In 1993, a consortium of philanthropic organizations came up with the Donor Bill of Rights to guide not-for-profits in their interactions with financial supporters. For the most part, the basic principles remain valid.
S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit from such losses.
S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, no more than one class of stock and only certain types of shareholders.
As year end approaches, it’s a good idea for calendar-year entities to review the guidelines for recognizing revenue and expenses. There are specific rules regarding accounting cutoffs under U.S. Generally Accepted Accounting Principles (GAAP).
UPDATE: NOVEMBER 19, 2020
Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles.
Does anyone actually read footnotes? If they’re financial statement footnotes, the answer is usually “yes.” Footnotes can provide donors, governmental supporters and other stakeholders with critical information about your not-for-profit.
Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). Or perhaps you already have an HSA.
The executor’s role is critical to the administration of your estate and the achievement of your estate planning objectives. So your first instinct may be to name a trusted family member as executor. But that might not be the best choice. Duties of an executor
Online retail sales have been booming during the COVID-19 pandemic. This trend has been driven not only by the buying public’s increased inclination to minimize visits to brick-and-mortar stores, but also by the effectiveness of many retailers’ virtual marketing efforts.