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
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, […]
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 […]
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 […]
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 […]
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
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, […]
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 […]
Use Change Management To Brighten Your Company’s Future
Businesses have had to grapple with unprecedented changes over the last couple years. Think of all the steps you’ve had to take to safeguard your employees from COVID-19, comply with government mandates and adjust to the economic impact of the pandemic. Now look ahead to the future — what further changes lie in store in […]
The Tax Implications Of Owning A Corporate Aircraft
If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there are tax and non-tax implications for aircraft ownership. Let’s look at the basic tax rules. Business travel only In most cases, if your company buys a plane used only for business, […]