Tax and Accounting Desk

Are you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them.

a stethoscope lying on a table; image used for blog post about writing off Medicare premiums

But there may be a bright side: You may qualify for a tax break for paying the premiums.


Continue Reading Writing Off Medicare Premiums on Seniors’ Tax Returns

“Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards” (Uniform Guidance) applies to all not-for-profits that accept federal funding. It has been updated and amended several times, most recently in 2020.

two people writing on a piece of paper on a table; image used for blog post about not-for-profit compliance with procurement policy after updates to Uniform Guidance

So if you haven’t reviewed your own organization’s procurement policies lately, now’s a good time to ensure you’re in compliance.


Continue Reading What to Know About the Uniform Guidance Updates

Collective impact projects are collaborations between not-for-profits, government, businesses and communities with the goal of achieving challenging and complicated social objectives. They can succeed in ways that simply aren’t available to individual organizations.

a collective of hands come together with red paint forming a heart; image used for blog post about not-for-profits collaborating on collective impact projects

But they also require a level of commitment your not-for-profit may not be prepared for.


Continue Reading Collaborating on Collective Impact Projects

It takes more than dedication and enthusiasm for your not-for-profit’s cause and programs to make a good board member. The most critical duty for all board members is being a fiduciary.

a group of people sit in a conference room around a wooden desk with someone leading discussion at the table head writing on a whiteboard; image used for blog post about in-person not-for-profit board retreats

This means, among other things, that they can be trusted to always act in their not-for-profit’s best interests, avoid unnecessary risk, make decisions thoughtfully and execute them efficiently.


Continue Reading The Fiduciary Duties of Not-for-Profit Board Members

If you’re a business owner hiring your children this summer, you can obtain tax breaks and other nontax benefits.

four arms in business clothes forming a lattice with gripping each other's arms; image used for blog post for hiring children tax benefits

The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to:

  • Shift your high-taxed income into tax-free or low-taxed income,
  • Realize payroll tax savings (depending on the child’s age and how your business is organized), and
  • Enable retirement plan contributions for the children.


Continue Reading The Tax and Nontax Benefits of Hiring Your Children

Many Americans remain unemployed due to the COVID-19 pandemic — at least 9.8 million at the end of April, according to the U.S. Bureau of Labor Statistics. But that’s expected to change quickly as employers ramp up hiring activities. If your not-for-profit will soon need new staffers, you might want to start putting out feelers now.

two women sitting across each other at a table talking; image used for blog post about hiring new not-for-profit staffers

Obviously, the decision to hire is a difficult one considering the economic uncertainty that may remain. But you also don’t want to miss out on the best talent. Here are some issues to consider.


Continue Reading Considerations for Hiring New Not-for-Profit Staffers