Building an effective audit committee

| Audit and Accounting

By Sarah Gregory & Chris Mennel     If your nonprofit has an external audit, a dedicated audit committee can promote better financial reporting, lead to fewer fraud incidents, and help create a smoother audit process. For example, take the recent headlines regarding the Key Worldwide Foundation. It served as a front for the bribery scandal admitting children of wealthy parents into elite universities. Appropriate oversight might have identified the fraudulent activity early on, rather than Read more [...]

2019 Q3 tax calendar: Key deadlines for businesses and other employers

| Tax Briefs

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. July 31 Report income tax withholding and FICA taxes for the second quarter of 2019 (Form 941) and pay any tax due. (See the exception below, under “August 12.”) File a 2018 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension. August Read more [...]

Donating your vehicle to charity may not be a taxwise decision

| Tax Briefs

You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not result in a big tax deduction — or any deduction at all.   Trade in, sell or donate?   Let’s say you’re buying a new car and want to get rid of your old one. Among your options are trading in the vehicle to the dealer, selling it yourself or donating it to charity.   If you donate, the tax deduction depends Read more [...]

Thinking about moving to another state in retirement? Don’t forget about taxes

| Tax Briefs

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Identify all applicable taxes It may seem like a no-brainer to simply move to a state with no personal income tax. But, to make a good decision, you must consider all taxes that can potentially apply to a state Read more [...]