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 […]

Need Extra Hands? Try Local Companies

If your not-for-profit is trying to fulfill its mission with less volunteer help these days, you’re not alone. A December 2021 Gallop poll found that although donating to charity has largely returned to pre-pandemic levels, volunteering was still down. Only 56% of survey respondents said they’d volunteered in the past year, compared with 64% in […]

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 […]

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 […]

Handle Your Nonprofit’s 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?

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 […]

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 […]

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 […]

M&A 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. […]

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 […]