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Negotiations continue in Washington, D.C., over the future of President Biden’s agenda. Tax law changes may be ahead under two proposed laws, the Build Back Better Act (BBBA) and the Bipartisan Infrastructure Bill (BIB), also known as the Infrastructure Investment and Jobs Act. The final provisions remain to be seen, but the BBBA and, to

Candid shares key nonprofit data for 2021 Candid, the information services organization formed by the merger of GuideStar and Foundation Center, has released its annual snapshot of the nonprofit sector. Among other things, Key Facts on U.S. Nonprofits and Foundations, 2021 reports that individuals still provide the majority (69%) of giving. Community and private foundation giving accounts

In response to the financial impact of the COVID-19 pandemic, the CARES Act established the employee retention credit (ERC) to encourage employers — including nonprofits — to keep employees on the payroll. The credit has been expanded and increased for 2021, but it’s also not too late for eligible employers to amend their 2020 employment

Gaming can seem like an appealing and low-cost option for boosting nonprofit revenues. But bingo, poker tournaments, raffles and the like are subject to some strict tax rules and local laws where noncompliance could lead to penalties and even personal liability for board members. Here’s what you need to know. Unrelated business income Income from

The role of a nonprofit’s finance committee is probably more important now than at any time since the 2008 financial crisis and ensuing Great Recession. Here are some of the areas your committee should focus on almost two years into the COVID-19 pandemic. Cash flow Financial reserves have taken a hit across all types of

If your business is planning to buy, build or substantially improve real property, a cost segregation study can help you accelerate depreciation deductions, reducing your taxes and boosting your cash flow. Even if you’ve invested in real property in previous years, you may have an opportunity to do a lookback study and catch up on

In recent years, the business environment has changed dramatically. The AICPA’s Auditing Standards Board (ASB) has responded by updating its risk assessment standards. Auditors use risk assessment to determine the nature and scope of confirmation, testing, inquiry and analytical procedures that are appropriate during your company’s external audit. Assessing the risks In August 2020, the

Businesses periodically need to add equipment to grow their operations and replace outdated assets. When this need arises, business owners may ask their financial advisors whether it’s better to buy or lease those assets. There’s no universal “right” choice. And recent changes to the lease accounting and federal income tax rules have muddied the waters.

In mergers and acquisitions, how you divvy up the selling price among acquired assets and liabilities can have important consequences after the deal closes. Inaccurate allocations can result in write-offs later on. Here are the five steps required to allocate the purchase price in a business combination under U.S. Generally Accepted Accounting Principles (GAAP). Identify

One of the least recognized threats to businesses are lawsuits filed for unexpected reasons. Responsible businesses bend over backwards to manage quality and safety in the workplace, but beyond all the policies and procedures recommended by auditors, attorneys and good insurance brokers, there can be unexpected claims against businesses and property owners. These claims can