In the News

Copyright 2021
Documentation and accountability are always important in business, but possibly even more so for not-for-profits. The sheer number of duties can be daunting. That's why it's critical to have tools that allow you to stay on top of the details.
Copyright 2021
Let's say you have an unincorporated sideline activity that you think of as a business, including an activity involving horses. If you have a net loss (deductible expenses exceed revenue) on that activity and you think you can deduct that loss on your personal federal income tax return, think again!
Copyright 2021
The pandemic has adversely affected many sectors of the U.S. economy, causing widespread job losses. At the start of the national emergency, Congress created a novel tax break — the Employee Retention Credit (ERC) — to entice employers to retain employees. But three different laws have created and changed the credit, which has led to significant confusion. Here's a summary of how the ERC has evolved over the last year from the CARES Act to the American Rescue Plan Act (ARPA).
Copyright 2021
The American Rescue Plan Act (ARPA) significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalizations are only for the 2021 tax year. Here's the story.
Copyright 2021
Do you ever get an uneasy feeling that your purchasing system is out of whack? Are you concerned that expenditures are being made on your company's behalf that would never meet with your approval? An effective purchasing system is essential to survival in the competitive manufacturing industry.
Copyright 2021
Sooner or later, most construction firms need financing for an expansion, new equipment or a new facility. The process of approaching a lender can be daunting, but with a few well-planned steps, you can boost your chances of successfully finding the money you need.
Copyright 2021
Let's say a partner in your medical practice exits partway through the firm's tax year. How are partnership tax items for that year allocated between the departing partner and the remaining partners? There is more than one way to handle this situation. In general, three methods are allowed for making such allocations.
Copyright 2021
Many not-for-profit organizations are concerned about the provisions of the Tax Cuts and Jobs Act (TCJA) that are affecting charitable giving. But the law also contains some important requirements involving unrelated business income tax (UBIT). If you engage in "unrelated business" — and even if you don't — you could find that your UBIT liability increases under the law.
Copyright 2021
Here's a little-known secret for parents planning to send their children to college in the future: Some of the tax-saving moves you make now could hurt your student's chances for getting financial aid later.
Copyright 2021
If you're self-employed as a sole proprietor, partner or limited liability company (LLC) member, COVID-relief legislation passed in 2020 included tax breaks that may affect your 2020 personal federal income tax return. In some cases, the tax savings may be significant. Here are two important COVID-related tax breaks that every self-employed individual should consider before filing Form 1040 for 2020.

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