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

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?

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

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

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, as well as globally, is on the […]

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 […]

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

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 […]