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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.

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.

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.

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.

Creating a Culture Where Everyone Belongs

A company's culture guides the entire organization from influencing leadership decisions to the onboarding process. Strong leaders know that inclusive company culture is at the backbone of a flourishing organization.

Coronavirus and Provider Relief Fund are Subject to Federal Single Audit

The Department of Health and Human Services (HHS) has recently clarified that both nonprofit and for-profit entities who received Provider Relief Funds are subject to Single Audit requirements.

New Homebuyers Can Save Money by Deducting Seller-Paid Points

In most cases, points a buyer pays in a home sale are a tax deductible interest expense. But what about seller-paid points?

Additional Paycheck Protection Program Guidance

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

Families First Coronavirus Response Act - Expanded FMLA

With schools starting soon, now is a good time for employers to revisit the Families First Coronavirus Response Act (FFCRA). 

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.

Fed Expands Main Street Lending Program to Certain Nonprofits

The Federal Reserve expanded its Main Street Lending Program to include funding for nonprofit organizations like hospitals, educational institutions, and social service organizations. 

How Your Business Can Thrive in the Covid-19 Landscape

It's no doubt that the COVID-19 pandemic has changed the playing field for businesses. We suggest a three-step journey: survive, pivot and adapt, thrive.

Now May Be the Best Time for A Roth IRA Conversion

The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. This downturn may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. 

Here’s Why Some Have Received an Economic Impact Payment That Was Less Than Expected

President Trump has proposed to restore the full tax deduction for business meals and entertainment in response to the novel coronavirus pandemic.

Some People Are Required to Return Economic Impact Payments That Were Sent Erroneously

Millions of people have already received their Economic Impact Payments, which are being sent by the government to help mitigate the effects of COVID-19. In some cases, the payments should be returned.

State Tax Impacts of COVID-19

This article gives high-level insight into the northeastern states for possible discussions with clients to identify the state implications of the pandemic. 

New Partnership Audit Rules Under the Bipartisan Budget Act of 2015

The IRS published a BBA Roadmap for Taxpayers to assist partnerships subject to the centralized partnership audit regime. 

A Nonworking Spouse Can Still Have An IRA

If you’re married and you don’t work outside the home, you still may be able to contribute to an IRA. Here are the rules for spousal IRAs.

New Loan Forgiveness Guidance

On June 22, the SBA and Treasury released additional guidance surrounding the Payroll Protection Program (PPP) Interim Rule. The new guidance provided clarification regarding loan forgiveness filing dates, owner-employee payroll costs, and Safe Harbor reductions. 

New Paycheck Protection Program Forgiveness Applications and Guidance

The Treasury Department issued revised PPP Loan Forgiveness Forms, PPP Loan Forgiveness Calculation Form and PPP Loan Forgiveness Application Form 3508EZ. 

Student Loan Interest: Can You Deduct It On Your Tax Return?

The CARES Act has provided some help for people with student loans. And if you do make some payments this year, you may be able to deduct the interest on your tax return. Here are the rules.

How to Survive Crisis with Multiple Revenue Streams

Financially stable nonprofits have a good mix of revenue sources, with no one source accounting for more than 30% of the budget. How does your organization stack up? If you need help, read on.

Modifications to the PPP Program

Last night the Senate approved a bipartisan bill to loosen Payroll Protection Program (PPP) requirements. 

Main Street Lending Program - Update

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

House Passes Payroll Protection Program Flexibility Act

On May 28, 2020, the House of Representatives passed the Payroll Protection Program Flexibility Act. The Act would make the following changes to the PPP program.

New Guidance - PPP Loan Forgiveness Application

On May 23, the Treasury and SBA released additional guidance regarding the Paycheck Protection Program (PPP) Loan Forgiveness Application.

Paycheck Protection Program (PPP) Loan Forgiveness Application is Here!

The U.S. Treasury and SBA released the Paycheck Protection Loan Forgiveness Application and detailed instructions to help business owners and nonprofit organizations seek forgiveness at the end of their covered eight-week loan period. 

Alternative Financing – Main Street Lending Program

The Federal Reserve announced it is expanding the Main Street Lending Program to support businesses negatively impacted by COVID-19.

Paycheck Protection Program Safe Harbor Guidance

The Treasury issued guidance regarding the Paycheck Protection Program (PPP) safe habor requirement that borrowers make a good faith certification that "Current economic uncertainty makes the loan request necessary to support the ongoing operations of the Application" by May 14, 2020.

Paycheck Protection Program Certification Deadline May 14

New deadline of May 14 to repay Paycheck Protection Program (PPP) loans for SBA “good faith” certification.

HBJ and NHB Present: The Cares Act and the PPP

Learn tips for digitally adapting to remote access during the COVID-19 pandemic.

Surviving the COVID-19 Crisis: A Nonprofit Action Plan

In the wake of the COVID-19 pandemic, the only certain thing is uncertainty. Nonprofits need to assess their current financial position, come up with alternative revenue models and prepare for a long, hard fight.

Taking Your Work Home: Tips for Digitally Adapting to Remote Access

Learn tips for digitally adapting to remote access during the COVID-19 pandemic.

CARES Retirement Plan Changes

During these tough times, your business may be saving money by using independent contractors, rather than hiring employees. Make sure to follow all the rules or you could hear from the IRS.

What Families First Coronavirus Response Act (FFCRA) Means for Nonprofits and Their Staffers

New legislation provides rules for nonprofit employers whose staffers are affected by COVID-19. What does the law say? Read on.

COVID-19 Cybersecurity Remote Work Warning

COVID-19 is causing most Americans to work remotely, which has brought increased cybersecurity risks. Learn how to protect yourself. 

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. 

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.

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. 

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

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

5 Reasons Businesses Should Consider Succession Planning

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

Avoiding Tax Schemes

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

Helping Your Nonprofit Survive Financial Instability

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

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.

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.

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.

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.

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.

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.

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.

CARES Act Offers New Hope for Cash-strapped Nonprofits

The federal government’s latest response to COVID-19, the CARES Act, makes low-interest and forgivable loans available to nonprofit employers. Learn how to qualify for these critical lifelines.

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. 

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.

Massachusetts Paid Family Leave - Effective July 1, 2019

Read the regulations for the Massachusetts Paid Family Leave. 

Webinar: Navigating the New Nonprofit Reporting Model

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

6 Ways to Improve Your Nonprofit's Accounting Function

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

How to Create an Impenetrable Password

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

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.

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. 

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.

Achieve Strategic Goals With An Implementation Plan

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

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.

Telling Your Business’s Story with Your Financial Statements

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

First Step in Repeal of Nonprofit Parking Tax

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

FASB Proposes Delays to Two New Accounting Rules

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

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. 

How Taxes Relate to Mergers and Acquisitions

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

Are Your Procurement Procedures Up to Snuff?

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

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.

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.

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?

Family and Medical Leave Tax Benefits for Your Business

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

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.

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.

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.

Retention Guidelines for Your Tax Documents

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

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.

Webinar: Preparing Your Nonprofit Organization for an Audit

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

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.

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.

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.

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.

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.

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.

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”. 

Webinar: Vision Setting

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

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.

Webinar: Revenue Recognition FASB ASU 2018-08

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

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.

Clearing the Cobwebs from your Nonprofit’s Program Offerings

If you’re confident that all of your nonprofit’s programs further your mission and meet constituents’ needs, great! If not, consider a thorough spring cleaning. Here’s how to assess your lineup.

Impact of Tax Cuts and Jobs Act on Banks

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

Hiring Independent Contractors? Make Sure They’re Properly Classified

During these tough times, your business may be saving money by using independent contractors, rather than hiring employees. Make sure to follow all the rules or you could hear from the IRS.

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.

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.

FASB Proposes Changes to Nonprofit Reporting of Contributed Non-financial Assets (Gifts-In-Kind)

On February 10, 2020, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) to improve transparency on how nonprofits present and disclose contributed non-financial assets known as gifts-in-kind.

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. 

President Proposes to Bring Back Entertainment Tax Deductions Amid COVID-19: Here Are the Current Rules

President Trump has proposed to restore the full tax deduction for business meals and entertainment in response to the novel coronavirus pandemic.

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.

When Nonprofits Need to Register in Multiple States

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

Compare and Contrast: How do the Republican and Democratic Tax Plans Differ?

Even though taxes may not be the hottest topic of the upcoming presidential election, it’s worth your while to learn about each candidate’s tax proposals.

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.

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.

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.

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.

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.

HUD Operating Funds Available for COVID-19 Supplemental Payments for Properties

HUD issued Notice H 20-08 late last week, which addressed “Availability of Funds for COVID-19 Supplemental Payments for Properties Receiving Project-Based Rental Assistance under the Section 8, Section 202, or Section 811 programs.” 

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.

HHS Announces $20 Billion for Phase 3 of Provider Relief Funding

HUD issued Notice H 20-08 late last week, which addressed “Availability of Funds for COVID-19 Supplemental Payments for Properties Receiving Project-Based Rental Assistance under the Section 8, Section 202, or Section 811 programs.” 

Understanding the Passive Activity Loss Rules

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

Unusual Year Steers Year-End Tax Strategies

Interested in reducing your 2020 tax liability? There’s still time to take these year-end tax planning steps.

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.

Reviewing Your Disaster Plan in A Tumultuous Year

Business owners: Have you paused to consider how well your company initially responded to the COVID-19 pandemic? Update your disaster plan before the details fade.

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.

Tax Implications of Working from Home and Collecting Unemployment

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.

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.

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.

On-Time Financial Reporting Is Key in Times of Crisis

Who cares if your financial statements are late? Lenders and investors are looking for reassurance that you’re doing OK in today’s unprecedented conditions. Procrastination may cause them to presume the worst.

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.

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.

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.

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.