Gig economy: the changing workforce

My news feed has recently been filled with updates regarding the newly enacted tax reform proposals. After perusing those articles, a sentence in another article caught my eye. The author indicated that accountants may discover new sources of revenue by providing their service to the gig economy. As every good business person does, we are …

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Travel and entertainment deductions: your burden of proof

Did you know that one of the first things that is looked at if your business return is audited is your travel and entertainment expenses? Below are some tips and tricks for 2018 to help avoid any disputes if it is ever questioned. The tax law spells out detailed rules about how these expenses must …

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Recordkeeping: common requirements for personal taxes

Recordkeeping for your tax return is very important. It helps ensure that your tax return can be properly prepared and so that claimed items can be backed up in the event of an audit. Here are the most common records that are needed. Tax documents Any tax reporting forms received, including but not limited to: …

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Risk management and internal control

Risk management and internal control are vital to a business’s financial health, but can often be put to the wayside amongst required day-to-day work. However, the benefits of taking the time to prioritize risk management can far outweigh the time put in up front. With the wide range of uncertainties faced by organizations, risk management …

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Conflict of interest policy – why you should have one

A written conflict of interest policy should be put into place to ensure that voting board members are not influenced to act in any way other than in the best interests of the organization. Nonprofits can be closely monitored by the public to see if any transactions the organization enters into directly benefit a member …

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Deducting the cost of computer software

Did you know that if you have purchased or developed computer software for your business you may be able to write off the software expenses you incurred? Generally, you must amortize the purchase cost of computer software over a period of three years, beginning from the month in which you placed the software into service. …

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Opt-out forms: employees decline to participate in 401(k)

You’ve got your process figured out – 401(k) benefit packages are given to employees the date they’re hired, or maybe it’s when they become eligible to participate or perhaps you rely on your TPA to communicate to the employee how to enroll when eligible. You collect all the necessary enrollment forms and get participating employees’ …

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Tax season – overheard in the hallways

My Fitbit nags at me every hour if I don’t have 250 steps, so I try to get up and walk around – plus, it helps to clear the brain. Though, realistically, I am usually saying to my wrist – “Just a minute, I am almost done with this email, or tax return, or phone …

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History of the standard deduction, a tax lesson

As a tax accountant, I feel like over the last several months all that I have read and heard about is tax reform. Over that time, there have been significant changes here and there, but one thing that seemingly never wavered was the proposal to significantly increase the standard deduction and eliminate personal exemptions. Recently, …

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Six Sigma, work smarter, not harder

Pop quiz! What is the most important resource to a nonprofit organization? Answer: People! You thought I was going to say the contributions, didn’t you? While that might be what supports the mission of the organization, where would the organization be without the development department raising those contributions, the finance team making sure your tight …

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