What nonprofit board members need to know about fiduciary duties
It takes more than dedication and enthusiasm for your not-for-profit’s cause and programs to make a good board member. The most critical duty for all board members is being a fiduciary.
Pondering the possibility of a company retreat
As vaccination levels rise and major U.S. population centers fully reopen, business owners may find themselves pondering an intriguing thought: Should we have a company retreat this year?
Recordkeeping DOs and DON’Ts for business meal and vehicle expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later.
The long and short of succession planning
For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon.
Plan ahead for the 3.8% Net Investment Income Tax
High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified adjusted gross income (MAGI) exceeds:
Hiring your minor children this summer? Reap tax and nontax benefits
If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to:
Some small businesses are recovering. Is yours?
The COVID-19 pandemic isn’t over, but many small businesses are on the upswing. How QuickBooks Online can help if yours isn’t.
Are you holding a joint title to property with a family member or friend?
Owning assets jointly with one or more of your children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it may produce unintended — and costly — consequences. Joint ownership advantages
How to strengthen your internal controls
Internal controls are a system of policies and procedures organizations put in place to protect assets and improve operating efficiency. Effective internal controls are critical to accurate financial reporting.
New overtime rules in Pennsylvania to take effect October 3, 2021
On October 3, 2020, new overtime rules went into effect, expanding Pennsylvania’s Minimum Wage Act regulating overtime pay.