2018 Q1 tax calendar: Key deadlines for businesses and other employers

| Business Miscellaneous, Tax Briefs

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. January 31 File 2017 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration and provide copies to your employees. Provide copies of 2017 Forms 1099-MISC, “Miscellaneous Income,” to recipients of income from your business where required. Read more [...]

How to bring your nonprofit to life

| Business Miscellaneous

By Evan Rauch, CPA     Every day, individuals are inspired to make a difference in our world by giving back.  Whether it is someone who works to help raise awareness and provides support to those who are dealing with drug addictions or a group starting a local youth football program allowing kids the opportunity to compete in team sports, there are many ways to support our communities. The individuals or groups who work to make these ideas and goals a reality oftentimes are so focused on Read more [...]

Substantiating Business Expenses & Deductions in Audits

| Business Miscellaneous, Tax Briefs

Substantiating business expenses is a common problem for many businesses going through an audit with either the Internal Revenue Service (IRS) or their State Department of Revenue. You are probably like most business people. You don’t get up in the morning excited about keeping your tax records. But if you want to be in business and not suffer when the IRS audits your tax returns, you need to keep tax records. This takes a little time and requires some knowledge. Substantiating business expenses Read more [...]

How are 401(k) withdrawals like a relationship?

| Business Miscellaneous

Part 3 of 3 in the “How to Survive a 401(k) Audit” By Tyler Kleinschmidt, CPA     How can your company survive its 401(k) audit? How does one survive a relationship? Much like starting any new relationship, Part 1 of this series focused on a brief history of pension plans (What do you do, why are you here?). Then Part 2 moved onto “participant contributions” (What do you bring to this relationship and how much are you able to participate?). And finally, Part 3 will focus on the challenges Read more [...]

Ensuring a peaceful succession with a buy-sell agreement

| Business Briefs, Business Miscellaneous, News

A buy-sell agreement is a critical component of succession planning for many businesses. It sets the terms and conditions under which an owner’s business interest can be sold to another owner (or owners) should an unexpected tragedy or turn of events occurs. It also establishes the method for determining the price of the interest.   This may sound cut and dried. And a properly conceived, well-written buy-sell agreement should be — it is, after all, a legal document. But there’s a human side Read more [...]

Is outsourced accounting right for your NFP?

| Business Briefs, Business Miscellaneous

By Chris Mennel     As your nonprofit strives to use its resources as effectively as possible, at some point, you might consider outsourcing the functions that fall under your accounting and financial umbrella. Nonprofits often outsource areas that require specialized knowledge or a significant number of hours, such as payroll processing and payroll tax preparation. Outsourcing accounting functions also can provide benefits – if it matches up with your organization’s needs and budget. Before Read more [...]

How can I make our 401(k) audit run smoothly?

| Audit and Accounting, Business Miscellaneous

Part 2 of 3 in the “How to survive a 401(k) audit” series By Justin Schwartz, CPA   Preparing for a defined benefit or profit sharing plan audit may seem like a daunting task; however, understanding which key areas the auditor may be testing should help put your mind at ease.  Auditors typically focus on three main areas:  participant data, employee/employer contributions and withdrawals from the plan.  We will focus on participant data and employee/employer contributions below. Auditors Read more [...]

Why must our 401(k) be audited?

| Audit and Accounting, Business Miscellaneous

Part 1 of 3 in the “How to survive a 401(k) audit” series By Evan Rauch, CPA     For generations, defined benefit pension plans were the retirement plan standard for just about every employer. However, these pensions became financially draining for employers as the life expectancy of their retired employees increased, making way for a new type of retirement plan – the defined contribution plan or a profit sharing plan.  Nearly 40 years later, defined contribution plans have become the Read more [...]

Want younger board members: Consider a second board

| Business Briefs, Business Miscellaneous

By Chris Mennel & Natalie Hopkins     If you have been around nonprofits for very long, you have discovered that recruiting new board members is an ongoing challenge. Finding the best mix of talent to fill their needs (finance, development, etc) within the right age demographic can be a struggle. Add to this mix the search for younger board members so the nonprofits can effectively plan their futures, and the challenge grows. To overcome this obstacle, an increasing number of organizations Read more [...]