If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in […] The post Scrupulous records and legitimate business expenses are the key to less painful IRS audits first appeared on Sam Brown ..read more

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Reporting on environmental, social and governance (ESG) matters is an increasingly crucial area of corporate compliance. While ESG reporting and disclosure apply primarily to public companies, there are efforts aimed at requiring private companies to also report on these matters. For example, the European Union’s Corporate Sustainability Reporting Directive requires private organizations that meet specific […] The post ESG audits: Navigating new frontiers in corporate responsibility first appeared on Sam Brown ..read more

The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. Sometimes, it’s not possible to gather your tax information by the due date. If you need more time, you should file for an extension on Form 4868. An extension will give you until October 15 to […] The post The tax deadline is almost here: File for an extension if you’re not ready first appeared on Sam Brown ..read more

When a Category 5 hurricane struck a coastal community, its most prominent health and human services charity was prepared to act with rescue plans, supplies, emergency shelters and well-trained staffers. What the not-for-profit wasn’t prepared for was a sudden influx of support, including donations. Too much support may not sound like a problem, but for nonprofits […] The post Don’t be surprised by a sudden influx of support first appeared on Sam Brown ..read more

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External auditors spend a lot of time during fieldwork evaluating how businesses report work in progress (WIP) inventory. Here’s why this warrants special attention and how auditors evaluate whether WIP estimates seem reasonable. Valuing WIP Companies may report various categories of inventory on their balance sheets, depending on the nature of their operations. For companies […] The post Auditing WIP today first appeared on Sam Brown ..read more

If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain age. If you inherit a tax-favored retirement account, including a traditional or Roth IRA, you’ll also have to deal with these rules. Specifically, you’ll have to: 1) […] The post Update on retirement account required minimum distributions first appeared on Sam Brown ..read more

There are many reasons why a 501(c) tax-exempt organization might consider restructuring. For example, a financially struggling nonprofit might decide to join forces with another organization to cut costs and share resources. Or a nonprofit might decide to change its state of organization. Such changes generally qualify for a simplified restructuring process. However, it’s important […] The post Building a better nonprofit: Rules for restructuring first appeared on Sam Brown ..read more

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. These two deductions can potentially allow businesses to write off some or all of their qualifying asset expenses in Year 1. […] The post Coordinating Sec. 179 tax deductions with bonus depreciation first appeared on Sam Brown ..read more