Support your nonprofit’s financial plans with board designations
The pandemic, ongoing economic insecurity and uncertainty about the future have prompted some not-for-profits to make board designations of unrestricted assets. What are board designations, why are they worth considering and how does the process work?
IRA charitable donations: An alternative to taxable required distributions
Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved charity out of your IRA.
Matching gifts make donations twice as sweet
According to nonprofit consultant Double the Donation, almost 65% of U.S. companies offer matching gift programs to help boost their employees’ charitable giving power. Sadly, billions of dollars in corporate matching gift funds go unclaimed every year.
Caring for an elderly relative? You may be eligible for tax breaks
Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them.
Management letters: Follow up on your auditor’s recommendations
Maintaining the status quo in today’s volatile marketplace can be risky. To succeed, businesses need to “level up” by being proactive and adaptable. But some managers may be unsure where to start or they’re simply out of new ideas.
The HSA: A healthy supplement to your wealth-building regimen
A Health Savings Account (HSA) can be a powerful tool for financing health care expenses while supplementing your other retirement savings vehicles. And it offers estate planning benefits to boot. ABCs of an HSA
CFO, yes or no? Here’s how to decide
Whether your not-for-profit organization needs a chief financial officer (CFO) depends on many factors, such as the size of your organization, the complexity and types of revenue sources, and the number of programs you have.
Inflation enhances the 2023 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA basics
Businesses may receive notices about information returns that don’t match IRS records
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records.
