Big, small or in-between: Your nonprofit’s board size is up to you
When a nonprofit is new, it may struggle to find an adequate number of board members. But as it grows, its board is also likely to grow — sometimes, to an unwieldy size. The question is: How many directors does your organization need to effectively pursue its mission?
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.
Numerous tax limits affecting businesses have increased for 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security tax
Help safeguard your personal information by filing your 2021 tax return early
The IRS announced it is opening the 2021 individual income tax return filing season on January 24.
Avoiding undue influence claims
A primary purpose of estate planning is to ensure that your wealth is distributed according to your wishes after you die. But if a family member challenges the plan, that purpose may be defeated. If the challenge is successful, a judge will decide who’ll inherit your property.
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.
Reporting and managing inventory
Ineffective inventory management and reporting can result in bloated working capital and impaired business profits. In industries that rely on overseas suppliers, best practices for managing inventory may have recently changed.
How will revised tax limits affect your 2022 taxes?
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation.
Businesses with employees who receive tips may be eligible for a tax credit
If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Basics of the credit
IRS issues information letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Payments
The Internal Revenue Service has begun issuing information letters to Advance Child Tax Credit recipients in December and to recipients of the third round of the Economic Impact Payments at the end of January.