Goodwill: Personal or Business — and Why Does It Matter?
You can’t touch goodwill, but it’s one of the most valuable assets for many businesses. Commonly associated with professional service firms, goodwill can also exist among manufacturers, retailers, contractors and other types of businesses. Valuing intangible assets, including goodwill, requires the use of a business valuation professional to get it done right. Different Types of…
Be Careful to Document Hardship Distributions and Plan Loans
The IRS cautions plan administrators that they must document and keep necessary records of all employees’ hardship distributions and plan loans. The result of noncompliance could be a qualification failure for the plan. Hardship Distributions Basic information. In general, a retirement plan can make a hardship distribution only: If the plan permits such distributions; and…
GRF CPAs & Advisors Makes List of Best Firms for Young Accountants
Following GRF CPAs & Advisor’s (GRF) recognition earlier this year as one of Accounting Today’s 2020 Best Accounting Firms to Work for in the Midsized Firms category, the firm has been honored once again. In their new report, Accounting Today singles out the members of the Best Accounting Firms to Work For that are most…
Should Your Nonprofit Adopt Remote Work Permanently?
If your not-for-profit’s staffers can work from home during the COVID-19 pandemic, they probably are. But what about when the crisis ends? As workers have become accustomed to remote work, many now prefer it. In fact, several recent surveys have found that approximately half of U.S. employees would rather work from home. This is particularly…
How to Nudge Employees in an Ethical Direction
Nonprofits and businesses victimized by occupational fraud can experience significant financial losses, bad PR and reduced employee morale. Therefore, you must use every tool at your disposal to prevent and detect criminal activity in your organization. This starts with robust internal controls, including a confidential reporting hotline or other reporting mechanism. And, if it becomes…
Charity Navigator Rolls Out New Encompass Rating System
By Katelyn Miller, CPA, MST, Manager, Nonprofit Tax In one of the largest updates in recent memory, Charity Navigator has rolled out the first of four significant changes to their rating system. The Encompass Rating System expands the number of charities the organization rates from 9,000 to 160,000 – the most in its history. What…
Monitor Overtime Pay for Your Remote Workers: DOL Guidance
Paying your employees for hours that you know they’ve worked is straightforward enough. But what if they’re doing more work than you think they are — or more than you’ve asked them to do? As federal regulations state, “Work not requested but suffered or permitted is work time” and, thus, must be compensated. As explained in…
Ways COVID-19 is Reshaping Cybersecurity, Privacy and Fraud Risk
In the digital age, cybersecurity and privacy concerns have become major issues for businesses and nonprofits looking to protect their information from outside parties. As time spent working from home as a result of the COVID-19 pandemic continues for many workers, these concerns have only intensified. Join risk and cybersecurity experts from GRF for an…
Leveraging your Strengths to Lead in Times of Crisis
Join GRF’s Women on the Move for a virtual panel discussion exploring the qualities that allow women to excel at leadership in times of crisis. Our speakers share personal stories about their own leadership styles, how they manage communication challenges and stress, and advice for those looking for their chance to exercise their own leadership potential….