Maybe you think having a board retreat would be nice, but because your not-for-profit organization has a tight budget, you think it’s not necessary. However, consider the benefits. A retreat […] The post Make Your Board Retreat Productive appeared first on HW&Co. CPAs and Advisors ..read more

Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s […] The post Business Taxation: What Lies Ahead? appeared first on HW&Co. CPAs and Advisors ..read more

This is a reminder that your business may be required to comply with new beneficial ownership information (BOI) reporting rules that took effect in 2024. Who needs to be aware […] The post Alert: Does BOI Reporting Apply to Your Business? appeared first on HW&Co. CPAs and Advisors ..read more

If your manufacturing plant has invested in automated equipment, such as robots, you’re not alone. According to the International Federation of Robotics, U.S.-based manufacturers invested in 44,303 robotic units in 2023, up 12% from 2022. Additionally, a 2022 study by Veo Robotics, Inc. revealed that more than 55% of U.S. manufacturers have 10 or more robots in their facilities. When considering investing in additional automated equipment—or purchasing your first robot—it’s critical to weigh the pros and cons. Automation can sometimes be more expensive and time-consuming than your management t ..read more

Social media often takes the blame for spreading misinformation, sometimes for good reason. Recently, the IRS issued a warning to both individual and business taxpayers about false claims regarding various federal tax breaks circulating on social media. These claims typically involve legitimate tax provisions for which most taxpayers don’t qualify. If you mistakenly claim these breaks, it could delay your refund, require tedious correspondence and paperwork, and even result in penalties or criminal prosecution. Abusing Legitimate Tax Breaks Fraudulent or inaccurate tax advice can come from man ..read more

Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Transform your business ownership interest into a more liquid asset, Prevent unwanted ownership changes, and Avoid hassles with the IRS. Agreement basics Two basic types of buy-sell agreements are cross-purchase agreements and redemption agreements (sometimes called liquidation agreements). A cross-purchase agreement is a contract between you and the other co-owners. Under th ..read more

One thing every new not-for-profit organization can count on is change. Ideally, the changes you experience will be for the better — expanded programming, increased staffing, more clients served and greater overall impact in your community. Your board of directors will be critical in keeping your nonprofit focused as it grows. But how do nonprofit boards change over time? In part, it depends on the organization and its mission. Its life stage will also help determine your board’s priorities, responsibilities and composition. Early years Founders or early volunteers are likely to populate an in ..read more

Summer is a great time for business owners to review their estate plans. Maybe your kids are home for summer break, so they’re top of mind. Or perhaps you’re vacationing with relatives or getting together for a backyard BBQ. Whatever the reason you’re spending time with your family, consider having an open discussion with them about your estate planning goals — and how your business fits in your overall plan. However, before you have a family meeting, you’ll need to understand your business’s current worth. In uncertain markets, your business’s value may differ from your expectations. One more ..read more

You need to be aware of the tax implications of selling property used in your trade or business. Many complex rules can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, which you have held for over a year. Note: There are different rules for property held primarily for sale to customers in the ordinary course of business, intellectual property, low-income housing, property that involves farming or livestock, and other property types. Basic rules According to the law, your gains and losses from ..read more

Some job candidates assume that not-for-profit organizations offer lower compensation than for-profit companies do. If your nonprofit has open positions, this can be a difficult hurdle to overcome — particularly if you don’t have the budget to compete with for-profit businesses. However, you may be able to offer fringe benefits that won’t take a big bite out of your budget. Review your benefits menu to see if it could use some enhancements. Competitive Advantage A comprehensive fringe benefits package can be worth its weight in gold. In fact, a survey by workplace review site Glassdoor found t ..read more