Nonprofit organizations face unique tax obligations that require careful planning to maintain compliance.
As the year winds down, it's a great time for small business owners to start thinking about taxes.
Now is the time to evaluate your tax situation and take advantage of potential tax-saving strategies.
Tax changes can have a direct impact on your paycheck, business operations, and overall financial strategy.
For nonprofits, cybersecurity resiliency revolves around the ability to detect, respond and recover from incidents quickly.
Federal judge suspends Corporate Transparency Act reporting requirements.
Financial statements are an important piece of the business valuation puzzle.
In a recent U.S. Supreme Court ruling, estate planning for business owners just got turned on its head.
The IRS has issued its 2025 contribution amounts for retirement plans. You may be able to increase your savings.
Many provisions in the TCJA were due to expire at the end of 2025. Now, there’s a better chance that most will be extended.
In this issue: Workplace stress is a top NFP concern; IRS hearings on donor-advised funds; and myths about Gen Z workers.
Ratios assist in translating information from financial statements and can be presented as easy-to-process snapshots.
Independent audits are key to informing stakeholders of your nonprofit’s financial stability.
The OMB changes are intended to reduce the burden on recipients of federal grants and other financial assistance.
The firm continues to add to our amazing bench of talented and committed team members.
Understanding the statute of limitations and the circumstances that may extend the IRS audit period is crucial.
While there are many potential benefits to using AI in your business, the technology brings certain limitations and risks.
A audit management letter can be used to improve your business’s performance, lower risk and add value.
The FASB recently voted to issue a proposal that aims to bring greater consistency in reporting companies’ government grants.
In this issue: Common traits of MacKenzie Scott donees; why nonprofits face a leadership void; and giving trends to watch.
Failure to follow IRS rules governing nonprofits and politics can result in an excise tax or a loss of tax-exempt status.
Proposed OMB changes to Uniform Guidance would affect numerous recipients of federal grants. Here's what you need to know.
The DOL has again updated its test for determining whether a worker is an independent contractor or employee.
The IRS's newly unveiled strategic operating plan is set to reshape the landscape for wealthy individuals and corporations.
If you’re a non-controlling private company shareholder contemplating an exit, here are some considerations to keep in mind.
With the ever-rising costs of college, many families are concerned about how to afford higher education.
Cautionary tales from America's wealthiest families in preserving and protecting their wealth.
As the primary advisory body to the FASB on private company accounting matters, here’s what’s on the PCC’s agenda this year.
Business plans aren’t only for startups seeking financing; they can also help established companies make strategic decisions.
Some companies are reporting significant goodwill impairment write-offs. Here are the current rules for measuring losses.
A review of estate planning tools that stand out for their effectiveness in preserving and growing intergenerational wealth.
The IRS issues guidance offering some relief to taxpayers covered by the “10-year rule” for required minimum distributions.
Recent federal funding includes $9 billion for home energy rebates. Here’s how the IRS plans to treat them for tax purposes.
From RSM US LLP: SECURE 2.0 included provisions that loosen some of the restrictions on retirement plan withdrawals.
H&S Tax and Advisory Partner George Paulsen on strategies to save on taxes before the 2017 TCJA laws sunset in 2026.
Hood & Strong LLP unveils its refreshed brand and new website - as it prepares for continued growth in the new century.
A new model to help your organization build resiliency, and other insights for nonprofits.
Many nonprofits struggle with properly allocating expenses. Complying with FASB standards can help simplify your processes.
Under the Inflation Reduction Act, nonprofits can now receive direct payments for a variety of clean energy tax credits.
Evaluating your nonprofit's ability to continue as a going concern will lay the groundwork for fixing problems.
After a lag in new guidance during the pandemic, the FASB ramped up its rule-making regarding crypto assets and taxes.
Footnote disclosures provide insight into account balances, accounting practices and potential risk factors.
The Biden administration's proposed 2025 budget includes numerous tax provisions.
New federal reporting requirements are now in effect under the Corporate Transparency Act. Here's what you need to know.
To help you make sure you don’t miss any 2024 deadlines, here is a summary of when various tax-related forms are due.
Directors share strategies on coping with heightened responsibilities and shifting priorities in the new year.
Organizations are turning to this approach to boost protection, trim costs and simplify operations.
Stop relying on manual processes and outdated technology for close, reporting, and planning.
Arshak Torossian joins our nationally recognized Not-for-Profit Service Group.
The IRS recently announced a withdrawal option regarding the Employee Retention Tax Credit.
Company management is ultimately responsible for preparing financial statements.
There’s currently a talent crisis in the accounting industry. An interim CFO might be a good candidate.
On August 23, 2023, the FASB issued an Accounting Standards Update to provide reporting information on JVs.
The IRS has postponed implementation of a new rule that would require tax forms from payment apps and online marketplaces.
Hood & Strong has been filing a lot of gift tax returns. Here's why it's smart to make gifts now.
A number of factors are making 2023 a confounding tax planning year for many people.
With interest rates and markets in flux, reducing your tax bill can improve cash flow and your bottom-line.
The IRS recently issued its 2024 cost-of-living adjustments for more than 60 tax provisions.
From RSM US LLP: The IRS has made modifications to the annual limits for retirement plans. Here's what you need to know.
The IRS has released new guidance on excess benefit transactions (EBTs) and so-called "disqualified persons."
It may not happen frequently, but the IRS does revoke tax-exempt status for violations.
The cost for not responding to your nonprofit's audit results can be steep. Follow-up is in your best interest.
Here are details on the new Streamlining Federal Grants Act of 2023, and other news for nonprofits.
From RSM US LLP: Use it or lose it – your increased GST exemption expires Dec. 31, 2025.
From RSM US LLP: Large partnerships and wealthy individuals are targets of a sweeping AI-fueled IRS enforcement effort.
On January 1, 2024, new federal reporting requirements became effective under the Corporate Transparency Act.
.gif)
