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Why it’s important to get your company’s financials done on time
Have you completed your company’s year-end financial statements yet? Most calendar-year entities issue their year-end financials by March of the following year. Lenders and investors may think the worst if a company’s financial reports aren’t submitted in a timely manner. Here are three assumptions your stakeholders could make when your financial statements are late. 1.…
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Making the most of your nonprofit’s social media accounts
When’s the last time you evaluated your not-for-profit’s social media strategy? Are you using the right platforms in the most effective way, given your mission, audience and staffing resources? Do you have controls to protect your nonprofit from reputation-damaging content? These are important questions — and it’s critical you review them regularly. At the very…
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April 15 is the deadline to file a gift tax return
Not only is April 15 the deadline to file a 2023 income tax return and pay any taxes due, it’s also the deadline to file a gift tax return. If you made substantial gifts of wealth to family members in 2023, you may have to file a gift tax return. It’s due by April 15…
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Cash vs. accrual accounting: What’s the difference?
Financial statements are critical to monitoring your business’s financial health. In addition to helping management make informed business decisions, year-end and interim financial statements may be required by lenders, investors and franchisors. Here’s an overview of two common accounting methods, along with the pros and cons of each method. 1. Cash basis Under the cash-basis…
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2024 tax calendar
To help you make sure you don’t miss any important 2024 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. © 2024
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4 ways to make an incentive trust more effective
Estate planning isn’t just about sharing wealth with the younger generation. For many people, it’s equally important to share one’s values and to encourage their children or other heirs to lead responsible, productive and fulfilling lives. One tool for achieving this goal is an incentive trust, which conditions distributions on certain behaviors or achievements that…
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Spotlight on auditor independence
Auditor independence is the cornerstone of the accounting profession. Auditors’ commitment to follow the standards set forth by the American Institute of Certified Public Accountants (AICPA), the Securities and Exchange Commission (SEC), and the International Auditing and Assurance Standards Board (IAASB) ensures stakeholders can trust that audited financial statements present an accurate picture of the…
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3 types of internal benchmarking reports for businesses
As each year winds to a close, owners of established businesses can count on having plenty of at least one thing: information. That is, they have another full calendar year of financial results to peruse, parse and ponder over. Indeed, you shouldn’t let this valuable data go to waste. Within your company’s financial statements lies a…
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Consider these 2 issues before searching for new staffers
Despite many predictions to the contrary, U.S. employers have continued to add workers to their payrolls and the unemployment rate has remained low — at 3.7% as of November 2023, according to the Bureau of Labor Statistics. Is your not-for-profit among the employers that need fresh staffers? The new year is a good time to start looking,…
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Using the personal touch for last-minute fundraising
As 2023 hurtles toward Dec. 31, your not-for-profit probably is fully engrossed in last-minute fundraising. After all, taxpayers who itemize will be able to deduct qualified charitable contributions on their 2023 tax returns. As you make last-minute pitches, don’t forget to deploy the personal touch. Many studies have shown that people are more willing to donate if…
