Newsletters
Avoid Common Nonprofit Financial-Reporting Errors
February 25, 2016Nonprofit organizations tend to make almost two times more accounting errors on their public financial statements than similarly-sized for-profit companies; that is according to a study by an associate professor of accountancy at the University of Notre Dame, on which a few recent articles I’ve read were based. For most nonprofits, and particularly in today’s…
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IRS Outlines Exempt Organization’s 2016 Priorities
February 25, 2016The IRS Tax Exempt and Governmental Entities Division recently issued their 2016 priorities. Exempt Organizations (EO’s) overarching compliance strategy is to ensure organizations enjoying tax-exempt status comply with the requirements for exemption and adhere to all applicable federal tax laws. The focus in 2016 will be on significant compliance issues, not on the number of…
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Impact of New Flood Insurance – What You Need to Know
February 22, 2016The National Flood Insurance Act of 1968 and Flood Disaster Protection Act of 1973 (FDPA), as amended, govern the National Flood Insurance Program (NFIP). Among other things, these statutes require the purchase of flood insurance on certain properties and make available federally subsidized flood insurance to owners of improved real estate or mobile homes located…
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What is Love?
February 16, 2016After surviving Valentine’s Day now is a great time to talk about love and money especially if you spent more than you should have on February 14th. In 2015, Valentine’s Day spending reached $19 billion, a new record for the United States, with the average person celebrating the occasion spending more than $150. I wonder…
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Financial Literacy Month is Coming: Are You Ready?
February 16, 2016In an age where few things are still taboo topics, we need to recognize how life-changing it can be to talk about and learn about money. In 2004, Resolution 316 was passed in the U.S. Senate, recognizing April as National Financial Literacy Month. The recognition is an attempt to improve personal financial well-being and reduce…
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Congress Passes the PATH Act of 2015 and Makes Changes to Social Security in the Final Quarter of 2015
February 11, 2016Keeping year-end tax planning interesting right up until the end, Congress acted in late December to pass The Protecting Americans from Tax Hikes (PATH) Act of 2015. This bill addresses a variety of popular but temporary tax provisions, commonly referred to as “tax extenders,” that expired at the end of 2014, and makes many of…
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Managing New Year’s Resolutions – A Financial Perspective
February 11, 2016Happy New Year! As you celebrated the end of 2015 and start of 2016, you probably spent a few moments reflecting on where life has brought you and envisioning where you would like to be in the future. You may have made some resolutions about diet and exercise, quitting smoking or other changes you would…
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Mercadien Foundation’s $martWorkplace Roundtable Energizes Community Leaders
February 10, 2016We all need better ways to connect with and understand financial information; luckily, big change is underway. The Mercadien Foundation sponsored a roundtable discussion at its office in early February 2016, bringing together several business, nonprofit and community leaders to tackle workplace issues related to financial capability and education. From the discussion, the Mercadien Foundation…
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Properly Allocate Your Combined Business & Vacation Travel Expenses
January 20, 2016If you go on a business trip within the U.S. and add on some vacation days, you know you can deduct some of your expenses. The question is how much. First, let’s cover just the pure transportation expenses. Transportation costs to and from the scene of your business activity are 100% deductible as long as…
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How Buy-Sell Agreements Can Ensure Continuity
January 20, 2016If you own a closely held business with at least one other partner, certain steps can be taken to guard against business disruption if you or the partner unexpectedly dies or becomes disabled. One of the most important steps is to create a buy-sell agreement. A buy-sell agreement is a critical component of business continuation…
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