IRS increases mileage rate for remainder of 2022
Yesterday, the Internal Revenue Service (IRS) announced an increase in the optional standard mileage rate for the final six months of 2022.
Find your nonprofit’s next leader with a team and a plan
A lot has happened in the past couple of years. So if your not-for-profit hasn’t conducted an executive search since before the pandemic, anticipate an altered search landscape.
Add estate planning flexibility with a power of appointment
The best laid plans can go awry. After your death, events may transpire that you hadn’t anticipated or couldn’t have reasonably foreseen.
Simple ways to make strategic planning a reality
Every business wants to engage in strategic planning that will better position the company to sell more to current customers — and perhaps expand into new markets. Yet the term “strategic planning” is so broad.
Dodge the tumult with a buy-sell agreement
Businesses with multiple owners generally benefit from a variety of viewpoints, diverse experience and strategic areas of specialization. However, there’s a major risk: the company can be thrown into tumult if one of the owners decides, or is compelled by circumstances, to leave.
Is it a good time for a Roth conversion?
The downturn in the stock market may have caused the value of your retirement account to decrease. But if you have a traditional IRA, this decline may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost.
Estate planning and business succession planning: The lines blur with a family business
For many business owners, estate planning and succession planning go hand in hand. As the owner of a closely held business, you likely have a significant portion of your wealth tied up in the business.
CLTs: A charitable trust that takes the lead
Are you inclined to donate assets to a charity for a period of time without ultimately giving up the property? Consider the benefits of a charitable lead trust (CLT). This type of trust is essentially the opposite of the charitable remainder trust (CRT), a better-known alternative.
For nonprofits, quid pro quo isn’t a simple exchange
Quid pro quo donations occur when a not-for-profit receives a payment that includes a contribution and the organization provides the donor with goods or services valued at less than the contributor’s payment. Among other things, these arrangements create reporting obligations for your nonprofit.
Contingent liabilities: To report or not to report?
Disclosure of contingent liabilities — such as those associated with pending litigation or government investigations — is a gray area in financial reporting. It’s important to keep investors and lenders informed of risks that may affect a company’s future performance.