Nonprofit organizations with 501(c)(3) status may be exempt from federal (and possibly state) income taxes. However, this does not mean that these organizations cannot be audited by the Internal Revenue Service (IRS) or even by independent auditors ..read more

When manufacturing companies optimize their processes, it is a win-win proposition for the Company and the consumer.  In addition, adoption of robotics can increase workplace safety for employees by converting high risk work tasks to these mechanical counterparts.  Here are some examples of pioneering companies that middle market companies can model to create cost reductions, process improvements and targeted revenue growth.   Discover 10 key manufacturing incentives in the Inflation Reduction Act that every M&D professional should know. Learn more here ..read more

It is very common for families to pay for the costs associated with caring for children, family members and other dependents. However, there are plenty of tax deductions, credits, and other incentives for which caregivers may qualify to help them mitigate some of the costs ..read more

Employers that sponsor EBPs must ensure that they comply with federal laws enforced by the IRS and the U.S. Department of Labor (DOL). The government uses Form 5500 to collect information about EBPs and monitor employers’ legal and regulatory compliance. Revisions from previous filing requirements to the form may alter some employers’ obligations. When the number of participants in an EBP reaches a certain benchmark, the employer must hire an independent auditor to review the plan and prepare audited financial statements. Some employers who have had to conduct audits in past years may find th ..read more

In September 2023, the Department of Labor (DOL) proposed new regulations under the Fair Labor Standards Act of 1938 (FLSA). The proposed changes will have far-reaching impacts on many businesses across the country—including nonprofit organizations. And while these changes aren't exactly coming out-of-the-blue, they have left some nonprofit organizations scrambling to adjust their payroll processes to ensure compliance ..read more

Many business owners may be aware of pass-through deduction but lesser of them may realize that they can utilize eligible retirement contributions to potentially gain a huge tax advantage on pass-through income ..read more

Federal tax credits are designed to reduce tax burdens for certain expenses, and there are many potential tax credits for which a person or business may be eligible ..read more

The board of a nonprofit organization has tremendous responsibilities. Board members should ardently support the organization’s purpose, but zeal is not the only important quality. Diversity among board members is also critical for ensuring the organization can respond to challenges and adapt to changing conditions. In this context, “diversity” can have multiple meanings, such as cultural, economic, social and professional diversity. This article discusses the benefits of a well-rounded board of directors for nonprofit organizations and provides tips on promoting diversity in various forms ..read more

The Tax Cuts and Jobs Act (TCJA) of 2017 made sweeping changes to the Internal Revenue Code (IRC). It lowered tax rates for individuals, businesses and families. Some provisions of the statute are intended to discourage businesses from moving assets overseas. Many of the changes made by the TCJA will expire at the end of 2025 unless Congress acts to extend them or make them permanent. Whether this will happen largely depends on the outcome of the election in November 2024. For now, taxpayers can begin planning for 2025 and beyond based on the schedule provided by the TCJA ..read more

Keywords: Exempt: Paid a salary, not eligible for overtime due to being classified as executive, professional, administrative, or outside sales. Non-Exempt: Eligible for overtime pay for any hours worked over 40/week. It can be paid salary or hourly.  Salaried: Individual receives the same salary from week to week regardless of hours worked. Non-exempt salaried employees will receive their regular salary plus overtime pay.  Hourly: Receives hourly wage for work performed, typically non-exempt.     ..read more