The TG Blog

Resources and articles to empower you and keep you up to date.

small business tax benefits

Is Your Small Business Eligible for Expanded Tax Benefits?

January 20, 2020

“Small” is bigger than ever Small businesses enjoy several tax advantages that may allow them to reduce their tax bills, defer taxes and simplify the reporting process. Until recently, federal tax rules generally defined “small business” as one with average annual gross receipts of $5 million or less ($1 million or $10 million in some…

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RPA

The Potential of Robotic Process Automation (RPA)

January 15, 2020

Robotic process automation (RPA) isn’t new, but improvements in the technology and shrinking costs have made it more accessible than ever. By taking over repetitive, mundane, time-consuming tasks, RPA can reduce costs, increase efficiency and productivity, minimize errors, and free up employees to focus on higher value activities. The technology holds promise for construction companies,…

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avoiding construction disputes

7 Tips for Avoiding Construction Disputes

January 13, 2020

A single construction dispute can turn a profitable job into a loss; multiple disputes can put a contractor out of business. Here are seven strategies for avoiding them: 1- Draft contracts carefully. Ambiguous contract language is probably the most common cause of legal wrangles for contractors. Pay close attention to provisions that affect your right…

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SECURE Act makes changes to retirement plans

4 New Law Changes that May Affect Your Retirement Plan

January 13, 2020

If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions…

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New Tax Law Changes for Nonprofit and Private Foundations

January 13, 2020

On December 20, 2019, the “Taxpayer Certainty and Disaster Tax Relief Act of 2019” was signed into law for the 2020 fiscal year.  The legislation included a provision which has repealed IRC Section 512(a)(7), known as the “Parking Tax” for tax-exempt entities, as well as a provision that simplified the net investment income tax imposed…

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benchmarking financial performance

Benchmarking Financial Performance

January 13, 2020

You already may have reviewed a preliminary draft of your company’s year-end financial statements. But without a frame of reference, they don’t mean much. That’s why it’s important to compare your company’s performance over time and against competitors. Conduct a well-rounded evaluation A comprehensive benchmarking study requires calculating ratios that gauge the following five elements:…

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nonprofit sales tax

South Dakota v. Wayfair, Inc.: What This Sales Tax Case Means for Nonprofits

January 10, 2020

A landmark ruling by the U.S. Supreme Court in 2018 dramatically expanded the ability of states to impose sales tax collection obligations on out-of-state organizations that sell goods and services within their boundaries. Since then, state legislatures and municipalities have scrambled to pass laws targeting organizations that lack a physical presence in their jurisdictions. Some…

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collective impact

Collective Impact Inquiries Rely on Harmony

January 8, 2020

Collective impact, an approach that’s growing among nonprofits, is more than just collaboration. Its originators describe the phrase as the commitment of a group of important players from different sectors to a common agenda for solving a specific social problem. That includes the nonprofits themselves, government, businesses and constituent communities. In the Stanford Social Innovation…

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construction family business succession plan

Respond Quickly to Succession Plan Troubles

January 8, 2020

Family-owned construction businesses often face distinctive challenges when it comes to creating a succession plan. Emotions can run high, and the business owner’s lifelong working legacy may be at stake. Once you’ve chosen a successor, and put a basic succession plan in place, it’s important to respond quickly if trouble starts brewing. Form your team…

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acknowledgments

Writing Donation Acknowledgment Letters

January 7, 2020

Sending thank-yous to your donors doesn’t just make sense in terms of building and maintaining relationships. The IRS mandates that taxpayers substantiate single contributions of $250 or more with contemporaneous written acknowledgments. Here’s what you should include in those acknowledgments. The essentials A written contribution acknowledgment should contain: The name of your organization, The amount…

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