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What Banks Need to Know Under OBBBA: Compliance & Strategic Opportunities
The recently enacted One Big Beautiful Bill Act (OBBBA) reshapes corporate and individual tax provisions and introduces new reporting obligations. Below is a summary of the provisions most relevant to banks and the steps we recommend.
Teachers And Others Can Deduct Eligible Educator Expenses This Year — And More Next Year And Beyond
Are you an educator spending money out of your pocket on classroom supplies? You may be eligible for a tax break.
Connecticut Issues New Technical Bulletin: Key Changes for State-Funded Nonprofits
The State of Connecticut Office of Policy and Management has issued important updates affecting nonprofit organizations that receive state funding. A new Technical Bulletin outlines changes to State Single Audit reporting requirements, effective for fiscal years beginning on or after July 1, 2024. These updates are crucial for compliance in upcoming audits.
What You Still Need To Know About The Alternative Minimum Tax After The New Law
Don’t assume you’re exempt from the alternative minimum tax. The One, Big, Beautiful Bill Act increases the odds for some taxpayers, thanks to unfavorable changes that will take effect in 2026.
What Families Need To Know About The New Tax Law
The sooner you start planning for the changes in the One, Big, Beautiful Bill Act, the better positioned you’ll be. Here are some of the new provisions affecting families.
The New Law Includes Favorable Changes For Depreciating Eligible Assets
Some of the biggest and best changes in the new tax law involve the rules for depreciating business assets. Here’s how you can benefit.
How Will The One, Big, Beautiful Bill Act Affect Individual Taxpayers?
Broad changes are in store for individual taxpayers under the One, Big, Beautiful Bill Act.
The One, Big, Beautiful Bill Act Extends Many Business-Friendly Tax Provisions
There are a wealth of business-related tax changes in the One, Big, Beautiful Bill Act.
The OBBBA Includes A Game-Changer For Business Payment Reporting
Starting next year, the federal government is finally updating a burdensome business tax filing requirement. The One, Big Beautiful Bill Act (OBBBA) contains a major overhaul to this outdated IRS requirement.
The QBI Deduction And What’s New In The One, Big, Beautiful Bill Act
The QBI deduction remains one of the most valuable tax breaks for eligible business owners. Here’s a look at the tax break and how it changes under the One, Big, Beautiful Bill Act.
Sustainability in Business: Trends, OBBBA Impacts, and Strategic Challenges in 2025
Business owners: Do you want to continue taking an environmentally conscious approach to your operations? Here’s a look at where things stand regarding the business case for sustainability and disappearing tax breaks.
What Taxpayers Need to Know About the IRS Ending Paper Checks
Important changes are coming: The federal government will soon stop issuing paper tax refunds and Social Security checks. Here's what you need to know.
Businesses Can Strengthen Their Financial Positions With Careful AP Management
Does your business have room for improvement when it comes to accounts payable management? Here are some fundamentals for success.
Significant Business Tax Provisions in the One, Big, Beautiful Bill Act (OBBBA)
The One Big Beautiful Bill Act (OBBBA), signed into law, introduces significant tax changes effective in 2025. Here is a summary of some of the most impactful provisions.
What the One Big Beautiful Bill Act (OBBBA) Means for You and Your Business
The One Big Beautiful Bill Act (OBBB) has been signed into law, introducing major tax changes effective in 2025. Learn how the new rules may affect your planning and what steps to consider now.
QuickBooks Users: It’s Time For A Mid-Year Review
Working with cluttered QuickBooks records can be frustrating. Take the time now to inactivate old accounts, merge duplicates, and delete what you no longer need. It can save you hours (and headaches) at year end.
Whittlesey Plain English Answers to CMMC Questions
We’ve outlined the most frequently asked questions about CMMC compliance and how your organization can begin preparing now.
Navigating Connecticut’s Commercial Real Estate Tax Incentives
This guide outlines the most current and impactful tax incentives available to developers, investors, and property owners as of mid-2025.
Put Your Nonprofit’s Cybersecurity to the Test with Penetration Testing
How well does your nonprofit’s cybersecurity program protect you from hacking? Penetration (pen) testing helps find vulnerabilities so you can, if necessary, strengthen your defenses.
Strengthening Nonprofit Finances: Smarter Cost Allocation, Efficiency, and Building Strong Reserves
Does your nonprofit struggle with the task of allocating costs to programs and supporting activities? This brief overview of some applicable accounting standards can help you get it right.
Tips for Nonprofits Planning a Software Change
If your nonprofit is considering a software change, here are key areas to plan around and insights many organizations miss.
Insuring Construction Projects Under a CCIP
Construction business owners: Are high insurance costs and administrative hassles on your projects getting out of hand? One potential solution is a contractor-controlled insurance program.
Construction Business Accounting & Tax Planning: Avoid Mistakes and Maximize Profits
Construction firms face unique accounting and tax challenges. This guide covers mistakes to avoid, smart planning, and must-know Q&As.
The Hidden Value of HR Audits: Why Every Organization Should Conduct One
Uncover the hidden benefits of HR audits and why every organization should perform one. Understand how HR audits can minimize legal risks, enhance compliance, and streamline operational efficiency.
FinCEN Eliminates Beneficial Ownership Reporting Requirements for U.S. Companies and Persons
On March 21, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) published an interim final rule (the “March 21 Rule”) that significantly narrows the beneficial ownership information (“BOI”) reporting requirements of the Corporate Transparency Act (“CTA”) and extends the CTA’s BOI reporting deadline for 30 days.
Protect Your Business with a Comprehensive Network Assessment
A Network Assessment isn’t just about identifying problems—it’s about building a smarter, safer foundation for your organization. Here are the critical elements of a strong assessment.
The Standard Business Mileage Rate Increased In 2025
The price of gas is slightly higher than it was a year ago. How does this affect the amount you can deduct for business driving in 2025? Here’s the latest on the cents-per-mile rate for this year.
Evaluating Your Manufacturing Company’s Multistate Tax Liability
Not knowing if your manufacturing company is liable for multistate taxes can lead to unexpected financial hurdles. A nexus study can help.
When Your Nonprofit’s Debt-Financed Income Is Subject to Tax
Much nonprofit investment income isn’t taxable, but there are exceptions. These include income from certain debt-financed property (generally, real estate). Here’s what you need to know.
Is Co-Sourced Accounting the Solution Your Business Needs?
Struggling to keep up with today’s complex accounting demands? Discover how co-sourced accounting can provide your business with the expertise and flexibility to thrive. Learn more in our latest article.
Navigating Challenges in Affordable Housing Projects
Discover the common challenges facing affordable housing projects, from financing issues to community opposition, and gain insights on overcoming obstacles to support affordable housing development.
Working Remotely Is Convenient, But It May Have Tax Consequences
For some employees who work remotely, the financial reality can be taxing. Here’s what to expect if you have a job but you don’t go to a physical office.
Outsourcing HR: A Strategic Move for Nonprofits
What factors should your nonprofit consider when outsourcing HR work? We look at benefits and drawbacks of outsourcing, as well as what you need to do to make it successful.
Plan Now To Reimburse Staffers, Board Members And Volunteers
Every organization needs a reimbursement policy, even if you infrequently reimburse stakeholders for travel, meals and other expenses incurred on your nonprofit’s behalf. We explain what a policy should include.
Maximize Your Investments: Harness the Power of the De Minimis Safe Harbor Tax Rule
Learn how the de minimis safe harbor rule can simplify tax management for real estate investments and enhance your portfolio's growth.
Important Update for Nonprofit Organizations: Federal Uniform Guidance Single Audit Threshold Increases to $1 Million, and More
The single audit threshold has been raised from $750,000 to $1,000,000, providing more flexibility in programmatic and budgetary decisions and potentially reducing the audit burden for entities with federal funding below the threshold.
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.
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.
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?
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.
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.
Cybercriminals Love Your 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.
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.
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.
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.
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.
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.
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.
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 Essential Cybersecurity Practices to Safeguard Your Business
Learn the 5 Essential Cybersecurity Practices every business needs. From compliance to risk assessments and employee training, these steps can save your business from costly breaches and reputational damage.
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.
How Nonprofits Should Classify Workers Correctly for Tax Purposes — and Avoid Costly Repercussions
Learn how nonprofits should classify employees, contractors, and volunteers to stay compliant with IRS rules. Avoid tax penalties, protect your nonprofit’s status, and reduce legal risks with proper worker classification.
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.
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.
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.
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 – Why Every Nonprofit Needs a Disaster Plan
Learn why disaster preparedness is essential for nonprofits and how a proactive plan can reduce risks, protect resources, and ensure long-term resilience.
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.
The Complete Guide to Business Succession Planning: Strategies, Tax Implications, and Best Practices
Discover the complete guide to business succession planning. Learn strategies to ensure smooth ownership transitions, minimize tax liabilities, protect key employees, and secure your company’s future.
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.
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.
When Nonprofits Need to Register in Multiple States
The Treasury has issued a final interim rule regarding the Paycheck Protection Program.
Deciding Whether A Merger Or Acquisition Is The Right Move
Is a merger or acquisition the right move for your company? Find out.
Tax Guide for Valuing Donated Property
Nonprofits often struggle with valuing noncash and in-kind donations. Whittlesey's tax guide can help.
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.
Employee vs Independent Contractor: A Complete Guide for Businesses
Making employees independent contracts can yield savings but don't do it just to lower your tax burden.
Board Review of Form 990: Why It Matters for Nonprofits
Whittlesey nonprofit expert, Katrina Olson highlights the importance of Form 990 and offers helpful tips on filling it out.
What to Do in the Event of a Cybersecurity Attack: A Step-by-Step Guide
What to do after a cybersecurity attack: Learn the critical steps to minimize damage and protect your business with Whittlesey Technology's expert guidance.
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.