As we edge closer to 2025, it’s crucial to start assembling all the essential information required for accurate filing of W-2 and 1099 information return forms. The IRS mandates that any entity — be it a corporation, partnership, individual, estate, or trust — involved in a trade or business and…
Although not technically required, the IRS recommends nonprofit board members be provided with a copy of the organization’s Form 990 before it is filed. Why is This Considered a “Best Practice?” Assists in fulfilling board responsibilities for oversight of financial reporting. Exhibits strong governance practices. Enhances donor confidence –…
Nonprofit organizations depend on the dedication and ethical conduct of their board members to achieve their missions effectively. Nonprofit board members are entrusted with three fundamental legal duties: duty of care, duty of loyalty, and duty of obedience. Duty of Care The duty of care requires board members to…
Orientation Nonprofit board orientation is more than just a formality. It is the foundation from which an organization’s board members grow. A well-planned orientation equips new board members with essential knowledge about the nonprofit’s missions, activities, and structure. It is important to set clear expectations early on during orientation regarding…
A strong nonprofit board is essential to accomplishing organizational objectives. Here are some important reminders and advice to support the success of your nonprofit board. Board Composition The intention is to have a diverse board with expertise in different areas and community representation. To accomplish this, it is recommended that…
Staffing issues have become a struggle for many companies in the last few years. Because of this, you may be considering hiring temporary workers. Many of these visitors obtain work in the hospitality industry including hotels, restaurants, and tourism. But, if you are looking to hire a J-1 or…
Fall is officially here, and it is time to start thinking about end-of-year tax planning which includes form 1099s. The IRS requires these forms to be issued by a taxpayer engaged in a trade or business when they make payments to others engaged in a trade or business. The most…
In my youth, the phrase that boosted profits was, “Would you like fries with that?” Today, with the swivel of a tablet, we are asking our customers, “Would you like to add a tip?” According to Restaurant Business Magazine, consumers are now not only tipping more, but also more…
Are you a household employer? If you have someone working for you as a nanny, caretaker, cook, housekeeper, or yard worker, they could be your household employee. There are a few factors to determine if the worker is your employee: The work is performed in and around your home. You…
When it comes to determining the value of a business, many owners and investors are tempted to rely on simple rules of thumb. These quick formulas, for example, “2-3 times annual revenue” or “5-7 times Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA),” seem to offer an easy shortcut to…
