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5 Tips to Create a Successful ‘Work from Home’ Lifestyle

5 tips to creating a successful work from home lifestyle during the Coronavirus.

The IRS Announces That Income Tax Payments Due April 15 Can Be Deferred to July 15, Regardless Of The Amount

Taxpayers now have an additional three months to file their 2019 federal tax returns.

Small Businesses and Nonprofits Organizations in CT and MA Eligible for SBA Loans up to $2 Million

The SBA is offering low-interest Economic Injury Disaster Loans (EIDL) up to $2 million to small businesses suffering substantial economic injury as a result of the Coronavirus. 

Coronavirus (COVID-19): Tax Relief for Small Businesses

In response to the coronavirus (COVID-19), Congress and the IRS have recently provided tax relief to businesses. Here’s a brief rundown.

Families First Coronavirus Response Act

President Trump signed into law the Families First Coronavirus Response Act to address sick leave and paid leave for those affected by COVID-19. 

Webinar: Revenue Recognition FASB ASU 2018-08

Learn how FASB ASU 2018-08 affects the timing of revenue recognition for grants and contracts.

Ransomware Risk Assessment

Numerous Connecticut schools have fallen victim to ransomware attacks. Take our 5-minute risk assessment to better protect your school from a devastating cyber attack.

Webinar: Vision Setting

Join us for the first part of our Business Growth series titled Vision Setting.

Recent Legislation Impacting Nonprofits, Including Private Foundations

Legislation signed into law by the President on Dec. 20 includes a repeal of the of Internal Revenue Code Section 512(a)(7), commonly referred to as the “parking tax”. 

Nonprofit “Parking Tax” Repeal

The House and Senate reached an agreement on a bill that would repeal the nonprofit parking and transportation fringe benefit tax.

Webinar: Preparing Your Nonprofit Organization for an Audit

Learn how to prepare for your nonprofit audit from experts Ed Sullivan and Tom Wood.

Family and Medical Leave Tax Benefits for Your Business

How to get a tax break by offering family and medical leave to your employees.

Retention Guidelines for Your Tax Documents

Find out how long you need to keep tax records and financial documents.

Stay Prepared With Regular Business Valuations

By getting a business valuation, you know where your company stands if you want to sell it or otherwise transfer it.

Clarifying The New Nonprofit Standard for Contributions

Starting with FY 2019, nonprofits who issue financial statements in accordance with U.S. GAAP will be required to apply a new nonprofit accounting standard.

Encouraging Employees to Use the Roth 401(k) You Offer

Employees might benefit from using employer-offer Roth 401(k) plans but might need encouragement to use them.

How to Receive Tax Deductions for Traveling

How to be smart about combining business and pleasure travel to increase tax deductions.

Classifying Workers as Employees or Independent Contractors

Making employees independent contracts can yield savings but don't do it just to lower your tax burden.

Are Your Procurement Procedures Up to Snuff?

Federally funded nonprofits now have new procurements standards they need to follow.

When Your Audited Financial and Internal Statements Don't Match

At year-end, your audited financial statement might not match your internal statements. Here's why.

Preserving Your Association’s Tax-Exempt Status

If your nonprofit engages in certain activities, it will lose its tax-exempt status with the IRS. Do you know what those activities are?

Encouraging Donors to Switch Donations to Unrestricted

A gift with strings attached is nice but not as nice as a gift you can use however you like.

How to Make Your Nonprofit's Events More Profitable

Make sure you get the most out of your nonprofit's special events while still keeping them fun.

7 Steps to Responding to a Data Breach Nightmare

Have a plan in place for when a data breach happens so you don't have to make decisions in a panic.

How Taxes Relate to Mergers and Acquisitions

Taxes are one factor you might not consider when dealing with mergers and acquisitions, but you should.

Telling Your Business’s Story with Your Financial Statements

Financial statements tell people such, as investors and lenders, the story of your business.

The ABCs of NQDCs (Nonqualified Deferred Compensation Plans)

Many employers use nonqualified deferred compensation plans to attract and retain executive talent. The rules, however, are complex.

Importance of Board Review of Form 990

Whittlesey nonprofit expert, Katrina Olson highlights the importance of Form 990 and offers helpful tips on filling it out. 

Succession Planning Your Way to Preserving Company Knowledge

Don't let that key person move on from your company without a plan to transfer that person's knowledge.

Achieve Strategic Goals With An Implementation Plan

Don't just set goals for your business -- make a plan to achieve them, too. 

FASB Proposes Delays to Two New Accounting Rules

The Financial Accounting Standards Board proposed delays to two new accounting rules.

First Step in Repeal of Nonprofit Parking Tax

Changes are coming to the nonprofit parking and transportation fringe benefit tax.

Utilizing Prospects to Win New Clients

Finding and converting prospects into a reliable income stream can win new clients and help increase your profitability. 

How to Prepare for Your Benefit Plan Audit

In the latest Whittlesey Minute, assurance expert, Kate Donovan, discusses four ways to prepare for your benefit plan audit. 

How to Create an Impenetrable Password

You have to do better than "Password!123245" for your password. Here's how.

6 Ways to Improve Your Nonprofit's Accounting Function

There are simple and easy to implement steps to improve your nonprofit's accounting.

Webinar: Navigating the New Nonprofit Reporting Model

Learn how the new not-for-profit reporting model will impact financial statement presentation and disclosures.

Helping Your Nonprofit Survive Financial Instability

If your nonprofit is going through financial instability, there are ways through to the other side.

Take Advantage of the New 20% Biz Income Deduction

In a recent article published by Hartford Business Journal, Brenden Healy, a tax partner at Whittlesey, discusses how to take advantage of the new 20% biz income deduction.

2018 Tax Planning (in 2019)

In the beginning of the year, there's still time to take steps to improve your tax planning for the prior year.

Cybersecurity Assessment: What Is It and Why Do I Need One?

If you haven't had a cybersecurity recently, here are the reasons why you need one. 

7 Reasons Why a Business Plan is Key to Success

A well-designed business plan for your small business is a road map to success.

An Incident Response Plan Can Reduce the Cost of a Cyber Attack

Plan now how you'll react to a cyber attack instead of having to make choices in the moment.

New Accounting Rules Impact Community Banks

Over the next several years, community banks have to deal with a number of new accounting rules.

5 Tax Incentives Your Business Should Consider

Your business could be losing out on hundreds of thousands of dollars every year if you don't know about all the tax breaks you can take.

5 Reasons Businesses Should Consider Succession Planning

Whittlesey discusses why small and medium-sized companies need to consider succession planning for their business.

Tax Cuts and Jobs Act: Selected Highlights

Whittlesey tax partners highlight the significant changes made to both individual income and business taxes in the passing of the “Tax Cuts and Jobs Act” tax reform bill.

Avoiding Tax Schemes

Whittlesey tax partner, Brenden Healy, provides expert counsel, guidance and valuable tips for avoiding tax schemes during tax season.

Impact of Tax Cuts and Jobs Act on Banks

The 2017 Tax Cuts and Jobs Act had a number of impacts on banks.

Massachusetts Paid Family Leave - Effective July 1, 2019

Read the regulations for the Massachusetts Paid Family Leave. 

How to Have a Successful Audit

There is much more to getting ready for an audit than just closing the books and reconciling accounts. Here’s a list of tips to help you have a successful audit experience.

Why You Should Be Using Two-Factor Authentication

Chris Wisneski, Manager of IT Security & Assurance Services, at Whittlesey discusses why you should be using two-factor authentication.

Year-End Tax Planning Tips That Could Save You Money

Here are some of the most important 2019 year-end tax-planning considerations for clients from Whittlesey.

Tax Smart Ways to Withdraw Cash from Your Corporation

Are you looking to withdraw cash from your corporation while avoiding a hefty tax cost? Here are 5 ways to avoid dividend treatment. 

How to Control Unemployment Tax Costs for Your Business

Unemployment taxes can be costly for your business. Fortunately, you may be able to reduce your unemployment tax bill.

When Holiday Gifts and Parties are Tax Deductible

Find out if your holiday gifts or parties are tax deductible or whether it's taxable for the recipient. 

Game-Planning for A Profitable Year

Sports can teach business owners important lessons on how to recover from mistakes, make improvements, and earn wins.

Now Is the Perfect Time for Strategic Planning

The new year is fast approaching, and now is the perfect time to get a head start on strategic planning for next year.

Skip Excess Benefit Transactions To Maintain Tax-Exempt Status

Make sure to avoid excess benefit transaction to maintain your nonprofit's tax-exempt status. Here's how.

Should You Say “Good-Bye” To Your Nonprofit’s Old Bylaws?

Are your nonprofit's bylaws outdated? If so, you can’t just start revising them. There are other considerations you must tackle first. Read more about them.

What To Do If My Nonprofit Receives an IRS Audit Letter?

Is your nonprofit prepared to handle an IRS audit letter? For example, do you know the difference between a field and a correspondence audit? Get the facts.

What Key Performance Indicators Matter For Your Nonprofit?

Four key ratios are critical to ensuring your nonprofit is achieving its mission as cost-effectively as possible. Learn more.

Is There Substantial Doubt About Your Nonprofit's Future?

GAAP requires nonprofits to regularly evaluate whether there’s “substantial doubt” about their ability to continue as a going concern. 

Tax Guide for Valuing Donated Property

Nonprofits often struggle with valuing noncash and in-kind donations. Whittlesey's tax guide can help.

Make Your End-Of-Year Appeal More Appealing To Donors

The time for your end-of-year appeal has arrived. Let us help.

Tax Treatment for Your Business’ Website Costs

Nearly every business has a website and the IRS hasn’t yet released official guidance on the tax treatment of website development costs. However, you can apply existing guidance on other costs. Here’s the story.

Run Your Strategic-Planning Meetings Like They Really Matter

Is your business struggling to turn strategic ideas into actionable plans? Check out ways to make your planning stick.

Although Chances Are Low, You Should Still Be Prepared For An IRS Audit

As a business owner, are you worried about being audited by the IRS? Here’s what you need to know to be prepared for an audit and respond effectively.

Deciding Whether A Merger Or Acquisition Is The Right Move

Is a merger or acquisition the right move for your company? Find out.

Your Succession Plan May Benefit From A Separation Of Business And Real Estate

Separating business and real estate may benefit your succession plan? Find out if this may benefit you.

Which Entity Is Most Suitable For Your New Or Existing Business?

Major changes have been made to the taxation of both C corporations and pass-through entities. So what’s the best entity choice for your small business?

Tax Implications of Divorce for Business Owners

Divorce is a highly stressful time, but if you're a business owner tax issues can complicate matters even more.

It Might Be Time to Reconsider Your Company's Entity Choice

With the many changes the TCJA brought, now might be a good time to reconsider your company’s entity choice.

Don’t Leave Your Youth Sports League Vulnerable to Fraud

Sad but true: Volunteers sometimes steal from the youth sports leagues they’re supposed to be supporting. Here's how you can protect your league from fraud.

Finding the Best Investment Advisor for Your Nonprofit

Need help finding the best investment advisor for your nonprofit? Whittlesey has outlined the important qualifications.

Nonprofit Employers Can Save On Taxes with Accountable Plans for Staff

Nobody likes to be taxed after shelling out money for a job-related expense. But that’s what happens when employees receive reimbursements from an organization without an accountable plan. Learn more.

How A CFO Could Benefit Your Nonprofit

Learn how a CFO could help benefit your nonprofit.

An Operating Reserve is Your Nonprofit’s Financial Safety Net

If nonprofit hits a budget shortfall or other financial emergency, you’ll be glad you have the safety net of your operating reserve.

Ensuring Your Nonprofit Protects Whistleblowers

Does your organization properly protect whistleblowers? If not, it should.

The IRS Provides Guidance on Meal and Entertainment Deductions

The IRS has released guidance on meal and entertainment deductions. Learn the rules.