When asked what is at the top of their finance department “to-do” list, many nonprofits name the need for an updated cost allocation plan. An effective cost allocation strategy is essential to organizations’ understanding of how their resources are being deployed. It...
Whether it be an examination by the Internal Revenue Service (IRS) or a state or local government, an audit of your books and records can undoubtedly bring unwanted anxiety, be a drain on resources, and in some cases, prove costly if your entity is found to be...
The Form 5500 serves as a vital source of information for the Department of Labor, Internal Revenue Service, and the Pension Benefit Guaranty Corporation. This form provides details regarding a retirement plan's operations, qualifications, financial status, and...
In 2022, Congress passed the Inflation Reduction Act (IRA), a comprehensive legislative measure that includes various provisions to promote the growth of clean energy production and enhance domestic manufacturing capabilities. With this new law, came changes to tax...
When working with retailers, a common question I get asked is “How do I know if my business is doing well, and what should I be looking at?” It’s a great question and one that I find many business owners struggle with and generally don’t know where to look to find the...
The COVID-19 pandemic sent a shock wave through the manufacturing industry and highlighted key points of risk that resulted in the massive supply chain shortages we saw over the past few years. While these supply chain headwinds are likely to continue in 2023, there...
In December 2022, the Biden administration signed into law the Consolidated Appropriations Act, 2023, which included the SECURE Act 2.0 of 2022. The original SECURE Act was released in December 2019 and sought to expand retirement savings coverage and increase savings...
As talk of a looming recession continues to dominate the daily headlines, restaurant owners should strongly consider the consequences of such an event and take a proactive approach to ensuring they are prepared to navigate through another challenge facing the...
The majority of U.S. states require businesses to collect and remit sales and use taxes, regardless of whether the business is physically located in the state or not. Tackling sales tax upfront is critical to reducing potential tax liabilities of the company and...
Side businesses have become increasingly popular among Americans over the last several years. With the ability to work remotely and the forced lockdowns caused by the COVID-19 pandemic, this trend has seen significant growth since 2020. For some individuals, this...