/form-w-2/) - [form w-3](https://wwd-cpa.com/resources/tag/form-w-3/) - [Forms 1099-DIV](https://wwd-cpa.com/resources/tag/forms-1099-div/) - [foundation](https://wwd-cpa.com/resources/tag/foundation/) - [Fraud](https://wwd-cpa.com/resources/tag/fraud/) - [fraud risk factors](https://wwd-cpa.com/resources/tag/fraud-risk-factors/) - [fraudulent tax return](https://wwd-cpa.com/resources/tag/fraudulent-tax-return/) - [fringe benefit](https://wwd-cpa.com/resources/tag/fringe-benefit/) - [Fringe Benefits](https://wwd-cpa.com/resources/tag/fringe-benefits/) - [FSA](https://wwd-cpa.com/resources/tag/fsa/) - [fulfilling work](https://wwd-cpa.com/resources/tag/fulfilling-work/) - [funding](https://wwd-cpa.com/resources/tag/funding/) - [funding sources](https://wwd-cpa.com/resources/tag/funding-sources/) - [fundraiser](https://wwd-cpa.com/resources/tag/fundraiser/) - [Fundraising](https://wwd-cpa.com/resources/tag/fundraising/) - [fundraising for nonprofits](https://wwd-cpa.com/resources/tag/fundraising-for-nonprofits/) - [fundraising ideas](https://wwd-cpa.com/resources/tag/fundraising-ideas/) - [fundraising ideas for nonprofits](https://wwd-cpa.com/resources/tag/fundraising-ideas-for-nonprofits/) - [gambling](https://wwd-cpa.com/resources/tag/gambling/) - [Gen Z](https://wwd-cpa.com/resources/tag/gen-z/) - [Gen Z Workforce](https://wwd-cpa.com/resources/tag/gen-z-workforce/) - [general debt restructure](https://wwd-cpa.com/resources/tag/general-debt-restructure/) - [General Liability](https://wwd-cpa.com/resources/tag/general-liability/) - [General Liability Insurance](https://wwd-cpa.com/resources/tag/general-liability-insurance/) - [generational differences](https://wwd-cpa.com/resources/tag/generational-differences/) - [Gift & Estate Tax](https://wwd-cpa.com/resources/tag/gift-estate-tax/) - [gift giving](https://wwd-cpa.com/resources/tag/gift-giving/) - [gift splitting](https://wwd-cpa.com/resources/tag/gift-splitting/) - [gift tax](https://wwd-cpa.com/resources/tag/gift-tax/) - [Gift Tax Exclusion](https://wwd-cpa.com/resources/tag/gift-tax-exclusion/) - [gifts to charity](https://wwd-cpa.com/resources/tag/gifts-to-charity/) - [Gig Economy](https://wwd-cpa.com/resources/tag/gig-economy/) - [gig worker](https://wwd-cpa.com/resources/tag/gig-worker/) - [Giving Tuesday](https://wwd-cpa.com/resources/tag/giving-tuesday/) - [going concern disclosure](https://wwd-cpa.com/resources/tag/going-concern-disclosure/) - [goodwill](https://wwd-cpa.com/resources/tag/goodwill/) - [goodwill testing](https://wwd-cpa.com/resources/tag/goodwill-testing/) - [Government Assistance Disclosures](https://wwd-cpa.com/resources/tag/government-assistance-disclosures/) - [government backed loans](https://wwd-cpa.com/resources/tag/government-backed-loans/) - [government contracting](https://wwd-cpa.com/resources/tag/government-contracting/) - [grant writer](https://wwd-cpa.com/resources/tag/grant-writer/) - [grant writing](https://wwd-cpa.com/resources/tag/grant-writing/) - [Grants](https://wwd-cpa.com/resources/tag/grants/) - [GRAT](https://wwd-cpa.com/resources/tag/grat/) - [gratitude](https://wwd-cpa.com/resources/tag/gratitude/) - [Green Building](https://wwd-cpa.com/resources/tag/green-building/) - [Green Buildings](https://wwd-cpa.com/resources/tag/green-buildings/) - [Green Construction](https://wwd-cpa.com/resources/tag/green-construction/) - [Grow your nonprofit](https://wwd-cpa.com/resources/tag/grow-your-nonprofit/) - [guaranteeing a loan](https://wwd-cpa.com/resources/tag/guaranteeing-a-loan/) - [Guardianship](https://wwd-cpa.com/resources/tag/guardianship/) - [hacker](https://wwd-cpa.com/resources/tag/hacker/) - [HDHP](https://wwd-cpa.com/resources/tag/hdhp/) - [Health](https://wwd-cpa.com/resources/tag/health/) - [Health Care Benefit Extension](https://wwd-cpa.com/resources/tag/health-care-benefit-extension/) - [Health Care Directives](https://wwd-cpa.com/resources/tag/health-care-directives/) - [health insurance costs](https://wwd-cpa.com/resources/tag/health-insurance-costs/) - [Health Savings Account](https://wwd-cpa.com/resources/tag/health-savings-account/) - [Healthcare](https://wwd-cpa.com/resources/tag/healthcare/) - [Healthcare Deadlines](https://wwd-cpa.com/resources/tag/healthcare-deadlines/) - [Healthcare power of attorney (HCPA)](https://wwd-cpa.com/resources/tag/healthcare-power-of-attorney-hcpa/) - [healthcare related costs](https://wwd-cpa.com/resources/tag/healthcare-related-costs/) - [Healthcare Savings Account](https://wwd-cpa.com/resources/tag/healthcare-savings-account/) - [healthcare tax credits](https://wwd-cpa.com/resources/tag/healthcare-tax-credits/) - [heavy pickup depreciation](https://wwd-cpa.com/resources/tag/heavy-pickup-depreciation/) - [heavy suv depreciation](https://wwd-cpa.com/resources/tag/heavy-suv-depreciation/) - [help wanted](https://wwd-cpa.com/resources/tag/help-wanted/) - [High Deductible health plan](https://wwd-cpa.com/resources/tag/high-deductible-health-plan/) - [high potential employees](https://wwd-cpa.com/resources/tag/high-potential-employees/) - [higher education costs](https://wwd-cpa.com/resources/tag/higher-education-costs/) - [Higher education tax credits](https://wwd-cpa.com/resources/tag/higher-education-tax-credits/) - [hire your child](https://wwd-cpa.com/resources/tag/hire-your-child/) - [hiring](https://wwd-cpa.com/resources/tag/hiring/) - [Hiring ads](https://wwd-cpa.com/resources/tag/hiring-ads/) - [Hiring Minor Children](https://wwd-cpa.com/resources/tag/hiring-minor-children/) - [hiring veterans](https://wwd-cpa.com/resources/tag/hiring-veterans/) - [Hiring your child](https://wwd-cpa.com/resources/tag/hiring-your-child/) - [HOA](https://wwd-cpa.com/resources/tag/hoa/) - [HOA rules](https://wwd-cpa.com/resources/tag/hoa-rules/) - [hobby](https://wwd-cpa.com/resources/tag/hobby/) - [Holiday](https://wwd-cpa.com/resources/tag/holiday/) - [Holiday gifts](https://wwd-cpa.com/resources/tag/holiday-gifts/) - [holiday party deductions](https://wwd-cpa.com/resources/tag/holiday-party-deductions/) - [home buying](https://wwd-cpa.com/resources/tag/home-buying/) - [home office](https://wwd-cpa.com/resources/tag/home-office/) - [Home office deductions](https://wwd-cpa.com/resources/tag/home-office-deductions/) - [home office expenses](https://wwd-cpa.com/resources/tag/home-office-expenses/) - [Home owners association](https://wwd-cpa.com/resources/tag/home-owners-association/) - [home ownership](https://wwd-cpa.com/resources/tag/home-ownership/) - [Home Sales](https://wwd-cpa.com/resources/tag/home-sales/) - [Home Sales Basis](https://wwd-cpa.com/resources/tag/home-sales-basis/) - [home taxes](https://wwd-cpa.com/resources/tag/home-taxes/) - [homeowner deductions](https://wwd-cpa.com/resources/tag/homeowner-deductions/) - [hourly employees](https://wwd-cpa.com/resources/tag/hourly-employees/) - [hourly wages](https://wwd-cpa.com/resources/tag/hourly-wages/) - [household employees](https://wwd-cpa.com/resources/tag/household-employees/) - [how likely is it to be audited](https://wwd-cpa.com/resources/tag/how-likely-is-it-to-be-audited/) - [how to avoid an audit](https://wwd-cpa.com/resources/tag/how-to-avoid-an-audit/) - [how to be a great leader](https://wwd-cpa.com/resources/tag/how-to-be-a-great-leader/) - [how to measure business risk](https://wwd-cpa.com/resources/tag/how-to-measure-business-risk/) - [how to prevent a tax audit](https://wwd-cpa.com/resources/tag/how-to-prevent-a-tax-audit/) - [HR](https://wwd-cpa.com/resources/tag/hr/) - [HR 3746](https://wwd-cpa.com/resources/tag/hr-3746/) - [HSA](https://wwd-cpa.com/resources/tag/hsa/) - [Human Resources](https://wwd-cpa.com/resources/tag/human-resources/) - [Hybrid DAPT](https://wwd-cpa.com/resources/tag/hybrid-dapt/) - [hybrid employement](https://wwd-cpa.com/resources/tag/hybrid-employement/) - [Identity Theft](https://wwd-cpa.com/resources/tag/identity-theft/) - [Identity Theft Protection](https://wwd-cpa.com/resources/tag/identity-theft-protection/) - [IDGT](https://wwd-cpa.com/resources/tag/idgt/) - [impairment testing](https://wwd-cpa.com/resources/tag/impairment-testing/) - [In-Kind donations](https://wwd-cpa.com/resources/tag/in-kind-donations/) - [Inclusion](https://wwd-cpa.com/resources/tag/inclusion/) - [Income statement](https://wwd-cpa.com/resources/tag/income-statement/) - [Income tax return](https://wwd-cpa.com/resources/tag/income-tax-return/) - [Income Taxes](https://wwd-cpa.com/resources/tag/income-taxes/) - [Increase Revenue](https://wwd-cpa.com/resources/tag/increase-revenue/) - [Increasing donations](https://wwd-cpa.com/resources/tag/increasing-donations/) - [Independent Contractor](https://wwd-cpa.com/resources/tag/independent-contractor/) - [Individual Retirement Accounts](https://wwd-cpa.com/resources/tag/individual-retirement-accounts/) - [industry standards](https://wwd-cpa.com/resources/tag/industry-standards/) - [Inflation](https://wwd-cpa.com/resources/tag/inflation/) - [Inflation Reduction Act](https://wwd-cpa.com/resources/tag/inflation-reduction-act/) - [Information returns](https://wwd-cpa.com/resources/tag/information-returns/) - [Information Returns Intake System](https://wwd-cpa.com/resources/tag/information-returns-intake-system/) - [Information Technology](https://wwd-cpa.com/resources/tag/information-technology/) - [inheritance rights](https://wwd-cpa.com/resources/tag/inheritance-rights/) - [Inherited IRA Savings](https://wwd-cpa.com/resources/tag/inherited-ira-savings/) - [insider profit](https://wwd-cpa.com/resources/tag/insider-profit/) - [Insurance](https://wwd-cpa.com/resources/tag/insurance/) - [Intellectual Property](https://wwd-cpa.com/resources/tag/intellectual-property/) - [intern](https://wwd-cpa.com/resources/tag/intern/) - [internal communication](https://wwd-cpa.com/resources/tag/internal-communication/) - [internal communication tools](https://wwd-cpa.com/resources/tag/internal-communication-tools/) - [Internal communications](https://wwd-cpa.com/resources/tag/internal-communications/) - [Internal Revenue Code Section 4980H](https://wwd-cpa.com/resources/tag/internal-revenue-code-section-4980h/) - [internship](https://wwd-cpa.com/resources/tag/internship/) - [Intrafamily loans](https://wwd-cpa.com/resources/tag/intrafamily-loans/) - [Inventory](https://wwd-cpa.com/resources/tag/inventory/) - [Inventory Control](https://wwd-cpa.com/resources/tag/inventory-control/) - [Inventory Management](https://wwd-cpa.com/resources/tag/inventory-management/) - [investing](https://wwd-cpa.com/resources/tag/investing/) - [Investment Advisor](https://wwd-cpa.com/resources/tag/investment-advisor/) - [Investment choices](https://wwd-cpa.com/resources/tag/investment-choices/) - [investment oversight](https://wwd-cpa.com/resources/tag/investment-oversight/) - [investment oversight tips](https://wwd-cpa.com/resources/tag/investment-oversight-tips/) - [Investment property](https://wwd-cpa.com/resources/tag/investment-property/) - [Investments](https://wwd-cpa.com/resources/tag/investments/) - [IPO](https://wwd-cpa.com/resources/tag/ipo/) - [IRA](https://wwd-cpa.com/resources/tag/ira/) - [IRA Contributions](https://wwd-cpa.com/resources/tag/ira-contributions/) - [irrevocable life insurance trust (ILIT)](https://wwd-cpa.com/resources/tag/irrevocable-life-insurance-trust-ilit/) - [IRS](https://wwd-cpa.com/resources/tag/irs/) - [irs audit chances](https://wwd-cpa.com/resources/tag/irs-audit-chances/) - [irs failure to pay](https://wwd-cpa.com/resources/tag/irs-failure-to-pay/) - [IRS HSA guidance](https://wwd-cpa.com/resources/tag/irs-hsa-guidance/) - [irs limits](https://wwd-cpa.com/resources/tag/irs-limits/) - [IRS mileage rate 2023](https://wwd-cpa.com/resources/tag/irs-mileage-rate-2023/) - [IRS mileage rates](https://wwd-cpa.com/resources/tag/irs-mileage-rates/) - [IRS mileage rates 2023](https://wwd-cpa.com/resources/tag/irs-mileage-rates-2023/) - [IRS Notice](https://wwd-cpa.com/resources/tag/irs-notice/) - [IRS Notice 2021-40](https://wwd-cpa.com/resources/tag/irs-notice-2021-40/) - [IRS penalties](https://wwd-cpa.com/resources/tag/irs-penalties/) - [IRS portal](https://wwd-cpa.com/resources/tag/irs-portal/) - [IRS Press Release](https://wwd-cpa.com/resources/tag/irs-press-release/) - [IRS website](https://wwd-cpa.com/resources/tag/irs-website/) - [IT](https://wwd-cpa.com/resources/tag/it/) - [Itemized Charitable Deduction](https://wwd-cpa.com/resources/tag/itemized-charitable-deduction/) - [job costing](https://wwd-cpa.com/resources/tag/job-costing/) - [job costing software](https://wwd-cpa.com/resources/tag/job-costing-software/) - [Job Descriptions](https://wwd-cpa.com/resources/tag/job-descriptions/) - [job security](https://wwd-cpa.com/resources/tag/job-security/) - [joint ownership](https://wwd-cpa.com/resources/tag/joint-ownership/) - [joint venture](https://wwd-cpa.com/resources/tag/joint-venture/) - [Keeping remote workers connected](https://wwd-cpa.com/resources/tag/keeping-remote-workers-connected/) - [key audit matters (KAMs)](https://wwd-cpa.com/resources/tag/key-audit-matters-kams/) - [Key Performance Indicator](https://wwd-cpa.com/resources/tag/key-performance-indicator/) - [Key Performance Indicators](https://wwd-cpa.com/resources/tag/key-performance-indicators/) - [Key person](https://wwd-cpa.com/resources/tag/key-person/) - [Key personnel](https://wwd-cpa.com/resources/tag/key-personnel/) - [KPI](https://wwd-cpa.com/resources/tag/kpi/) - [labor shortages](https://wwd-cpa.com/resources/tag/labor-shortages/) - [Last Will & Testament](https://wwd-cpa.com/resources/tag/last-will-testament/) - [leadership](https://wwd-cpa.com/resources/tag/leadership/) - [leadership development](https://wwd-cpa.com/resources/tag/leadership-development/) - [leadership skills](https://wwd-cpa.com/resources/tag/leadership-skills/) - [Lease](https://wwd-cpa.com/resources/tag/lease/) - [lease vs buy](https://wwd-cpa.com/resources/tag/lease-vs-buy/) - [leasing](https://wwd-cpa.com/resources/tag/leasing/) - [LEED](https://wwd-cpa.com/resources/tag/leed/) - [lending to family](https://wwd-cpa.com/resources/tag/lending-to-family/) - [Life Insurance](https://wwd-cpa.com/resources/tag/life-insurance/) - [Life Insurance Policy](https://wwd-cpa.com/resources/tag/life-insurance-policy/) - [lifestyle](https://wwd-cpa.com/resources/tag/lifestyle/) - [Lifetime Earning Credit](https://wwd-cpa.com/resources/tag/lifetime-earning-credit/) - [Lifetime Gifts](https://wwd-cpa.com/resources/tag/lifetime-gifts/) - [Lifetime Learning Credit](https://wwd-cpa.com/resources/tag/lifetime-learning-credit/) - [Limited Liability Company](https://wwd-cpa.com/resources/tag/limited-liability-company/) - [Liquidity](https://wwd-cpa.com/resources/tag/liquidity/) - [living trust](https://wwd-cpa.com/resources/tag/living-trust/) - [living wage](https://wwd-cpa.com/resources/tag/living-wage/) - [Living Will](https://wwd-cpa.com/resources/tag/living-will/) - [LLC](https://wwd-cpa.com/resources/tag/llc/) - [Loan forgiveness](https://wwd-cpa.com/resources/tag/loan-forgiveness/) - [lodging](https://wwd-cpa.com/resources/tag/lodging/) - [Long Term Care](https://wwd-cpa.com/resources/tag/long-term-care/) - [Long Term Care Insurance](https://wwd-cpa.com/resources/tag/long-term-care-insurance/) - [Long Term Care Planning](https://wwd-cpa.com/resources/tag/long-term-care-planning/) - [long term returns](https://wwd-cpa.com/resources/tag/long-term-returns/) - [long-term rentals](https://wwd-cpa.com/resources/tag/long-term-rentals/) - [Loss of Income Insurance](https://wwd-cpa.com/resources/tag/loss-of-income-insurance/) - [lottery winnings](https://wwd-cpa.com/resources/tag/lottery-winnings/) - [loyalty](https://wwd-cpa.com/resources/tag/loyalty/) - [LTC](https://wwd-cpa.com/resources/tag/ltc/) - [M&A](https://wwd-cpa.com/resources/tag/ma/) - [M&A strategy](https://wwd-cpa.com/resources/tag/ma-strategy/) - [machine learning](https://wwd-cpa.com/resources/tag/machine-learning/) - [major donors](https://wwd-cpa.com/resources/tag/major-donors/) - [management accounting](https://wwd-cpa.com/resources/tag/management-accounting/) - [management style](https://wwd-cpa.com/resources/tag/management-style/) - [management styles](https://wwd-cpa.com/resources/tag/management-styles/) - [management team](https://wwd-cpa.com/resources/tag/management-team/) - [managing grants](https://wwd-cpa.com/resources/tag/managing-grants/) - [Managing Partner](https://wwd-cpa.com/resources/tag/managing-partner/) - [managing supply risks](https://wwd-cpa.com/resources/tag/managing-supply-risks/) - [marketing](https://wwd-cpa.com/resources/tag/marketing/) - [Marketing Campaigns](https://wwd-cpa.com/resources/tag/marketing-campaigns/) - [markets](https://wwd-cpa.com/resources/tag/markets/) - [married filing separate](https://wwd-cpa.com/resources/tag/married-filing-separate/) - [Matching Donations](https://wwd-cpa.com/resources/tag/matching-donations/) - [matching gifts](https://wwd-cpa.com/resources/tag/matching-gifts/) - [meal deductions](https://wwd-cpa.com/resources/tag/meal-deductions/) - [meal expenses](https://wwd-cpa.com/resources/tag/meal-expenses/) - [meal tax breaks](https://wwd-cpa.com/resources/tag/meal-tax-breaks/) - [meals](https://wwd-cpa.com/resources/tag/meals/) - [Medical decisions](https://wwd-cpa.com/resources/tag/medical-decisions/) - [medical deductions](https://wwd-cpa.com/resources/tag/medical-deductions/) - [Medical Exemption](https://wwd-cpa.com/resources/tag/medical-exemption/) - [Medical Expense Tax Deduction](https://wwd-cpa.com/resources/tag/medical-expense-tax-deduction/) - [medical expenses](https://wwd-cpa.com/resources/tag/medical-expenses/) - [Medical premiums](https://wwd-cpa.com/resources/tag/medical-premiums/) - [Medicare deductions](https://wwd-cpa.com/resources/tag/medicare-deductions/) - [Membership Dues](https://wwd-cpa.com/resources/tag/membership-dues/) - [Memorial Day](https://wwd-cpa.com/resources/tag/memorial-day/) - [merger](https://wwd-cpa.com/resources/tag/merger/) - [Mergers](https://wwd-cpa.com/resources/tag/mergers/) - [Mergers & Acquisitions](https://wwd-cpa.com/resources/tag/mergers-acquisitions/) - [mergers and acquisitions](https://wwd-cpa.com/resources/tag/mergers-and-acquisitions/) - [Methods of accounting](https://wwd-cpa.com/resources/tag/methods-of-accounting/) - [micromanagement](https://wwd-cpa.com/resources/tag/micromanagement/) - [Mileage](https://wwd-cpa.com/resources/tag/mileage/) - [mileage reimbursement](https://wwd-cpa.com/resources/tag/mileage-reimbursement/) - [minimum wage](https://wwd-cpa.com/resources/tag/minimum-wage/) - [mixed-use development](https://wwd-cpa.com/resources/tag/mixed-use-development/) - [monetary giving](https://wwd-cpa.com/resources/tag/monetary-giving/) - [Monthly Breakeven](https://wwd-cpa.com/resources/tag/monthly-breakeven/) - [Monthly Invoicing](https://wwd-cpa.com/resources/tag/monthly-invoicing/) - [Moratorium](https://wwd-cpa.com/resources/tag/moratorium/) - [mortgage](https://wwd-cpa.com/resources/tag/mortgage/) - [mortgage interest](https://wwd-cpa.com/resources/tag/mortgage-interest/) - [mortgage interest deduction](https://wwd-cpa.com/resources/tag/mortgage-interest-deduction/) - [Mortgage Points](https://wwd-cpa.com/resources/tag/mortgage-points/) - [Mother's Day](https://wwd-cpa.com/resources/tag/mothers-day/) - [Multigenerational management](https://wwd-cpa.com/resources/tag/multigenerational-management/) - [Mutual Funds](https://wwd-cpa.com/resources/tag/mutual-funds/) - [nanny tax](https://wwd-cpa.com/resources/tag/nanny-tax/) - [national family volunteer day](https://wwd-cpa.com/resources/tag/national-family-volunteer-day/) - [National Hire a Veteran Day](https://wwd-cpa.com/resources/tag/national-hire-a-veteran-day/) - [National Online Banking Day](https://wwd-cpa.com/resources/tag/national-online-banking-day/) - [Natural Disaster](https://wwd-cpa.com/resources/tag/natural-disaster/) - [net income with makeup (NIMCRUT)](https://wwd-cpa.com/resources/tag/net-income-with-makeup-nimcrut/) - [net investment income tax](https://wwd-cpa.com/resources/tag/net-investment-income-tax/) - [net investment income tax (NIIT)](https://wwd-cpa.com/resources/tag/net-investment-income-tax-niit/) - [Networking](https://wwd-cpa.com/resources/tag/networking/) - [new business](https://wwd-cpa.com/resources/tag/new-business/) - [New Business Venture](https://wwd-cpa.com/resources/tag/new-business-venture/) - [Nexus in business](https://wwd-cpa.com/resources/tag/nexus-in-business/) - [NIIT](https://wwd-cpa.com/resources/tag/niit/) - [non compete agreement](https://wwd-cpa.com/resources/tag/non-compete-agreement/) - [non compete clauses](https://wwd-cpa.com/resources/tag/non-compete-clauses/) - [Non profit programming](https://wwd-cpa.com/resources/tag/non-profit-programming/) - [Non profit Public relations](https://wwd-cpa.com/resources/tag/non-profit-public-relations/) - [non-profit accounting](https://wwd-cpa.com/resources/tag/non-profit-accounting/) - [non-profit funding](https://wwd-cpa.com/resources/tag/non-profit-funding/) - [non-profit fundraising](https://wwd-cpa.com/resources/tag/non-profit-fundraising/) - [Non-U.S. Citizen Estate Planning](https://wwd-cpa.com/resources/tag/non-u-s-citizen-estate-planning/) - [noncompete clause](https://wwd-cpa.com/resources/tag/noncompete-clause/) - [noncompetition agreement](https://wwd-cpa.com/resources/tag/noncompetition-agreement/) - [Nonprofit](https://wwd-cpa.com/resources/tag/nonprofit/) - [nonprofit accounting](https://wwd-cpa.com/resources/tag/nonprofit-accounting/) - [Nonprofit advertising](https://wwd-cpa.com/resources/tag/nonprofit-advertising/) - [nonprofit advice](https://wwd-cpa.com/resources/tag/nonprofit-advice/) - [Nonprofit audit checklist](https://wwd-cpa.com/resources/tag/nonprofit-audit-checklist/) - [nonprofit auditing](https://wwd-cpa.com/resources/tag/nonprofit-auditing/) - [nonprofit board](https://wwd-cpa.com/resources/tag/nonprofit-board/) - [nonprofit branding](https://wwd-cpa.com/resources/tag/nonprofit-branding/) - [nonprofit budget](https://wwd-cpa.com/resources/tag/nonprofit-budget/) - [nonprofit compliance](https://wwd-cpa.com/resources/tag/nonprofit-compliance/) - [nonprofit corporate financing](https://wwd-cpa.com/resources/tag/nonprofit-corporate-financing/) - [nonprofit culture](https://wwd-cpa.com/resources/tag/nonprofit-culture/) - [nonprofit development](https://wwd-cpa.com/resources/tag/nonprofit-development/) - [Nonprofit Federal Funding](https://wwd-cpa.com/resources/tag/nonprofit-federal-funding/) - [nonprofit finances](https://wwd-cpa.com/resources/tag/nonprofit-finances/) - [Nonprofit foreign expansion](https://wwd-cpa.com/resources/tag/nonprofit-foreign-expansion/) - [Nonprofit fraud](https://wwd-cpa.com/resources/tag/nonprofit-fraud/) - [nonprofit funding](https://wwd-cpa.com/resources/tag/nonprofit-funding/) - [nonprofit fundraising](https://wwd-cpa.com/resources/tag/nonprofit-fundraising/) - [nonprofit fundraising ideas](https://wwd-cpa.com/resources/tag/nonprofit-fundraising-ideas/) - [nonprofit grants](https://wwd-cpa.com/resources/tag/nonprofit-grants/) - [nonprofit hr](https://wwd-cpa.com/resources/tag/nonprofit-hr/) - [nonprofit human resources](https://wwd-cpa.com/resources/tag/nonprofit-human-resources/) - [Nonprofit leader](https://wwd-cpa.com/resources/tag/nonprofit-leader/) - [nonprofit loans](https://wwd-cpa.com/resources/tag/nonprofit-loans/) - [nonprofit management](https://wwd-cpa.com/resources/tag/nonprofit-management/) - [nonprofit membership](https://wwd-cpa.com/resources/tag/nonprofit-membership/) - [Nonprofit Operating reserves](https://wwd-cpa.com/resources/tag/nonprofit-operating-reserves/) - [nonprofit organization](https://wwd-cpa.com/resources/tag/nonprofit-organization/) - [nonprofit organizations](https://wwd-cpa.com/resources/tag/nonprofit-organizations/) - [Nonprofit Project Sponsorship](https://wwd-cpa.com/resources/tag/nonprofit-project-sponsorship/) - [Nonprofit restructuring](https://wwd-cpa.com/resources/tag/nonprofit-restructuring/) - [Nonprofit Revenue](https://wwd-cpa.com/resources/tag/nonprofit-revenue/) - [Nonprofit Sponsorship](https://wwd-cpa.com/resources/tag/nonprofit-sponsorship/) - [nonprofit staff](https://wwd-cpa.com/resources/tag/nonprofit-staff/) - [nonprofit staffing](https://wwd-cpa.com/resources/tag/nonprofit-staffing/) - [Nonprofit status](https://wwd-cpa.com/resources/tag/nonprofit-status/) - [nonprofit structure](https://wwd-cpa.com/resources/tag/nonprofit-structure/) - [nonprofit sucess](https://wwd-cpa.com/resources/tag/nonprofit-sucess/) - [nonprofit tax-exempt status](https://wwd-cpa.com/resources/tag/nonprofit-tax-exempt-status/) - [nonprofit taxes](https://wwd-cpa.com/resources/tag/nonprofit-taxes/) - [nonprofit volunteer](https://wwd-cpa.com/resources/tag/nonprofit-volunteer/) - [not for profit](https://wwd-cpa.com/resources/tag/not-for-profit/) - [NPO](https://wwd-cpa.com/resources/tag/npo/) - [NPO Funding](https://wwd-cpa.com/resources/tag/npo-funding/) - [npo marketing](https://wwd-cpa.com/resources/tag/npo-marketing/) - [Office communication](https://wwd-cpa.com/resources/tag/office-communication/) - [On-Site](https://wwd-cpa.com/resources/tag/on-site/) - [online banking](https://wwd-cpa.com/resources/tag/online-banking/) - [Online Marketing](https://wwd-cpa.com/resources/tag/online-marketing/) - [Operational risk](https://wwd-cpa.com/resources/tag/operational-risk/) - [opportunity zones](https://wwd-cpa.com/resources/tag/opportunity-zones/) - [OSHA reporting](https://wwd-cpa.com/resources/tag/osha-reporting/) - [other types of nonprofits](https://wwd-cpa.com/resources/tag/other-types-of-nonprofits/) - [out-of-pocket medical expense deductions](https://wwd-cpa.com/resources/tag/out-of-pocket-medical-expense-deductions/) - [outsourced accounting](https://wwd-cpa.com/resources/tag/outsourced-accounting/) - [outsourcing](https://wwd-cpa.com/resources/tag/outsourcing/) - [Outsourcing HR](https://wwd-cpa.com/resources/tag/outsourcing-hr/) - [Owner Entity](https://wwd-cpa.com/resources/tag/owner-entity/) - [Partnership](https://wwd-cpa.com/resources/tag/partnership/) - [pass-through deduction](https://wwd-cpa.com/resources/tag/pass-through-deduction/) - [Patriot Day](https://wwd-cpa.com/resources/tag/patriot-day/) - [Paycheck Protection Plan](https://wwd-cpa.com/resources/tag/paycheck-protection-plan/) - [paying for higher education](https://wwd-cpa.com/resources/tag/paying-for-higher-education/) - [payments](https://wwd-cpa.com/resources/tag/payments/) - [Payroll](https://wwd-cpa.com/resources/tag/payroll/) - [payroll credits](https://wwd-cpa.com/resources/tag/payroll-credits/) - [payroll errors](https://wwd-cpa.com/resources/tag/payroll-errors/) - [payroll management](https://wwd-cpa.com/resources/tag/payroll-management/) - [payroll policies](https://wwd-cpa.com/resources/tag/payroll-policies/) - [Payroll protection](https://wwd-cpa.com/resources/tag/payroll-protection/) - [Payroll Protection Plan](https://wwd-cpa.com/resources/tag/payroll-protection-plan/) - [payroll questions](https://wwd-cpa.com/resources/tag/payroll-questions/) - [Payroll Recordkeeping](https://wwd-cpa.com/resources/tag/payroll-recordkeeping/) - [Payroll records](https://wwd-cpa.com/resources/tag/payroll-records/) - [Payroll Rules](https://wwd-cpa.com/resources/tag/payroll-rules/) - [payroll software](https://wwd-cpa.com/resources/tag/payroll-software/) - [payroll tax](https://wwd-cpa.com/resources/tag/payroll-tax/) - [per diem](https://wwd-cpa.com/resources/tag/per-diem/) - [Performance Factors](https://wwd-cpa.com/resources/tag/performance-factors/) - [personal electronic devices](https://wwd-cpa.com/resources/tag/personal-electronic-devices/) - [personal expenses](https://wwd-cpa.com/resources/tag/personal-expenses/) - [Personal Identifiable Information](https://wwd-cpa.com/resources/tag/personal-identifiable-information/) - [personal residence](https://wwd-cpa.com/resources/tag/personal-residence/) - [Personal Tax](https://wwd-cpa.com/resources/tag/personal-tax/) - [personal taxes](https://wwd-cpa.com/resources/tag/personal-taxes/) - [Phantom income](https://wwd-cpa.com/resources/tag/phantom-income/) - [Philanthropy](https://wwd-cpa.com/resources/tag/philanthropy/) - [phishing](https://wwd-cpa.com/resources/tag/phishing/) - [PII](https://wwd-cpa.com/resources/tag/pii/) - [planning](https://wwd-cpa.com/resources/tag/planning/) - [plans](https://wwd-cpa.com/resources/tag/plans/) - [PLR](https://wwd-cpa.com/resources/tag/plr/) - [Plug-In Electric Car Tax Credit](https://wwd-cpa.com/resources/tag/plug-in-electric-car-tax-credit/) - [plumbing](https://wwd-cpa.com/resources/tag/plumbing/) - [POA](https://wwd-cpa.com/resources/tag/poa/) - [Power of Attorney](https://wwd-cpa.com/resources/tag/power-of-attorney/) - [PPP](https://wwd-cpa.com/resources/tag/ppp/) - [PPP Loan](https://wwd-cpa.com/resources/tag/ppp-loan/) - [pre-tax](https://wwd-cpa.com/resources/tag/pre-tax/) - [Premium Tax Credit](https://wwd-cpa.com/resources/tag/premium-tax-credit/) - [prepaid funeral](https://wwd-cpa.com/resources/tag/prepaid-funeral/) - [Preparations](https://wwd-cpa.com/resources/tag/preparations/) - [Private information](https://wwd-cpa.com/resources/tag/private-information/) - [Private vs Public](https://wwd-cpa.com/resources/tag/private-vs-public/) - [Probate](https://wwd-cpa.com/resources/tag/probate/) - [process](https://wwd-cpa.com/resources/tag/process/) - [process costing](https://wwd-cpa.com/resources/tag/process-costing/) - [Procurement](https://wwd-cpa.com/resources/tag/procurement/) - [production-of-income expenses](https://wwd-cpa.com/resources/tag/production-of-income-expenses/) - [productivity](https://wwd-cpa.com/resources/tag/productivity/) - [professional development](https://wwd-cpa.com/resources/tag/professional-development/) - [Professional Liability Insurance](https://wwd-cpa.com/resources/tag/professional-liability-insurance/) - [Profit Interests](https://wwd-cpa.com/resources/tag/profit-interests/) - [profit sharing](https://wwd-cpa.com/resources/tag/profit-sharing/) - [profitability](https://wwd-cpa.com/resources/tag/profitability/) - [profitiability](https://wwd-cpa.com/resources/tag/profitiability/) - [profits](https://wwd-cpa.com/resources/tag/profits/) - [projections](https://wwd-cpa.com/resources/tag/projections/) - [property plant and equipment (PPE)](https://wwd-cpa.com/resources/tag/property-plant-and-equipment-ppe/) - [property sale](https://wwd-cpa.com/resources/tag/property-sale/) - [property tax](https://wwd-cpa.com/resources/tag/property-tax/) - [property tax calculations](https://wwd-cpa.com/resources/tag/property-tax-calculations/) - [property taxes](https://wwd-cpa.com/resources/tag/property-taxes/) - [proposal template](https://wwd-cpa.com/resources/tag/proposal-template/) - [proposal writing services](https://wwd-cpa.com/resources/tag/proposal-writing-services/) - [PTC](https://wwd-cpa.com/resources/tag/ptc/) - [Public Company Accounting Oversight Board (PCAOB)](https://wwd-cpa.com/resources/tag/public-company-accounting-oversight-board-pcaob/) - [Public Relations](https://wwd-cpa.com/resources/tag/public-relations/) - [Q3 Tax Calendar](https://wwd-cpa.com/resources/tag/q3-tax-calendar/) - [QBI](https://wwd-cpa.com/resources/tag/qbi/) - [Qualified business income](https://wwd-cpa.com/resources/tag/qualified-business-income/) - [Quality of Earnings report](https://wwd-cpa.com/resources/tag/quality-of-earnings-report/) - [quality time](https://wwd-cpa.com/resources/tag/quality-time/) - [quiet quitting](https://wwd-cpa.com/resources/tag/quiet-quitting/) - [R&D](https://wwd-cpa.com/resources/tag/rd/) - [raising funds](https://wwd-cpa.com/resources/tag/raising-funds/) - [raising money](https://wwd-cpa.com/resources/tag/raising-money/) - [raising the minimum wage](https://wwd-cpa.com/resources/tag/raising-the-minimum-wage/) - [RAPID Decision Making](https://wwd-cpa.com/resources/tag/rapid-decision-making/) - [ratio analysis](https://wwd-cpa.com/resources/tag/ratio-analysis/) - [re-compete](https://wwd-cpa.com/resources/tag/re-compete/) - [Real Estate](https://wwd-cpa.com/resources/tag/real-estate/) - [Real Estate Investment Trust](https://wwd-cpa.com/resources/tag/real-estate-investment-trust/) - [real estate sales](https://wwd-cpa.com/resources/tag/real-estate-sales/) - [real estate taxes](https://wwd-cpa.com/resources/tag/real-estate-taxes/) - [Reasonable Compensation](https://wwd-cpa.com/resources/tag/reasonable-compensation/) - [reasonableness testing](https://wwd-cpa.com/resources/tag/reasonableness-testing/) - [rebalancing portfolio](https://wwd-cpa.com/resources/tag/rebalancing-portfolio/) - [Receivables](https://wwd-cpa.com/resources/tag/receivables/) - [recession](https://wwd-cpa.com/resources/tag/recession/) - [Reciprocal Trust](https://wwd-cpa.com/resources/tag/reciprocal-trust/) - [Reciprocal Trust Doctrine](https://wwd-cpa.com/resources/tag/reciprocal-trust-doctrine/) - [Record Keeping](https://wwd-cpa.com/resources/tag/record-keeping/) - [record organization](https://wwd-cpa.com/resources/tag/record-organization/) - [Recordkeeping](https://wwd-cpa.com/resources/tag/recordkeeping/) - [Records Retention](https://wwd-cpa.com/resources/tag/records-retention/) - [Recovery Rebate](https://wwd-cpa.com/resources/tag/recovery-rebate/) - [Recruiting](https://wwd-cpa.com/resources/tag/recruiting/) - [refianance](https://wwd-cpa.com/resources/tag/refianance/) - [regression analysis](https://wwd-cpa.com/resources/tag/regression-analysis/) - [regulation compliance](https://wwd-cpa.com/resources/tag/regulation-compliance/) - [REIT](https://wwd-cpa.com/resources/tag/reit/) - [Related party transactions](https://wwd-cpa.com/resources/tag/related-party-transactions/) - [Relationships](https://wwd-cpa.com/resources/tag/relationships/) - [Remote Estate Planning](https://wwd-cpa.com/resources/tag/remote-estate-planning/) - [remote work](https://wwd-cpa.com/resources/tag/remote-work/) - [remote work internal communications](https://wwd-cpa.com/resources/tag/remote-work-internal-communications/) - [remote work teams](https://wwd-cpa.com/resources/tag/remote-work-teams/) - [remote workers](https://wwd-cpa.com/resources/tag/remote-workers/) - [rental depreciation](https://wwd-cpa.com/resources/tag/rental-depreciation/) - [rental income](https://wwd-cpa.com/resources/tag/rental-income/) - [renting vacation home](https://wwd-cpa.com/resources/tag/renting-vacation-home/) - [repeat customers](https://wwd-cpa.com/resources/tag/repeat-customers/) - [Reporting](https://wwd-cpa.com/resources/tag/reporting/) - [Reporting Fraud](https://wwd-cpa.com/resources/tag/reporting-fraud/) - [reporting requirements for selling a home](https://wwd-cpa.com/resources/tag/reporting-requirements-for-selling-a-home/) - [Required Minimum Deductions](https://wwd-cpa.com/resources/tag/required-minimum-deductions/) - [Required Minimum Distribution](https://wwd-cpa.com/resources/tag/required-minimum-distribution/) - [Research](https://wwd-cpa.com/resources/tag/research/) - [resignations](https://wwd-cpa.com/resources/tag/resignations/) - [Restricted donation](https://wwd-cpa.com/resources/tag/restricted-donation/) - [Restrictive Cash](https://wwd-cpa.com/resources/tag/restrictive-cash/) - [retention](https://wwd-cpa.com/resources/tag/retention/) - [Retention Tools](https://wwd-cpa.com/resources/tag/retention-tools/) - [retirement](https://wwd-cpa.com/resources/tag/retirement/) - [retirement living](https://wwd-cpa.com/resources/tag/retirement-living/) - [Retirement Plan](https://wwd-cpa.com/resources/tag/retirement-plan/) - [Retirement Plan limits](https://wwd-cpa.com/resources/tag/retirement-plan-limits/) - [retirement planning](https://wwd-cpa.com/resources/tag/retirement-planning/) - [Retirement Plans](https://wwd-cpa.com/resources/tag/retirement-plans/) - [Retirement Relcating](https://wwd-cpa.com/resources/tag/retirement-relcating/) - [Retirement Savings](https://wwd-cpa.com/resources/tag/retirement-savings/) - [Retirement Savings Plans](https://wwd-cpa.com/resources/tag/retirement-savings-plans/) - [Retreat](https://wwd-cpa.com/resources/tag/retreat/) - [Revenue](https://wwd-cpa.com/resources/tag/revenue/) - [Revenue and Expense cut off](https://wwd-cpa.com/resources/tag/revenue-and-expense-cut-off/) - [revenue management](https://wwd-cpa.com/resources/tag/revenue-management/) - [Revised Tax Limits](https://wwd-cpa.com/resources/tag/revised-tax-limits/) - [Revocable Living Trust](https://wwd-cpa.com/resources/tag/revocable-living-trust/) - [revocable trust](https://wwd-cpa.com/resources/tag/revocable-trust/) - [Risk Assessment](https://wwd-cpa.com/resources/tag/risk-assessment/) - [risk management](https://wwd-cpa.com/resources/tag/risk-management/) - [Risks](https://wwd-cpa.com/resources/tag/risks/) - [Rock Your Socks](https://wwd-cpa.com/resources/tag/rock-your-socks/) - [ROI](https://wwd-cpa.com/resources/tag/roi/) - [Roth IRA](https://wwd-cpa.com/resources/tag/roth-ira/) - [Roth IRAs](https://wwd-cpa.com/resources/tag/roth-iras/) - [S Corp](https://wwd-cpa.com/resources/tag/s-corp/) - [s corporation](https://wwd-cpa.com/resources/tag/s-corporation/) - [S&P](https://wwd-cpa.com/resources/tag/sp/) - [salaries](https://wwd-cpa.com/resources/tag/salaries/) - [Sales](https://wwd-cpa.com/resources/tag/sales/) - [sales stories](https://wwd-cpa.com/resources/tag/sales-stories/) - [Sales Tax](https://wwd-cpa.com/resources/tag/sales-tax/) - [Sarbanes-Oxley Act](https://wwd-cpa.com/resources/tag/sarbanes-oxley-act/) - [Saver's Credit](https://wwd-cpa.com/resources/tag/savers-credit/) - [savings](https://wwd-cpa.com/resources/tag/savings/) - [Savings bonds](https://wwd-cpa.com/resources/tag/savings-bonds/) - [Savings protection](https://wwd-cpa.com/resources/tag/savings-protection/) - [SBA](https://wwd-cpa.com/resources/tag/sba/) - [SBA Loans](https://wwd-cpa.com/resources/tag/sba-loans/) - [scam](https://wwd-cpa.com/resources/tag/scam/) - [Schedule C](https://wwd-cpa.com/resources/tag/schedule-c/) - [scholarship](https://wwd-cpa.com/resources/tag/scholarship/) - [Sealed Bidding](https://wwd-cpa.com/resources/tag/sealed-bidding/) - [seasonal operations cash forecasting](https://wwd-cpa.com/resources/tag/seasonal-operations-cash-forecasting/) - [SEC](https://wwd-cpa.com/resources/tag/sec/) - [SEC guidance](https://wwd-cpa.com/resources/tag/sec-guidance/) - [Sec. 179 deduction](https://wwd-cpa.com/resources/tag/sec-179-deduction/) - [Sec. 404(a)](https://wwd-cpa.com/resources/tag/sec-404a/) - [Section 179 Expensing](https://wwd-cpa.com/resources/tag/section-179-expensing/) - [SECURE 2.0 Act](https://wwd-cpa.com/resources/tag/secure-2-0-act/) - [SECURE Act](https://wwd-cpa.com/resources/tag/secure-act/) - [Securities](https://wwd-cpa.com/resources/tag/securities/) - [Securities & Exchange Commision](https://wwd-cpa.com/resources/tag/securities-exchange-commision/) - [self employment](https://wwd-cpa.com/resources/tag/self-employment/) - [Self-Directed IRA](https://wwd-cpa.com/resources/tag/self-directed-ira/) - [self-employed](https://wwd-cpa.com/resources/tag/self-employed/)