By: Craig E. Witmer, CPA, CGFM Member of the Firm
By: Kevin B. Stouffer, CPA Member of the Firm
There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more than a year.
It’s been a long two years. But many not-for-profits are starting to plan in-person galas and other special events for this coming summer and autumn.
Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to it.
Estate tax planning can become complicated when multiple parties are involved. For example, you may be concerned about providing assets to a surviving spouse of a second marriage, while also providing for your children from your first marriage.
If your not-for-profit is trying to fulfill its mission with less volunteer help these days, you’re not alone. A December 2021 Gallop poll found that although donating to charity has largely returned to pre-pandemic levels, volunteering was still down.
Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances.
Does your not-for-profit offer programs that may have started out promising, but have become disappointing? Do you have replacement programs in mind but haven’t yet secured funding for them? Consider subjecting your programming lineup to a good spring cleaning.
Many not-for-profits are understaffed in 2022, thanks to a labor shortage and pandemic-related budget shortfalls. Some organizations are filling the gaps with freelancers and contractors.