04.22.20

Get Your Operating Reserves in Order
Caitlin G. Gibbs

The recent tax law has reduced the benefit many taxpayers receive for their charitable contributions, and as a result, has affected the level of donations for many not-for-profit organizations. Combine that with uncertainties about government funding, and it is easy to see that operating reserves are more important than ever for long-term sustainability. Yet studies […]

04.21.20

Why Manufacturers Cannot Afford to Ignore Cybersecurity

Many manufacturers have a false sense of calm when it comes to cybersecurity. They incorrectly assume their risk of a cyberattack is low because they do not sell products on the Internet or gather credit card information and other sensitive data from customers. It is true that most big data breaches that make headlines focus […]

04.20.20

SECURE Act 101: New Law Changes Plan Policies, Creates Design Options
James Quaid

Defined contribution plan sponsors have some important decisions to make and opportunities to consider in the wake of the enactment of the Setting Every Community Up for Retirement Enhancement (SECURE) Act at the end of 2019. The Act is intended to boost retirement financial security on several fronts. Offering safe harbor for annuities The SECURE […]

04.17.20

New Tax Strategies for Charitable Donors
Thomas Kosinski

The passage of the Tax Cuts and Jobs Act (TCJA) changed or eliminated some tax benefits for many taxpayers who frequently itemize deductions. However, tax-saving strategies may still be available. One solution is “bunching,” or donating twice as much in alternate tax years, to take advantage of itemizing in one year and then claiming the […]

04.09.20

Eight Ways to Get Creative With Cash Flow in a Crisis

Does the COVID-19 crisis have you strapped for cash? In this quickly-changing COVID-19 landscape, the restrictions to your cash flow come hard and fast. In a crisis, restricted cash flow can be a double-edged sword. To stay afloat, a business must improve liquidity for fluctuating priorities. While inevitably, many will focus solely on cutting costs, […]

04.03.20

Related Parties’ Property Exchange Does Not Qualify as Like-Kind
Tamara Partridge

Like-kind exchanges under Internal Revenue Code Section 1031 provide a valuable tool for taxpayers to defer taxes on capital gains. The exchanges are subject to some strict rules that are intended to prevent tax avoidance scams. In a recent U.S. Tax Court case, the parties to a like-kind exchange ran into one of those restrictions […]

03.31.20

How to Establish a Rainy Day Fund in the Middle of a Crisis

Unprecedented ideas in unprecedented times We have entered an unprecedented time in market disruption across industries. Now, more than ever, is the perfect time to enact the rainy day fund. Either start building it or call on it.  As a business owner or executive, it likely feels imperative to get in front of this disruption […]

03.26.20

Key Changes to the Data Collection Form

All entities that expend $750,000 or more annually in federal awards must perform a Single Audit and complete Form SF-SAC (the Form) for every fiscal period during which they meet the reporting dollar threshold. The Federal Auditing Clearinghouse is the federal entity that collects the forms and reporting packages and maintains a database of completed […]

03.25.20

Donor-Advised Funds Offer a Low-Cost Alternative to Private Foundations
Adam J. Pechin

Charitable givers sometimes establish private foundations to manage their philanthropic activities. But foundations are costly to set up and subject to excise taxes, minimum distribution requirements and other regulatory requirements. If you are looking for a more cost-efficient vehicle for leaving a charitable legacy, consider a donor-advised fund (DAF). Tax Cuts and Jobs Act provides […]

03.18.20

Work Opportunity Tax Credit Extended Through 2020

2020 may be a good year for hiring, since the Further Consolidated Appropriations Act extended the Work Opportunity Tax Credit (WOTC) through 2020. This federal income tax credit is available to businesses that hire members of certain “targeted” groups. Let’s examine how the credit can benefit your business. Reviewing the basics The WOTC encourages businesses […]