CECL Reporting For Nonprofits: Key Updates & Compliance Tips
The world of nonprofit accounting is evolving. And one of the most significant changes in is the adoption of the Current Expected Credit Loss (CECL) model. Originally designed for financial
Should You Keep or Discard Your Tax Records?
When it comes to managing personal finances, few topics cause as much confusion as whether to keep or discard tax records. While no one wants to be buried under piles
Does Your Business Need To Pay a Franchise Tax?
When starting or operating a business, taxes are a crucial consideration. One type of tax that businesses may be required to pay is the franchise tax. Understanding whether your business
Employers Social Security Tax: What You Need To Know
The employers social security tax is a crucial component of payroll taxation in the United States. As an employer, understanding your obligations regarding Social Security tax can help ensure compliance
Why You Might Need IRS Form 1099-K
IRS Form 1099-K is an essential tax document for individuals and businesses that receive payments through third-party payment networks or credit card transactions. If you have ever conducted business online,
Sole Proprietorship Taxes: An Overview and Walkthrough
A sole proprietorship is the simplest and most common form of business structure. However, when tax season arrives, sole proprietors must understand their obligations and how to properly file their
6 Ways to Keep Tax-Free Income
Paying taxes is inevitable, but that doesn’t mean every dollar you earn has to be taxed. There are several legitimate ways to keep tax-free income, allowing you to maximize your
How to Max Out Your 401(k) and Secure Your Retirement
To ensure financial options later in life, saving and investing as much as possible during your working years is the way to go. It’s the best ways to ensure a
IRS Increase 2025 Standard Mileage Rate to 70 Cents Per Mile
The Internal Revenue Service (IRS) has announced that, effective January 1, 2025, the standard mileage rate for business use of a vehicle will increase to 70 cents per mile, up
How to Build Operating Reserves to Protect Your Nonprofit in a Financial Crisis
In times of financial uncertainty, having operating reserves to protect your nonprofit is essential. These reserves act as a financial safety net, allowing your organization to continue its mission without