Articles

Protect your organization’s fragile tax-exempt status

Not-for-profit organizations are different from for-profit businesses in many vital ways. One of the most crucial differences is that under Section 501(c)(3), Sec. 501(c)(7), and other provisions, nonprofits are tax-exempt. But your tax-exempt status is fragile. If you don’t follow the rules laid out in IRS Publication 557, Tax-Exempt Status for Your Organization, the IRS […]

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How to keep fraud out of your law firm

As counterintuitive as it may seem, law firms aren’t immune to criminal activity. Because some firms place enormous pressure on attorneys to produce billable work, they may be particularly vulnerable to fraud. Your firm needs to know what to look for and how to protect itself from potential schemes perpetrated by partners, associates, and support […]

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Simple retirement plan & savings options for your small business

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended as an […]

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IRS Guidance on Temporary 100% Meal Deduction

The IRS released guidance on April 8, 2021, explaining tax deductions for business meals. Specifically, when the temporary 100% meal deduction is available and when the 50% tax deduction limitation applies for Sec. 274 purposes (Notice 2021-25 ). Under Sec. 274(n)(1), tax deduction for food or beverages is generally limited to 50% of the expense. […]

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Small Business, Big Fraud Risks

It’s not always easy being small. For one thing, small businesses (with fewer than 100 employees) experience higher occupational fraud losses: a median $150,000 vs. $140,000 for larger companies, according to the Association of Certified Fraud Examiners. That’s because they don’t always have the staffing or financial resources to implement fraud-prevention programs. Small businesses are […]

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