If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Transferring property tax-free […]
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New report identifies high-risk areas in financial reporting
In July 2023, the Public Company Accounting Oversight Board (PCAOB) published a report that highlights common areas of audit deficiencies for public companies. Private companies face similar challenges when reporting their financial results. Internal accounting personnel and external auditors can use the PCAOB’s report to identify high-risk areas in financial reporting that may warrant additional […]
The tax consequences of employer-provided life insurance
If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications. You’re taxed on income you didn’t receive The first $50,000 of group term […]
Every nonprofit needs a disaster plan
Almost no region of the United States has escaped some form of natural disaster or extreme weather this summer. Although wildfires, floods and unusually high temperatures have grabbed the headlines lately — for good reason — your not-for-profit also needs to be prepared for such unnatural disasters as terrorist threats and mass shootings. It’s a lot […]
