by Kelly Pollard and Lucas LaChance A strategic plan can define where a nonprofit wants to go. But it is the conversations between planning cycles that help an organization stay ready for what comes next. What assumptions are we relying on? Where do we have room to adapt? What decisions would become harder if […]
If a customer with outstanding bills files for Chapter 11 bankruptcy, an ordinary receivable could become an urgent financial problem. Although a customer’s filing doesn’t necessarily mean your business will go unpaid, recovery depends on the debtor’s resources — as well as your claim’s status and the bankruptcy case’s outcome. To protect your business’s rights […]
Many owners assume the pretax profit reported on their financial statements should equal the business’s taxable income. In practice, those metrics often differ, sometimes significantly. Book-tax differences may result from differences in timing, tax law requirements and accounting treatment. Understanding those differences can help you evaluate financial performance, maintain accurate accounting records and make informed […]
by Kelly Pollard and Lucas LaChance Nonprofit leaders have always been asked to do more with less. What feels different today is the pace and complexity of change. Many organizations are experiencing growing demand for services while navigating funding uncertainty, workforce pressures, technology disruption, and heightened expectations from donors, founders, and boards. These challenges […]
The 2026 tax year is almost over, but you still have time to implement year-end tax planning strategies to reduce your business’s federal income tax liability. Let’s look at a few moves you may be able to make before New Year’s Day to trim your tax bill. Invest in capital assets If you acquire and […]
Dissolving a marriage involves numerous financial and nonfinancial decisions, and tax considerations can easily fall by the wayside. But decisions made before your divorce is finalized can affect your current-year income tax liability and your tax situation in future years. Let’s look at some of the most critical tax issues to consider as you work […]
Owners, lenders, investors and other stakeholders often rely on a business’s annual financial statements to assess profitability, liquidity and overall financial health. However, the financials generally report what has already happened and may not fully reflect recent developments. Even when financial information is prepared regularly, stakeholders who rely solely on historical results may miss warning […]
Hidden assets rarely remain hidden. In divorce proceedings, business disputes and fraud investigations, people’s spending habits often tell a different story from official reports, such as tax returns and legal declarations. Forensic accountants can use lifestyle analysis to identify such inconsistencies. Here’s how they trace unexplained funds and develop evidence to support litigation and financial […]
Wage and hour compliance can be tricky for employers. Under the Fair Labor Standards Act (FLSA), covered nonexempt employees generally must receive overtime pay at one-and-a-half times their regular rate for hours worked over 40 in a workweek. But certain executive, administrative and professional employees may be exempt if they satisfy applicable salary and duties […]
Whether you’re launching a new venture or expanding an existing one, it’s often easier to buy an established business than to build market share from scratch. Before signing a purchase agreement, however, you should review the seller’s financial records to understand what’s really driving the business’s profits and cash flow. Comprehensive due diligence doesn’t just […]
Strong portfolio performance can bring an unwelcome surprise: an additional 3.8% federal tax. The income thresholds for the net investment income tax (NIIT) aren’t annually adjusted for inflation and haven’t changed since the tax took effect in 2013. So the NIIT is hitting more taxpayers. If your income is near or above the applicable threshold, […]
Audit preparation should begin long before fieldwork starts. Giving your accounting team and external auditor time to address significant transactions, reconcile accounts and assemble supporting documents can help streamline the audit process and avoid financial-reporting delays. Communicate significant developments Internal and external changes may bring opportunities and risks that could affect your auditor’s procedures. Identify […]