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”.
The House and Senate reached an agreement on a bill that would repeal the nonprofit parking and transportation fringe benefit tax.
With 2019 winding down, now is the time to refresh yourself with all of the tax updates coinciding with the Tax Cuts and Jobs Act.
How to get a tax break by offering family and medical leave to your employees.
Find out how long you need to keep tax records and financial documents.
By getting a business valuation, you know where your company stands if you want to sell it or otherwise transfer it.
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.
Employees might benefit from using employer-offer Roth 401(k) plans but might need encouragement to use them.
How to be smart about combining business and pleasure travel to increase tax deductions.
Making employees independent contracts can yield savings but don't do it just to lower your tax burden.
Federally funded nonprofits now have new procurements standards they need to follow.
At year-end, your audited financial statement might not match your internal statements. Here's why.
If your nonprofit engages in certain activities, it will lose its tax-exempt status with the IRS. Do you know what those activities are?
A gift with strings attached is nice but not as nice as a gift you can use however you like.
Make sure you get the most out of your nonprofit's special events while still keeping them fun.
Have a plan in place for when a data breach happens so you don't have to make decisions in a panic.
Taxes are one factor you might not consider when dealing with mergers and acquisitions, but you should.
Financial statements tell people such, as investors and lenders, the story of your business.
Many employers use nonqualified deferred compensation plans to attract and retain executive talent. The rules, however, are complex.
Whittlesey nonprofit expert, Katrina Olson highlights the importance of Form 990 and offers helpful tips on filling it out.
Don't let that key person move on from your company without a plan to transfer that person's knowledge.
Don't just set goals for your business -- make a plan to achieve them, too.
The Financial Accounting Standards Board proposed delays to two new accounting rules.
Changes are coming to the nonprofit parking and transportation fringe benefit tax.
Finding and converting prospects into a reliable income stream can win new clients and help increase your profitability.
In the latest Whittlesey Minute, assurance expert, Kate Donovan, discusses four ways to prepare for your benefit plan audit.
You have to do better than "Password!123245" for your password. Here's how.
There are simple and easy to implement steps to improve your nonprofit's accounting.
Learn how the new not-for-profit reporting model will impact financial statement presentation and disclosures.
If your nonprofit is going through financial instability, there are ways through to the other side.
In the beginning of the year, there's still time to take steps to improve your tax planning for the prior year.
If you haven't had a cybersecurity recently, here are the reasons why you need one.
A well-designed business plan for your small business is a road map to success.
Plan now how you'll react to a cyber attack instead of having to make choices in the moment.
Over the next several years, community banks have to deal with a number of new accounting rules.
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.
Whittlesey discusses why small and medium-sized companies need to consider succession planning for their business.
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.
Whittlesey tax partner, Brenden Healy, provides expert counsel, guidance and valuable tips for avoiding tax schemes during tax season.
The 2017 Tax Cuts and Jobs Act had a number of impacts on banks.
Read the regulations for the Massachusetts Paid Family Leave.
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.
Chris Wisneski, Manager of IT Security & Assurance Services, at Whittlesey discusses why you should be using two-factor authentication.
Here are some of the most important 2019 year-end tax-planning considerations for clients from Whittlesey.
Are you looking to withdraw cash from your corporation while avoiding a hefty tax cost? Here are 5 ways to avoid dividend treatment.
Unemployment taxes can be costly for your business. Fortunately, you may be able to reduce your unemployment tax bill.
Find out if your holiday gifts or parties are tax deductible or whether it's taxable for the recipient.
Sports can teach business owners important lessons on how to recover from mistakes, make improvements, and earn wins.
The new year is fast approaching, and now is the perfect time to get a head start on strategic planning for next year.
Make sure to avoid excess benefit transaction to maintain your nonprofit's tax-exempt status. Here's how.
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.
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.
Four key ratios are critical to ensuring your nonprofit is achieving its mission as cost-effectively as possible. Learn more.
GAAP requires nonprofits to regularly evaluate whether there’s “substantial doubt” about their ability to continue as a going concern.
Nonprofits often struggle with valuing noncash and in-kind donations. Whittlesey's tax guide can help.
The time for your end-of-year appeal has arrived. Let us help.
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.
Is your business struggling to turn strategic ideas into actionable plans? Check out ways to make your planning stick.
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.
Is a merger or acquisition the right move for your company? Find out.
Separating business and real estate may benefit your succession plan? Find out if this may benefit you.
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?
Divorce is a highly stressful time, but if you're a business owner tax issues can complicate matters even more.
With the many changes the TCJA brought, now might be a good time to reconsider your company’s entity choice.