Insights

IRS Issues Guidance On Tax Treatment Of Energy Efficiency Rebates

The IRS has offered guidance regarding the tax treatment of energy efficiency rebates introduced by the Inflation Reduction Act.

Update On Retirement Account Required Minimum Distributions

The SECURE 2.0 law includes good news about required minimum distributions from tax-favored retirement accounts. But an earlier law contained some bad news for certain beneficiaries of inherited retirement accounts. Here are the rules.

President Biden’s Proposed Budget Highlights His Tax Agenda

President Biden has laid out his proposals for tax law changes in the fiscal year 2025 budget.

Corporate Transparency Act (CTA) Declared Unconstitutional by Federal Judge

A federal judge in the Northern District of Alabama has declared the Corporate Transparency Act (CTA), aimed at combating money laundering by requiring businesses to report ownership information, unconstitutional, putting its mandates on hold.

Small Businesses Can Gain Big with Outsourced Accounting

Discover how small businesses can leverage outsourced accounting for strategic growth and operational efficiency, gaining access to expert advice, scalable solutions, and cloud-based technologies for enhanced financial oversight.

Better Tax Break When Applying The Research Credit Against Payroll Taxes

Even if your startup business has little or no income tax liability, you may be eligible for a payroll tax credit election for increasing research activities. This tax break got better under the Inflation Reduction Act.

New Option For Unused Funds In A 529 College Savings Plan

It’s not unusual for parents to end up with unused funds in their children’s 529 college savings plans. There’s a new option that allows them to transfer unused funds in a 529 plan to a Roth IRA. Here are the details.

Consider These 2 Issues Before Searching for New Staffers

To hire or not to hire in 2024? For nonprofit employers, the decision generally comes down to two major considerations. Learn what they are.

Opportunity Zones 101: Understanding the Basics

Explore the basics of Opportunity Zones established by the 2017 Tax Cuts and Jobs Act, offering tax incentives for investments in economic development across Connecticut.

Developing an Effective Policy for Reimbursing Volunteer Travel and Other Expenses

Establishing a clear reimbursement policy helps maintain transparency and trust among staff, board members, and volunteers. It sets clear expectations, ensures timely reporting of expenses, and aids finance and accounting teams in managing and validating expenditures according to the organization’s policies and goals.

Independent Contractor Vs. Employee Status: The DOL Issues New Final Rule

The deadline to comply with a new U.S. Dept. of Labor rule regarding worker classification is fast approaching. Is your company ready?

6 Ways Nonprofit Retirement Plans Are Changing

The SECURE Act 2.0 made some important changes to 403(b) retirement plans, which typically are offered by nonprofits to their employees. Is your nonprofit caught up on the law’s provisions?

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Enhancing Business Resilience: The Role of Managed Services in Safeguarding Digital Assets

Uncover how Managed Service Providers (MSPs) fortify business resilience through comprehensive data protection strategies. Learn about their essential services, including data backup, disaster recovery, and regulatory compliance, expertly written by Whittlesey's Director of Networking Services, Dave Modzelewski.

10 Ways Construction Companies Can Tighten Up Their Estimates

Estimating is among the most important areas of proficiency for any construction business. Here are 10 ways to potentially improve your company’s estimates.

Check Your Construction Company’s Vital Signs With KPIs

Construction business owners, don’t fear the data! Choose and use the right key performance indicators to monitor your company’s performance.

Is Your Construction Firm Eligible for an Energy-Efficient Tax Break?

Construction business owners: Does your company substantially contribute to the design of government-funded projects? If so, you may be able to claim a valuable tax deduction.

Businesses: Do You Have To Comply With The New Corporate Transparency Reporting Rules?

The new corporate transparency reporting rules are complex, but failing to comply with them can be costly to businesses.

Nonprofits: Ready, Set, Audit!

Don’t let your nonprofit’s audit preparation become a last-minute sprint. Plan early so you’ll have the right records ready for review. We offer suggestions.

Trust And Internal Controls Can Coexist In Your Nonprofit

Trust tends to be the biggest potential fraud weakness for nonprofits. But by beefing up certain internal controls, you can continue to operate like a happy family and still reduce employee-perpetrated fraud.

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Private Foundations: “Disqualified Persons” Must Color Within the Lines

If you lead a private foundation, you must go out of your way to prevent anything that might be perceived as a conflict of interest or self-dealing. Here’s how to color within the lines and stay out of trouble.

New Per Diem Business Travel Rates Kicked In On October 1

Many businesses, including small ones, may be subject to new beneficial ownership information reporting rules under the Corporate Transparency Act. Here’s what you need to know.

Is Your Business Subject to the New BOI Reporting Rules?

Many businesses, including small ones, may be subject to new beneficial ownership information reporting rules under the Corporate Transparency Act. Here’s what you need to know.

Cybercriminals Love Your Small Business

In today's digital era, consumer data fuels businesses, making it an irresistible goldmine for cybercriminals. You don’t need to have the resources of a major corporation to implement a robust cybersecurity program that will help you avoid the fallout of a data breach.

What to do if Your CFO or Controller Leaves

The Great Resignation has caused significant turnover at many organizations and finding replacements can be challenging in today’s labor market. Here are four questions to ask if your accounting team leader unexpectedly leaves.

FAQs About QuickBooks

What software does your organization use for its accounting needs? Here are answers to frequently asked questions about one of the most popular options: QuickBooks.

Now Hiring: 10 Questions to Ask Bookkeeper Candidates

Hiring a bookkeeper for your small business can be a daunting task. Here are some helpful tips.

5 Steps to Track Vehicle Mileage in QuickBooks

Keeping tabs on business mileage can be time-consuming. Here’s how to use accounting software to simplify matters.

Every Nonprofit Needs a Disaster Plan

Recent natural disasters in Hawaii and California should remind all nonprofit organizations to establish a disaster plan. Here’s how to help protect your people, operations and technology.

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Navigating Tax Strategy for Construction Firms: Essential Q&As

Tax planning is crucial for construction business owners to maximize potential tax benefits. An effective strategy involves more than knowing credits and deductions.

Nonprofits: Outsourcing HR Could Save Time and Money

Is your nonprofit’s HR staff stretched thin? It’s hard, especially for small teams, to do everything required. Outsourcing some HR functions to external professionals could help.

5 Tips for More Easily Obtaining Cyberinsurance

Business owners: You know how important cybersecurity is to your company. If you’re thinking about buying cyberinsurance, here are some suggestions for optimizing the application process.

Did you know that the FTC Safeguards Rule was recently updated?

The Federal Trade Commission's (FTC) Safeguards Rule stipulates that financial institutions must develop, implement, and sustain an information security program to shield sensitive customer data from external threats.

4 Ways to Reduce Volunteer Risk

What would happen if one of your nonprofit’s volunteers harmed someone while volunteering for you? No matter how much you prize them, volunteers present litigation risks. We recommend four best practices.

IRS Provides Transitional Relief for RMDs and Inherited IRAs

Some taxpayers can look forward to receiving transitional relief from the IRS related to the required beginning dates for taking required minimum distributions from retirement plans.

Beefing Up Benefits May Save Tax Dollars For Construction Businesses

Construction business owners: Is your benefits package competitive in today’s tight job market? Here’s a review of some of the most valued options to consider.

Strategic Tax-Planning Q&As For Construction Businesses

Most people, including construction business owners, feel a sense of relief when their taxes are filed. But contractors need to make tax planning a year-round activity. Here are some Q&As to consider.

5 Tips For Avoiding Profit Fade

Experienced contractors know the pain of seeing a potentially lucrative job incur costly losses. Here’s how to fight back against profit fade.

Use Proactive Measures To Manage Materials And Labor Costs

Construction business owners: Are you doing everything you can to manage materials and labor costs in today’s inflationary environment? Here are some strategies to consider.

11 Ways Your Construction Company Can Avoid Accounting Mistakes

Construction companies can’t afford to make mistakes on job sites, and they shouldn’t make them in their books either. Here are 11 tips for avoiding accounting errors.

How Construction Companies Can Cope With The Skilled Labor Shortage

Construction company owners: Are you tired of the skilled labor shortage? Unfortunately, the struggle goes on, but there are ways to manage.

Are Your Nonprofit’s Interim And Year-End Financial Statements At Odds?

Whether your nonprofit uses cash basis or accrual basis accounting can affect the likelihood that your financial statements will need to be adjusted at year end.

New-And-Improved Accounting Rules For Common Control Leases

Coming soon! The FASB recently issued amendments to help organizations that rent property from related parties report those arrangements on their balance sheets.

Passing The Public Support Test

Is your nonprofit a publicly supported charity? Are you sure? Two IRS public support tests can help you determine, and prove, your status. Learn more about them:

Retirement Account Catch-up Contributions Can Add Up

If you’re eligible and not making catch-up contributions to your retirement plan, you’re missing out on building more tax-favored savings. Here are the rules of the road.

Make Your Nonprofit’s Auction A Success By Following IRS Rules

Auctions can be an effective way to raise funds. But they can also trip up nonprofits (and donors) that don’t follow tax rules. We summarize some of the most important issues.

Overcoming Benchmark Resistance In Your Nonprofit

Who needs benchmarking? You, your nonprofit’s employees and board of directors do! We explain how best to measure performance to reach mission-critical goals.

Why Nonprofits Need To Track Staffers’ Time

Nonprofits are obligated to track time worked by both hourly and salaried workers. So it’s critical to know what’s required and to implement best practices.

How To Train Your Nonprofit’s Employees To Combat Hackers

If you want to reduce the likelihood of a successful hacking attack on your nonprofit, focus on employee training.

Data Analytics Is More Accessible Than You Might Think

These days, data analytics is essential to for-profit business decision-making. What about nonprofits? Learn how these tools can help your organization reach goals more efficiently.

Commit to Continually Improve Your Nonprofit’s Accounting Processes

Accounting inefficiencies and errors can cost your nonprofit time and money. Here’s how to root out and repair less-than-perfect processes.

Should You Reassess Your Nonprofit’s Office Space?

Leased office space is likely one of the largest line items in your nonprofit’s budget. Now may be a good time to downsize or at least change how you use your space.

Understanding Connecticut’s Data Privacy Act

This guide will provide an overview of CTDPA’s applicability, requirements, enforcement, and how advisors can help your business achieve compliance.

That Email or Text from the IRS: It’s a Scam

Criminals keep coming up with new ways to try and steal information from taxpayers. Here are a few of their scams and how you can avoid them.

Connecticut Overhauls Pass-Through Entity Tax (PTET), Making It Optional

Beginning in 2024, Connecticut will make PTET elective rather than mandatory.

Tax-Savvy Succession Planning: Minimizing Tax Liability for a Seamless Transition

For many business owners, succession planning is critical to their long-term strategy. Ensuring a seamless business transfer to the next generation or a new owner requires careful consideration of various factors, including tax implications.

Avoid Succession Drama with a Buy-Sell Agreement

Building a buy-sell agreement into your succession plan is strongly advised if your business has multiple owners. Here’s how these arrangements work.

Social Security’s Future: The Problem and the Proposals

The future of Social Security is in peril. Here’s a look at the current situation and potential solutions.

Unlocking Financial Opportunities: Navigating the New Markets Tax Credit Program

Explore the New Markets Tax Credit Program: a unique funding opportunity for businesses and nonprofits investing in distressed areas.

Understanding SECURE 2.0: Essential Insights for Manufacturing Businesses

The SECURE 2.0 Act will affect manufacturers with 401(k) plans and can also help those that haven’t yet set one up. Here’s how.

Paperwork You Can Toss After Filing Your Tax Return

Want to do some spring cleaning and get rid of tax documents? You don’t want to clear out records that the IRS might request in an audit. Here are the general rules.

Keeping in Compliance with Uniform Guidance

Government grants usually come with certain obligations. Here’s what you need to know to help ensure your nonprofit complies with Uniform Guidance rules for recipients of federal funds.

IRS Guidance Coming Regarding the IRA’s Clean Vehicle Credit

Will the electric vehicle you have your eye on qualify for the Clean Vehicle Credit?

The Tax Advantages of Hiring Your Child This Summer

Thinking about hiring your high-school or college-age child to work in your business? You could reap significant tax benefits.

Should Your Established Nonprofit Sponsor a Smaller Project?

It’s easy to see why small charitable projects seek fiscal sponsorships, but your established nonprofit may also benefit from sponsoring a group. Learn more about fiscal sponsorships.

Changes In Sec. 174 Make It A Good Time to Review the R&E Strategy of Your Business

A tax law that passed in 2017 makes a major change to Section 174 research and experimental (R&E) expenses. Here’s what it might mean for your 2022 business tax return being filed this year.

SVB Collapse and Lessons Learned

On Friday, Silicon Valley Bank (SVB) became the first bank to fail in nearly three years and the largest to fail since the financial crisis of 2008-2009. Here are some lessons learned from the collapse.

U.S. Supreme Court Rules Against the IRS on Critical FBAR Issue

In Bittner v. U.S., the U.S. Supreme Court ruled that the penalty for non-willingly failing to file an FBAR applied on a lower per-report basis, not on a per-account basis.

Supreme Court: Overtime Rules Still Apply to Highly Compensated Employees

Many businesses today are short-staffed, making overtime a distinct possibility. A recent U.S. Supreme Court decision serves as a reminder that the overtime rules aren’t always easy to follow.

There Still May Be Time to Make an IRA Contribution for Last Year

If you want to help ensure your financial security in retirement, saving now is one of the best moves you can make. If you qualify, you still have time to contribute to an IRA or SEP and save on your 2022 tax return.

How Will the Infrastructure Investment and Jobs Act Affect the Real Estate Industry?

The Infrastructure Investment and Jobs Act (IIJA) is expected to increase funding for infrastructure projects across the US, benefiting the real estate industry. Businesses can take advantage of the IIJA by checking if they qualify for any benefits and applying for funds for various projects.

Third Quarter 2022 HUD Report: Nonfarm Payrolls and Housing Market Update

The Third Quarter 2022 HUD Report provides an update on nonfarm payrolls and housing market conditions in New England. While the economy saw job growth, the housing market remained tight with declining home sales due to rising mortgage rates, and the apartment market varied from balanced to tight.

Rising Demand for Multifamily Housing Creates An Opportunity for Developers to Invest

As multifamily housing remains the most sought-out property type, the incentives available may make it the ideal time for developers to invest.

Construction Businesses Must Step Carefully When Hiring On-Site Labor

Construction business owners: Are those with hiring power at your company up to speed on the FLSA and its rules regarding employees vs. independent contractors?

Prevent Fraud At Your Construction Company With A Holistic Approach

Fraud is an ever-present threat for construction businesses, both in the office and on jobsites. That’s why contractors must leave no stone unturned when trying to prevent it.

Manage Your Construction Business…And Your Wealth

Construction business owners: Are you paying as much attention to your personal wealth management as you are to your company’s financials? It’s important to balance the two.

Putting Accountability Into Practice

Nonprofits that embrace accountability can generally expect improved collaboration and better outcomes. How can your organization put this abstract concept into practice?

The FLSA Asks Your Nonprofit to Accurately Classify Staffers

Drawing a line between employees and contractors requires nonprofits to use their judgment. Getting it wrong can result in penalties and other costs, so take steps to get it right.

ASU 2016-13 Current Expected Credit Losses (CECL): Does it Affect Your Nonprofit?

Accounting standard ASU 2016-13 takes effect for fiscal years starting Dec. 15, 2022. Is your nonprofit ready? Find out whether the new standard might apply to your organization and how to prepare.

Boost Your Business’s Profitability in 2023

Tucked into the Consolidated Appropriations Act of 2023 is a package of enhanced retirement benefits, otherwise known as the SECURE 2.0 Act. Here are some of the provisions.

Year-end Spending Package Tackles Retirement Planning, Conservation Easements

Tucked into the Consolidated Appropriations Act of 2023 is a package of enhanced retirement benefits, otherwise known as the SECURE 2.0 Act. Here are some of the provisions.

The Standard Business Mileage Rate Is Going Up In 2023

The price of gas is lower than it was a year ago. How does this affect the amount your business can deduct for business driving in 2023? You might be surprised.

Operating Reserves Can Help Cushion Financial Blows

Building or replenishing nonprofit operating reserves can take time. But you need a financial cushion, particularly when the economic future looks uncertain. Learn more about finding funds to grow reserves.

Accounting Policies and Procedures are Essential for Nonprofits, Too

Not-for-profit entities may not focus on earnings per share, but that doesn’t mean they can afford to neglect their accounting function. Here are some tips to help nonprofits run a well-oiled accounting department.

Protecting Your Nonprofit from Data Breaches

There are many low-cost (and even free) cybersecurity tools available to nonprofits, so don’t take the risk of going unprotected. Here are some easy ways to prevent data breaches.

9 Cash Flow Management Tips for Construction Companies

Construction businesses face great challenges when it comes to managing cash flow. Here are nine ways to help your cause.

Is Your Construction Company’s 2023 Budget Built on a Solid Foundation?

Construction company owners: Have you finished your 2023 budget yet? If so, will it hold up throughout the year? Here are some important points to keep in mind.

Inflation Reduction Act Expands Deductions for Energy Efficient Construction

Can you benefit from the Inflation Reduction Act’s expansion of two tax incentives for energy-efficient construction of commercial and residential buildings? These are the Sec. 179D deduction and the Sec. 45L credit.

5 Year-End Tax Strategies for You to Consider

Here are a few effective tax techniques to help lower taxes for you or your business.

Common Compliance Requirements and Deadlines for Connecticut Nonprofit Organizations

Here are some common filing deadlines for most Connecticut nonprofit organizations.

Online Filing Portal for Initial Charity Registration and Annual Form PC Filings Now Available for Massachusetts Public Charities

Massachusetts charities and nonprofit organizations may now file public disclosure documents online.

Inflation Means You And Your Employees Can Save More for Retirement In 2023

The tax-advantaged retirement plan contribution amounts will be much higher next year than they’ve been in recent years. The reason? Inflation. Find out how much can be saved in 401(k)s, SEP plans, IRAs and more.

What Do the 2023 Cost of Living Adjustment Numbers Mean for You?

Don’t forget to factor 2023 cost-of-living adjustments into your year-end tax planning.

Is Your Income High Enough to Owe Two Extra Taxes?

There are two special taxes that may have a significant effect on the tax bills of high-income folks: the 3.8% net investment income tax and a 0.9% additional Medicare tax on wage and self-employment income. Here are the basic rules.

Year-End Tax Planning Ideas for Individuals

By planning ahead now, you may be able to save on your 2022 and 2023 tax bills. Here are some ideas to consider.

ASB Proposes Last-Minute Changes to Lease Accounting Rules

New lease accounting rules go into effect this year for private companies and nonprofits. Related-party leases continue to be a sticking point, but help may be coming soon.

Don’t Forget Income Taxes When Planning Your Estate

With the current federal estate tax exemption at $12.06 million, you may not be worried about estate taxes. But you should still think about saving income taxes for your heirs.

10 Easy Tips for Lowering Your Cyber Insurance Premium

Are you paying too much for your cyber insurance? You don't have to overspend. Here are 10 ways to lower your cost and save more money.

5 Ways to Make Your Business More Cyber Secure in 2022

Cybersecurity threats continue to grow in 2022. Click here to learn about 5 ways to make your business more cyber secure.

For a Stronger Nonprofit, Increase the Number of Income Streams

The pandemic tested the financial mettle of most nonprofits. If yours has only barely survived the trial, you may need to increase the number of revenue streams feeding into your budget. Here’s how.

A Financial Dashboard Can Take Your Nonprofit Where It Wants to Go

Similar to the dashboard in your car, a financial dashboard is an instant visualization tool that can tell you whether your nonprofit is running smoothly and efficiently. But it’s critical that you choose the right metrics.

How Your Nonprofit Can Break Bad Budget Habits

Your nonprofit may not have always approached its budget efficiently and productively or received the results it wanted. But it’s never too late to try some new budgeting ideas.

How to Claim the Employee Retention Credit

Are you interested in learning how to claim the Employee Retention Credit? Here's everything you need to know about claiming the ERC.

Clean Vehicle Credit Comes with Caveats

The Inflation Reduction Act’s Clean Vehicle Credit might alter the timing of purchasing a new or used qualifying electric vehicle. Learn why.

Year-End Tax Planning Ideas for Your Small Business

Before you know it, the end of 2022 will be near. Here are some year-end moves to consider that may help your small business save on taxes.

The Inflation Reduction Act: What’s In It For You?

If you’re interested in purchasing energy-saving property for your home or an electric vehicle, you may qualify for a tax break under the new Inflation Reduction Act. Here are the basic rules.

Home Sweet Home: Do You Qualify for Office Deductions?

Many people started working from home during the pandemic and have continued working out of home offices. Some of them qualify for home office deductions, but unfortunately, not all of them do. Here are the rules.

Biden Signs Into Law CHIPS and Science Act of 2022

President Biden has signed a bipartisan bill that aims to strengthen U.S. competitiveness with China by investing billions of dollars in domestic semiconductor manufacturing and science research.

Fed Hikes Interest Rates Again to Fight Inflation

The Federal Reserve lifted interest rates by 0.75 of a percentage point in an aggressive effort to combat inflation and slow economic growth. Here’s a breakdown of what this interest rate hike could mean for you.

People, planning, process – SUCCESS

The Great Resignation is the number one issue facing business leaders today. This article focuses on the benefits of getting attraction and retention right.

Are You Staying Ahead of Your Construction Company’s Backlog?

Generally, a construction business with a healthy backlog is working from a position of financial strength. That’s why contractors need to monitor backlog carefully.

Tighten Up Billing and Collections to Mitigate Economic Uncertainties

Business owners, are you worried about the U.S. economy? Tightening up billing and collections processes could help ease your mind.

State of the Economy: July 2022

Take a look at the current overall economic activity of the United States economy as of July 2022.

3 Numbers to Know: Costs, Markup and Profit

Construction companies can build their bottom lines by mastering three key profit numbers.

Last Call for Lease Accounting

Private companies: Have you implemented the new lease accounting rules? If not, you can’t afford to procrastinate any longer. Here’s what you’ll need to do before year end and how it may impact your financials.

The Kiddie Tax: Does It Affect Your Family?

Do your children have investment income? They may owe “kiddie tax.” Here are the basic rules.

Classify Your Nonprofit’s Workers Correctly — or Risk Repercussions

Does your nonprofit rely on contractors to get the work done? Make sure these workers are classified accurately or you may face federal scrutiny and financial penalties.

Conflict-of-Interest Policies: It’s About Trust

Your nonprofit needs a conflict-of-interest policy. Good governance demands it, your stakeholders expect it and even the IRS wants to know how you prevent conflicts.

Nonprofits: Seize the Day with Real-Time Strategic Planning

Is your nonprofit’s current strategic plan uninspiring? Does it prevent you from leveraging current opportunities? Real-time strategic planning enables organizations to capitalize on their competitive advantages.

For Nonprofits, Quid Pro Quo Isn’t a Simple Exchange

Donors may automatically assume they can deduct the full amount of any charitable contribution. But what if your nonprofit provides goods or services in exchange for donations?

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Warning for Retailers and Other Businesses Using the LIFO Method

Normally, the last-in, first-out (LIFO) accounting method is an effective way to defer taxes. But beware: Retailers and other businesses that use this method could be hit with an unexpected tax bill if their inventory shrinks significantly due to supply chain issues.

Standard Business Mileage Rate Will Increase for the Second Half of 2022

Because of the soaring price of gasoline, the IRS has increased the standard mileage rate for qualified business driving for the second half of 2022 from 58.5 cents per mile to 62.5 cents per mile.

Businesses: Prepare for the Lower 1099-K Filing Threshold

Starting with the 2022 tax year, filing and receiving 1099-K forms will be much more complicated for many businesses and self-employed individuals.

Do You Know the Signs of Financial Distress in a Business?

Financial distress rarely happens overnight. There are usually red flags indicating that trouble in your business is brewing, but it might take some effort to spot them.

Businesses May Receive Notices About Information Returns That Don’t Match IRS Records

If your business has independent contractors or makes other payments to customers or others, you probably file 1099 forms with the IRS. The tax agency is currently sending out notices about these forms to some taxpayers.

What Charitable Givers Need to Know About Taxes

Due to pandemic relief legislation, the tax treatment of charitable donations has changed (and changed back) in the past couple of years. Do your donors know the current rules? You can help inform them.

Now That You've Filed Your Tax Return, Consider These 3 Issues

Once your 2021 tax return has been filed, there still may be some issues to consider. Many people have questions about how to find their refund status, which records can be thrown out and when to file amended tax returns.

Congress Eyes Further Retirement Savings Enhancements

SECURE 2.0 passed the U.S. House with strong bipartisan support. While the Senate is working on its own bill, learn about the provisions of the House’s version.

Tax Issues to Assess When Converting from a C Corporation to an S Corporation

With real estate prices up in some markets, the “like-kind” exchange strategy may be attractive if you want to sell commercial or investment real estate.

Defer Tax With a Like-Kind Exchange

With real estate prices up in some markets, the “like-kind” exchange strategy may be attractive if you want to sell commercial or investment real estate.

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The Tax Rules of Renting Out a Vacation Property

A vacation home is more than just a place to relax. It also may provide tax breaks. Here are the rules if you rent it out for part of the year.

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New Tax Reporting Requirements for Payment Apps Could Affect You

If you receive payments through services such as Venmo or PayPal, be aware that there are new tax reporting requirements beginning this year.

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Take Your Financial Statements to the Next Level

Financial statements should be more than an exercise in compliance. Fit companies put their financials to work for them.

Are You Ready for the 2021 Gift Tax Return Deadline?

April 18 isn’t only the income tax return deadline. It’s also the gift tax return deadline for people who made large gifts last year. Find out if you’re required to file a 2021 gift tax return this April. (Note: you may want to file one anyway).

Should Your Business Address Retirement Plan Leakage?

Business owners who offer employees a qualified retirement plan should familiarize themselves with the term “leakage” and how to help prevent it.

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Approach Turnaround Acquisitions with Due Care

Could your business acquire a struggling competitor this year? Be sure to fully explore the benefits and risks of any prospective deal before getting too far down the road.

A Credit Card Use Policy Can Help Prevent Abuse

Manager involvement is essential to helping prevent credit card abuse. If you allow staffers to use your nonprofit’s card, make sure they understand how they’re authorized to use it. To craft a card use policy, read on.

How to Assess Your Organization's Fraud Risks

In today’s uncertain marketplace, it’s important to look at fraud risks from a fresh perspective. Here’s how auditors are doubling down in their efforts to accurately assess emerging and increased fraud risks during the pandemic.

Handle Your Nonprofit’s Restricted Gifts With Care

Most nonprofits prefer unrestricted gifts, but you probably don’t want to say “no” to donations that come with a few strings. Just make sure you handle restricted gifts with care. Here’s how.

HUD Quarterly Report: Quarter 4, 2021

HUD released its 4th Quarter PD&R Regional Report for New England, which reports on market conditions related to home sales and apartments in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. Items of note included the following:

Keeping Meticulous Records is the Key to Tax Deductions and Painless IRS Audits

A careful approach to keeping business records can protect your tax deductions and help make an IRS audit much less difficult. Here are two cases to illustrate some of the issues involved.

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3 Steps to a More Financially Resilient Future for Your Nonprofit

Charitable giving is picking up and there are other signs that suggest 2022 will be less challenging for nonprofits. But to help ensure your nonprofit can overcome obstacles, consider taking these three financial steps.

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Help Safeguard Your Personal Information by Filing Your 2021 Tax Return Early

Want to get your tax return sooner and protect yourself from tax identity theft? File your tax return early.

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Numerous Tax Limits Affecting Businesses Have Increased for 2022

How much can your employees contribute to 401(k) plans this year? How much will your business be able to deduct for business meals, driving expenses and equipment in 2022? Here are the answers to these and other questions about tax inflation adjusted amounts and other changes affecting businesses.

How Will Revised Tax Limits Affect Your 2022 Taxes?

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation.

Provider Relief Fund Portal Open for Reporting Period 2

The PRF Reporting Portal opened for Reporting Period 2 on January 1, 2022, and will remain open through March 31, 2022, at 11:59 PM ET.

KPIs: What Are They, and Which Ones Count?

Key performance indicators (KPIs) are the keys to operating a successful business, especially during times of uncertainty. KPI reports provide timely, accurate feedback to guide operating decisions, anticipate problems and take advantage of emerging opportunities.

Looking for a 2022 Safety Net for Your Business? Act on EIDL Funding Before Year End

While you may not have qualified or considered EIDL funding necessary previously, you might want to reconsider in light of yet another wave of COVID infections. But you’ll have to do so quickly, as the application deadline is December 31, 2021.

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Cybersecurity Insurance Renewal: Required Items to Implement Before Renewing

Here are common reasons your cybersecurity insurance policy may get rejected or increase in price.

Use Change Management to Brighten Your Company’s Future

In the year ahead, businesses will need to continue transforming in response to public health and economic developments. Change management can help your company handle the challenge.

With Year-End Approaching, 3 Ideas That May Help Cut Your Tax Bill

Before you know it, we’ll be ringing in 2022. You may still have time to reduce your 2021 federal tax liability by taking these steps.

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Infrastructure Law Sunsets Employee Retention Credit Early

The sun has set on the valuable Employee Retention Credit. Here’s what happened.

The Infrastructure Investment and Jobs Act Includes Tax-Related Provisions You’ll Want to Know About

While the bulk of the law is directed toward massive investment in infrastructure projects across the country, a handful of noteworthy tax provisions are tucked inside it. Here’s what you need to know about them.

Potential Tax Law Changes Hang Over Year-End Tax Planning for Individuals

While we wait to see which tax provisions are ultimately included in the BBBA, here are some year-end tax planning strategies to consider to reduce your 2021 tax liability.

Factor In Taxes If You’re Relocating to Another State in Retirement

Moving closer to family members and taking advantage of warmer weather are just two reasons why many people retire to another state. Don’t forget to consider state and local tax implications before you make a move.

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When Nonprofits Should Return Donations

Instead of waiting to see if donors will ask for their money back, take steps to prevent such requests. Learn when your nonprofit should return a donation and what your refund policy should say.

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Would You Like to Establish a Health Savings Account for Your Small Business?

Looking for a flexible, tax-advantaged option for providing health care coverage at your business? Consider a Health Savings Account. Employers and employees can benefit.

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4 Ways to Refine Your Cash Flow Forecasting

Business owners, you may not have a crystal ball, but you can forecast cash flow. Here are four tips to consider.

Employers: The Social Security Wage Base Is Increasing In 2022

Business owners and their employees don’t have to pay Social Security tax on all their wages. Amounts above a certain threshold aren’t subject to Social Security tax. The “wage base” for 2022 was recently announced.

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Webinar: Choosing a Syndicator for a Low-Income Housing Tax Credit Project

Join our Whittlesey Real Estate Team and guest panelists in a discussion about choosing a syndicator for a Low-Income Housing Tax Credit Project.

Your Complete Guide to Building a Cybersecurity Program

If you're looking for your complete guide to building a cybersecurity program, we can help you out. Learn more about what you should know today.

Debate Continues in Congress Over Proposed Tax Changes

The fate of the Build Back Better Act and the Bipartisan Infrastructure Bill remains uncertain as Congress continues negotiations. Here’s a list of the tax provisions that may affect you or your business.

Contractor Financial Statements: Where Sureties and Bonding Agents Focus

Here are some of the areas that sureties and bonding agents are focusing on for your financial statements and how Whittlesey can help.

Nonprofits: Limit Disaster Damage with A Plan

To help ensure the safety of their people and limit property damage, all organizations need to prepare for possible disasters. But some organizations need to plan more extensively. Is yours one of them?

Tackling Volunteer Liability Issues

Allegations of volunteer negligence and intentional misconduct often motivate lawsuits against nonprofits. Here’s how to manage risk and reduce potential losses associated with volunteers.

Cryptocurrency Donations: Will Your Nonprofit Accept Them?

Accepting cryptocurrency donations may seem risky. Price volatility is indeed a risk. But there are also ways for nonprofits to manage it. This article discusses them as well as reporting responsibilities.

Is Your Nonprofit Complying with Federal Procurement Requirements?

If your nonprofit doesn’t comply with recently updated federal procurement guidelines, it could risk its funding. Here’s how to ensure your policies and purchases adhere to the rules.

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New HHS Funding and Extension of PRF Reporting

The Department of Health and Human Services announced they will be releasing $25.5 billion of new funding for health care providers affected by the COVID-19 pandemic.

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Expanding Succession Planning Beyond Ownership

Business owners, have you considered creating a succession plan that also accounts for the possible departure of key employees?

IRS Additional Guidance Addresses COBRA Assistance Under ARPA

Many businesses must provide COBRA coverage to departing employees. Recent IRS guidance addresses the COBRA premium assistance provisions of the American Rescue Plan Act.

HR Outsourcing: Considerations for Nonprofits

Which HR functions could your nonprofit potentially outsource? Here’s how to identify them and determine the benefits and drawbacks of engaging an outside service provider.

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IRS Issues ERC Guidance as Congress Mulls Early Termination

Fresh IRS guidance is available for employers claiming the Employee Retention Credit in the third and fourth quarters of 2021.

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SBA Streamlines Forgiveness for Smaller PPP Loans

The SBA has eased the process of forgiving a PPP loan. Here’s how.

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Financial Statements: Take the Time to Read the Entire Story

Financial statements tell a story about financial performance. Managers and other stakeholders who read them from cover to cover have a clear, holistic understanding of the details.

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Tax-Favored Ways to Build Up a College Fund

Your college savings can go farther with tax-favored vehicles. Here are some options.

Does Your Nonprofit Owe Tax on Its Sponsorships and Advertising?

Distinctions between taxable advertising and nontaxable sponsorships can be nuanced. Before seeking new income sources, figure out if they’re potentially subject to unrelated business income tax.

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Getting A New Business Off the Ground: How Start-Up Expenses Are Handled on Your Tax Return

Business applications have increased over the past year, according to the U.S. Census Bureau. If you’re launching a business, here’s how start-up expenses are treated on a federal tax return.

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10 Facts About the Pass-Through Deduction for Qualified Business Income

Owners of “pass-through” businesses can claim a valuable tax deduction that was created by a 2017 law. Here’s how much it’s worth and who is eligible.

HUD Quarterly Report: Quarter 1, 2021

On June 11, 2021, Health Resources and Services Administration (HRSA) Provider Relief Fund (PRF) issued a reporting notice easing reporting requirements for payment recipients.

Working In the Gig Economy Results In Tax Obligations

On June 11, 2021, Health Resources and Services Administration (HRSA) Provider Relief Fund (PRF) issued a reporting notice easing reporting requirements for payment recipients.

HHS Makes Changes to PRF Reporting Requirements

On June 11, 2021, Health Resources and Services Administration (HRSA) Provider Relief Fund (PRF) issued a reporting notice easing reporting requirements for payment recipients.

The Long and Short of Succession Planning

Have you created a viable succession plan for your business? This daunting task can be made easier by choosing the right perspective.

Still Have Questions After you File your Tax Return?

Congratulations if you filed your 2020 tax return by the May 17 deadline. But you may still have questions. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.

Don’t Overlook the Potential Refund from the Employee Retention Tax Credit

The Employee Retention Tax Credit (ERC) was extended through December 31, 2021. The ERC is a refundable tax credit against certain employment taxes equal to 70% of the qualified wages with a maximum of $10,000 per employee per quarter with an annual limit of $28,000 per employee for 2021.

The Biden Administration Proposes Far-reaching Tax Overhaul

If you’re trying to keep straight all of the tax proposals the Biden administration has recently announced, here’s a handy guide.

Tax Filing Deadline is Coming Up: What to Do If You Need More Time

Americans got extra time to file their tax returns this year, but the deadline is looming. Here’s what to do if you’re not ready.

It May be Time to Tune up your Nonprofit’s Accounting Function

Nonprofit accounting systems can become inefficient and less effective over time if they aren’t monitored. You should regularly review your accounting function for these potential upgrades.

Rebuilding your Nonprofit’s Operating Reserves

Three months, six months, 12 months? When rebuilding your nonprofit’s operating reserves, how much in expenses should you try to put aside? It may determine how well you survive the next crisis.

Don’t Make Decisions Without Data Analytics

Data analytics can help your nonprofit validate trends, uncover root causes and improve transparency. But before you select a data analytics package, read this.

President Biden Details His Tax Proposals for Individuals

President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House.

Tax Credits and Deductions for Businesses Going "Green"

Did you know there are several ways to save your business money while being environmentally savvy? Whether your business is considering an electric vehicle or maybe a solar energy-powered building, there are tax credits and deductions for that!

How Auditors Assess Cyber Risks

Companies that fail to secure sensitive customer data and intellectual property won’t last long. Auditors can help measure and mitigate your company’s risk of a cyberattack.

Providing Optimal IT Support for Remote Employees

The COVID-19 pandemic has accelerated the trend toward allowing employees to telecommute. In turn, effective IT support has become an important contributor to profitability.

What Are In-Kind Contributions? The latest on guidance, qualifications, and how to record

Many nonprofit organizations rely on non-financial gifts of goods and services as vehicles to achieve the organization’s mission or goals. These goods and services are considered in-kind contributions.

Launching a Small Business? Here Are Some Tax Considerations

For tax purposes, there are many ways to conduct a business. For example, you may operate as an S corporation or a partnership. But many new ventures start out as sole proprietorships. Here are some tax considerations involved in operating with that entity.

Regulations and Guidance on Business Interest Expense Deduction Limitations Under Sec. 163(j)

One notable change to the CARES Act was to IRC Section 163(j), which modified the business interest limitation allowed for each taxpayer for the 2020 tax year.

What Tax Records Can you Throw Away?

Did you file an extension until Oct. 15 to file your 2019 tax return? After finishing, you may find yourself with piles of tax-related documents. You might not want to toss them out for fear of trashing something important. Here are some tax recordkeeping guidelines.

IRS Extends Tax Filing Deadline to Individual Taxpayers

The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until Monday, May 17, 2021.

5 Ways to Streamline and Energize your Sales Process

The economic forecast for 2021 looks relatively bright. Is your sales staff up to the challenge of making the most of the revenue opportunities ahead?

Employee Retention Credit Update

To encourage businesses to maintain their workforces, the CARES Act created the Employee Retention Credit (ERC). The Consolidated Appropriations Act, 2021, signed into effect on December 27, 2020, clarifies and extends the Employee Tax Credit to payroll costs through 2021.

New Tax Basis Reporting Requirements for Partners’ Capital Accounts

For tax years beginning in 2020, the IRS is requiring partnerships filing Form 1065 to report partners' capital accounts on the tax basis.

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What are the Tax Implications of Buying or Selling a Business?

Buying or selling a business may be the largest transaction you’ll ever make. Pay attention to taxes. After a deal is done, it may be too late to get the best tax results.

Tax Filing Season Officially Begins: What You Should Know

Tax filing season officially begins after a more than two-week delay. Here's what you should know.

2021 Individual Taxes: Answers to your Questions About Limits

How much can you contribute to an IRA for 2021? How much is the standard deduction? Here are some Q&As about these and other tax-related amounts for 2021.

Many Tax Amounts Affecting Businesses Have Increased for 2021

How much do your employees have to earn in 2021 before they can stop paying Social Security tax? How much can they contribute to 401(k) plans this year? Here are the answers to these and other questions about tax-related inflation adjustments and changes affecting businesses.

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Don’t Forget to Take Required Minimum Distributions This Year

If you’re required to take distributions from a retirement plan, you may have received a respite in 2020, but you must begin taking them again this year.

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Cash Management During Turbulent Times

Here are some considerations that we believe can help with maintaining positive cash flow during these unpredictable times.

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Nonprofit Boards Must Remain Vigilant as Long As The Crisis Continues

As long as the pandemic continues, nonprofit boards must be on their toes. Budgets and financial statements, in particular, may alert your board to impending trouble. Here’s what members should look for.

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Valuing Noncash Donations: A Cheat Sheet

Has your nonprofit received a flood of clothing and other noncash property that needs to be valued? These gifts usually are assessed at their fair market value, but several factors influence the formula.

How To Keep Your Nonprofit’s Members In The Fold

Members who are deeply involved with your nonprofit are more likely to stick with it. What other factors promote member renewals and help sustain your organization over the long term?

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How Well Do Your Nonprofit’s Development and Accounting Departments Communicate?

Whether your nonprofit has only a handful, or hundreds, of staffers, communication can easily break down. Here’s how to keep the critical lines between your development and accounting departments open.

ICFR Assessment and Attestation: Are You in Compliance with the Rules?

Most of us are ready to turn the page on 2020. If you’re a business owner, after the confetti clears in 2021, make sure everyone at your company is thinking about ways to build the bottom line.

Ring in the New Year with a Renewed Focus on Profitability

Most of us are ready to turn the page on 2020. If you’re a business owner, after the confetti clears in 2021, make sure everyone at your company is thinking about ways to build the bottom line.

Year-End SWOT Analysis Can Uncover Risks

During a financial statement audit, your accountant conducts a risk assessment. That assessment can provide a meaningful starting point for your SWOT analysis.

Health Savings Accounts for your Small Business

Health Savings Accounts offer a way to set aside money on a pre-tax basis to pay for qualified medical expenses. Here’s a review at what an HSA could mean for your business, as well as the relevant inflation-adjusted amounts for 2020 and 2021.

Putting the Finishing Touches on Next Year’s Budget

Few business owners look forward to creating an annual budget. Nonetheless, this is an important process that can be made better by attending to some key details.

Why Your Nonprofit Must Make Time for Accountability

Nonprofits are obligated to use resources to support their mission and benefit those they serve. Here’s why insisting on accountability is one of the best ways to meet those goals.

Using Footnotes to Disclose Your Nonprofit’s Financial Information

The footnotes in your nonprofit’s financial statements can be a treasure trove for donors, grant-makers and other supporters. Make sure you’re including the right information. Here’s how.

Candid Communication Can Help Ease Nonprofit Staffers’ Anxiety

Even if your nonprofit is weathering 2020’s multiple storms, your staffers may be anxious. Make sure you’re clear about where you stand and how you expect your organization to fare financially in the future. Here’s how.

What Do The 2021 Cost-Of-Living Adjustment Numbers Mean for You?

Consider these 2021 cost-of-living adjustments as you complete year-end tax planning and plan for next year.

There May Be Relief from Tax Liability For “Innocent Spouses”

In some cases, a married couple files a joint tax return and one spouse doesn’t disclose all of his or her income. The IRS goes after the other spouse for payment. But there may be “innocent spouse” relief.

Why It’s Important to Plan For Income Taxes As Part Of Your Estate Plan

With the federal estate tax exemption so large, you may not be worried about estate taxes anymore. But it’s a good time to focus on saving income taxes for your heirs.

Year-End Tax Planning Strategies Must Take Business Turbulence into Account

As 2020 winds down, it’s time for businesses to take stock of their tax situations and implement year-end tax planning strategies.

Weighing the Risks Vs. Rewards of A Mezzanine Loan

Companies looking to grow in the near future may need working capital to do so. A mezzanine loan might be a viable source of such funds but be sure to read the fine print.

The 2021 “Social Security Wage Base” Is Increasing

Have you lost your job and collecting unemployment? Or are you fortunate to be working from home because of the pandemic? Both of these situations could have tax implications.

Best Practices When Forecasting Cash Flow

By taking a proactive approach to cash-flow management, you can improve your company’s chances of staying in business, and even growing your business, during these challenging times.

ESOPs Offer Businesses A Variety of Potential Benefits

Is your company looking to motivate employees, provide them with a retirement plan and save some tax dollars? An ESOP may be the answer.

Understanding the Passive Activity Loss Rules

The passive activity loss rules can be complex and trip up some taxpayers. Here are the rules.

To Make the Most of Social Media, just “Listen”

How well do you listen to your not-for-profit’s supporters? If you don’t engage in “social listening,” your efforts may not be good enough. This marketing communications strategy is popular with for-profit companies, but can just as easily help nonprofits attract and retain donors, volunteers and members.

Tax Relief on Qualified Low-Income Housing Projects

Relief from certain requirements under Section 42 of the Internal Revenue Code for qualified low-income housing projects and qualified residential rental projects.

Financial Reporting for Nonprofits That Have Teamed Up

Collaborative operations and acquisitions and mergers all require your nonprofit’s accounting staff to report activities differently. Here’s what you need to know if you’ve recently joined forces with another entity.

Should Your Nonprofit Accept that New Grant?

Government or foundation grants can help your nonprofit expand its reach and improve its effectiveness. But they also may hamstring your organization in several unexpected ways.

Private Foundations Need Strong Conflict-of-Interest Policies

Even if your private foundation has good intentions, it may not be enough. You need a conflict-of-interest policy and a comprehensive understanding of what constitutes self-dealing to avoid IRS scrutiny.

How Nonprofits Should Classify Their Workers for Tax Purposes

How do you pay your nonprofit’s workers? This is just one question you must ask to properly classify staffers as employees or independent contractors. We look at several factors the IRS considers.

When Nonprofits Need to Register in Multiple States

The Treasury has issued a final interim rule regarding the Paycheck Protection Program.

The Possible Tax Consequences of PPP Loans

Businesses that received PPP loans should be aware of the tax consequences. Here’s a look at the issue.

Strengthen Your Supply Chain with Constant Risk Awareness

The COVID-19 crisis has drawn a lot of attention to supply chains. On this front, business owners should be on the lookout for “concentration” risks.

Outsourcing Your Nonprofit's Accounting Functions

Nonprofits might choose to outsource their accounting functions for a variety of reasons. Whatever the reason, there are always pros and cons to this important decision.

Is It Time to Team Up? The Benefits of Nonprofit Collaboration

Partnering with a like-minded organization potentially enables you to pool funds, staff and supporters — temporarily or permanently. Learn more.

OMB Issues Guidance for Federal Award Recipients

The Federal Office of Management and Budget (OMB) released Memorandum M-20-26, Extension of Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to the Loss of Operations.

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