Whew! That’s probably your reaction when outside experts announce that their audit of your not-for-profit is complete. But even if auditors have left your premises and returned the documents they’ve reviewed, the work isn’t really over. Not only do your… Read More
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You may be liable for “nanny tax” for all types of domestic workers
You’ve probably heard of the “nanny tax.” But 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… Read More
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Providing fringe benefits to employees with no tax strings attached
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of two types of benefits which… Read More
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The FLSA asks your nonprofit to accurately classify staffers
Are your not-for-profit’s staffers employees or independent contractors? It’s an important question because under the Fair Labor Standards Act (FLSA), misclassifying workers can lead to penalties and other costs. If you haven’t reviewed your staffers’ status since the start of… Read More
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Tax and other financial consequences of tax-free bonds
If you’re interested in investing in tax-free municipal bonds, you may wonder if they’re really free of taxes. While the investment generally provides tax-free interest on the federal (and possibly state) level, there may be tax consequences. Here’s how the… Read More
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What local transportation costs can your business deduct?
You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses. First, what is “local transportation?” It refers to travel in which you aren’t away from… Read More
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How to handle evidence in a fraud investigation at your 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… Read More
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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… Read More
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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,… Read More
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Key aspects of a successful wellness program
Wellness programs have found a place in many companies’ health care benefits packages, but it hasn’t been easy. Because these programs take many different shapes and sizes, they can be challenging to design, implement and maintain. There’s also the not-so-small… Read More