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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.

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.

How Much Is Your Business Worth? What You Should Know About Business Valuation

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.

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.

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.

Cash Management During Turbulent Times

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

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.

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?

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.

What This Year Has Taught Me by Drew Andrews

While we pause and look at the world around us, I cannot help but realize what I used to take for granted. Here are just a few of the many lessons I have learned this year.


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.

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.

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.

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.” 

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.

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.

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?

When Nonprofits Need to Register in Multiple States

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

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. 

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.

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. 

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.

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. 

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.

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.

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.

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.

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.

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.

The IRS Provides Guidance on Meal and Entertainment Deductions

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

Ensuring Your Nonprofit Protects Whistleblowers

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

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.

Webinar: Revenue Recognition FASB ASU 2018-08

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

How A CFO Could Benefit Your Nonprofit

Learn how a CFO could help benefit your nonprofit.

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.

Finding the Best Investment Advisor for Your Nonprofit

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

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.

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”. 

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.

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.

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?

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.

Deciding Whether A Merger Or Acquisition Is The Right Move

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

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.

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 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.

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.

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.

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

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

Tax Guide for Valuing Donated Property

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

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. 

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.

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.

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.

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.

Webinar: Preparing Your Nonprofit Organization for an Audit

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

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.

Game-Planning for A Profitable Year

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

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. 

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.

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. 

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.

How to Receive Tax Deductions for Traveling

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

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.

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.

Family and Medical Leave Tax Benefits for Your Business

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

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?

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.

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.

Are Your Procurement Procedures Up to Snuff?

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

How Taxes Relate to Mergers and Acquisitions

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

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. 

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.

Telling Your Business’s Story with Your Financial Statements

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

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. 

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 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. 

Utilizing Prospects to Win New Clients

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

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.

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.

Massachusetts Paid Family Leave - Effective July 1, 2019

Read the regulations for the Massachusetts Paid Family Leave. 

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.

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.

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.

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.

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.

Helping Your Nonprofit Survive Financial Instability

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

5 Reasons Businesses Should Consider Succession Planning

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

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.

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.

Impact of Tax Cuts and Jobs Act on Banks

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

Avoiding Tax Schemes

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