Not-for-profits play a vital role in addressing community needs, relying primarily on donor generosity. Effective financial management hinges on accurately tracking asset restrictions, which are critical for decision-making. This article outlines net asset...
In its April 2024 meeting, the Governmental Accounting Standards Board (GASB) approved the issuance of Statement No. 103 regarding changes to the financial reporting model. The new standard will revise and build upon the requirements in GASB Statement No. 34. The...
The IRS has recently issued a series of 1099 TIN mismatch letters, also known as CP2100 and CP2100A notices for 2022 and 2023, indicating a ramp-up in enforcement and penalties related to 1099 filings. These notices can lead to significant compliance obligations, so...
Efficiency and efficacy are necessities for survival and growth in not-for-profit organizations. As technology advances, artificial intelligence (AI) emerges as a powerful ally in enhancing these aspects. Not-for-profits, often strapped for resources, stand to gain...
In manufacturing, navigating financial complexities to support profitability and growth can be challenging. But with the right strategies, you can enhance your bottom line and set your business up for long-term success. Here’s how: Understand Your Financial...
Welcome to the second installment of our Comprehensive Budget Series. Previously we explored the why, when, and how of budgeting. In this article, we’ll focus on the practical steps involved in building a budget that aligns with your goals and supports your...
Effective fundraising is critical for many not-for-profit organizations to fully fund their programs and execute the mission. But how do you know if your fundraising efforts are effective, and you are using the best strategy? Analyzing key fundraising metrics can...
Employee Benefit Plans (EBPs) play a crucial role in securing the future of millions of workers. However, with the rising tide of cybersecurity threats, these plans are increasingly vulnerable to attacks that could compromise sensitive data and assets. Understanding...
As a business owner, expanding your operations into new states can be an exciting prospect. However, with growth comes new responsibilities, including the obligation to file taxes in those states. Unfortunately, not all businesses are aware of the potential pitfalls...
Inventory management is a critical component that can make or break a company’s success when it comes to manufacturing. Effective inventory management ensures that you have the right materials, in the right quantities, at the right time, and in the right place....
This summer, the Buckeye State is rolling out an expanded tax-free holiday that promises to boost sales and offer substantial savings. But there are also some challenges that businesses should be aware of. From July 30 to August 8, 2024, Ohio will suspend sales tax on...
As a not-for-profit leader, you’re passionate about your mission. But to effectively serve your community, you need solid internal controls. Let’s dive into practical steps to protect your organization and enhance its financial integrity. The Importance of...
As a business owner, you’ve poured your heart and soul into building your company. But have you given thought to what happens when it’s time to step away? Exit planning is a crucial step that many entrepreneurs overlook, often until it’s too late....
Imagine this: Your small manufacturing company just landed a lucrative contract with a client in another state. You’re thrilled about the growth opportunity, but unbeknownst to you, this single deal has just triggered tax obligations in a state where...
Cybercriminals are increasingly targeting the construction and real estate industry. One of the most prevalent threats? ACH fraud. Here’s what you need to know to protect your business: Key Takeaways: ACH fraud cost businesses over $1.2 billion in 2021...
Picture this: You’re a small business owner, eager to offer your employees a competitive 401(k) plan, but you’re drowning in administrative tasks and worried about fiduciary responsibilities. Or perhaps you’re a financial advisor, looking for ways to...
Accountability stands as a cornerstone principle, essential for maintaining trust with donors, stakeholders, and the broader community in any not-for-profit. At the heart of ensuring this accountability lies audits and reviews, critical processes that provide...
You are probably getting lots of advice on how to run your business. But what if thinking ahead for year-end tax planning makes the difference in how successful your year can be? This could be the key to putting more money back into your business and setting yourself...
As we conclude our budgeting series, it’s time to bring together all the insights and strategies we’ve discussed to help you achieve financial mastery. Living within a budget is not just about limiting spending; it’s about empowering yourself and business to make...
Fundraising is the lifeline of not-for-profit organizations, from small community groups to large foundations. While securing initial donations is crucial, the real challenge often lies in donor retention—transforming one-time gifts into regular contributions and...
Congratulations! You’re considering taking the leap into practice ownership. It’s an exciting time, filled with possibilities – and, let’s face it, a fair share of uncertainties. As you embark on this journey, you might wonder, “Why do I need a...
We’ve recently become aware of two recent tax fraud schemes targeting businesses across the country. As your trusted advisors, we want to ensure you have the information needed to protect your business and personal data. Form 5102 Scam: Fake Beneficial...
As a not-for-profit leader, you’re passionate about your mission. You’re changing lives, improving communities, and making the world a better place. But here’s a curveball you might not have seen coming – when it comes to taxes, your...
Clear communication is essential in any professional partnership. Whether you’re working with our firm or considering hiring another CPA, understanding these key points can help you get the most out of this important relationship. 1. Once I hire a CPA firm, they...
