D&O insurance: Some FAQs for nonprofits
Directors and officers (D&O) liability insurance enables board members to make decisions without fear that they’ll be personally responsible for any related litigation costs. Such coverage is common in the business world, but fewer not-for-profits carry it.
The Home Office Deduction: Actual Expenses vs. the Simplified Method
If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on your 2018 income tax return.
Imposing Healthcare Plan Waiting Periods on Rehired Employees
It’s not uncommon for employers in some industries and localities to occasionally rehire a previously terminated employee. Should such a situation occur, you may wonder how to properly handle the waiting period typically imposed on new hires preceding their eligibility for health care benefits.
What You Need to Know About Filing Gift and Estate Tax Returns
Have you made substantial gifts of wealth to family members? Or are you the executor of the estate of a loved one who died recently? If so, you need to know whether you must file a gift or estate tax return.
Best Practices When Filing a Business Interruption Claim
Many companies, especially those that operate in areas prone to natural disasters, should consider business interruption insurance.
3 Big TCJA Changes Affecting 2018 Individual Tax Returns and Beyond
When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions.
When Are LLC Members Subject to Self-Employment Tax?
Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax.
4 Questions of Compensation Philosophy to Ponder
In the simplest of worlds, an employee effectively performs a set of tasks on an agreed-upon schedule and you pay him or her a fair wage. End of story.
Financial Statements Tell Your Business's Story, Inside and Out
Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements.
Why You Shouldn't Wait to File Your 2018 Income Tax Return
The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can potentially protect yourself from tax identity theft — and reap other benefits, too.