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What will your marginal income tax rate be?

What Will Your Marginal Income Tax Rate Be?

While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savings due to their filing…

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cash flow vs profit

How do Profits and Cash Flow Differ?

Business owners sometimes mistakenly equate profits with cash flow. Here’s how this can lead to surprises when managing day-to-day operations — and why many profitable companies experience cash shortages. Working capital Profits are closely related to taxable income. Reported at the bottom of your company’s income statement, they’re essentially the result of revenue less the…

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2 Major Tax Law Changes

2 Major Tax Law Changes for Individuals in 2019

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. 1. Medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health…

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feedback

5 Ways to Gather More Feedback from the People You Serve

According to the Center for Effective Philanthropy, practically all nonprofits in the United States (an astonishing 99% of surveyed organizations) say they solicit feedback from their clients when designing programs and services. However, resource constraints — lack of adequate staffing, funding and sophisticated technology — may mean that they don’t collect data as often as…

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The treasurer may be your board’s most valuable asset

The Treasurer May be Your Board’s Most Valuable Asset

In many organizations, the treasurer is the board of directors’ hardest working member. Depending on the duties outlined in your organization’s bylaws, this individual might manage cash flow, act as a liaison to outside auditors and craft investment policies. A role this critical to your nonprofit’s financial health should be filled by a highly qualified…

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retirement

You May Be Able to Save More for Retirement in 2019

Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) Contributions to defined contribution plans: $56,000 (up from $55,000) Contributions to SIMPLEs: $13,000 (up from $12,500) Contributions to IRAs:…

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business people celebrating the VIE exception for private companies

Time to Celebrate! FASB Expands VIE Exception for Private Companies

The Financial Accounting Standards Board (FASB) recently gave private companies long-awaited relief from one of the most complicated aspects of financial reporting — consolidation of variable interest entities (VIEs). Here are the details. Old rules Accounting Standards Codification (ASC) Topic 810, Consolidation, was designed to prevent companies from hiding liabilities in off-balance sheet vehicles. It…

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fraud prevention

No Excuses! Fraud Prevention is Easier Than You May Think

Most research has found that nonprofit organizations are no more likely to fall victim to occupational fraud than their for-profit peers. On the other hand, there’s reason to believe that nonprofits underreport fraud incidents and are reluctant to prosecute thieving employees to protect their reputation with donors and the public. The fact is, according to…

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BIM building information modeling

Mixed Reality: The Next BIM Thing in Construction Tech?

Building information modeling (BIM) is one of the most important technological developments in construction history. As you’re no doubt aware if you’ve used it, the software helps everyone involved resolve design conflicts and other issues before construction begins. When used to its maximum potential, BIM can also enhance quality, speed and productivity while reducing costs.…

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rising material prices

Steel Yourself Against Rising Materials Prices

Tariffs on steel and aluminum have recently contributed to an increase in materials costs. There are many other factors that can cause prices to escalate, too, including shortages brought about by building booms in other parts of the country or world; environmental issues, such as loss of forestlands; and rising fuel and other transportation costs.…

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