Don’t Run Afoul of Private Inurement Rules
Most not-for-profit executives are aware of the prohibition against private inurement. Generally, nonprofit directors and executives — and their family members — aren’t allowed to personally benefit from their positions while putting their organization at a disadvantage. Penalties for violating the private inurement mandate could include financial sanctions for violators and, in the rare worst-case scenario,…
Deadline Coming: Follow Up on Your PPP Loans
Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000. But all good things must come to an end. The PPP program stopped accepting loan applications on May 31, 2021….
SERPs: Pros and Cons for Employers and Executives
If your company offers employees a qualified retirement plan, it’s probably a 401(k). But this popular option isn’t the only game in town. You may want to offer an additional retirement savings vehicle — such as a supplementary executive retirement plan (SERP) — to complement the 401(k)s of a select group of employees. Unlike 401(k)s, SERPs…
New Filing Deadline Announced for EEO-1 Report
The Equal Employment Opportunity Commission (EEOC) announced that the due date for the 2019/2020 EEO-1 Component 1 data report has changed. It’s now Monday, August 23, 2021. Basics About the Report The EEO-1 survey is a report required to be submitted to the EEOC by: Employers with federal government contracts of $50,000 or more who have…
Consider Using Advance CTC Payments to Start a College Fund
If you’re eligible for advance child tax credit (CTC) payments provided by the American Rescue Plan Act, you might wonder whether you should spend the extra cash. Some families are incurring extra child-care costs so the parents can return to work. But others don’t have any imminent child-care-related expenditures to cover. Rather than spend the money…
Got Remote Workers? You Need to Understand Jurisdiction
The pandemic isn’t in the rearview mirror yet, but it’s already clear that the U.S. business landscape has changed. Many employers, for example, are expected to allow their remote workforce to remain working from home even though social distancing may no longer be necessary. If you’re mulling this decision or have already decided to allow employees…
Important Tax Implications to Consider Before Investing in Cryptocurrency
It has been a hot year for cryptocurrencies, even in the midst of a global pandemic. Bitcoin, the largest cryptocurrency by market value, skyrocketed and fluctuated wildly in price between 2020 and 2021. Additionally, other cryptocurrencies such as Ethereum, XRP, and Tether have gained popularity as the public’s comfort level with cryptocurrency increases. Then there…
Remote Work Reinforces the Need for Appropriate Cybersecurity
The abrupt shift to virtual operations during the COVID-19 pandemic exposed the vulnerabilities of some nonprofit organizations and resulted in a painful ‘lesson learned’ for others. Although employees will be allowed to return to the office in 2021, working from home in some form appears to be here to stay. Leadership must recognize that this…
Part of the “New Normal” is More Fraud
According to “The Next Normal: Preparing for a Post-Pandemic Fraud Landscape,” released by the Association of Certified Fraud Examiners (ACFE) in September 2020, half of U.S. companies uncovered more fraud after the COVID-19 pandemic began than before. So if you’re just now fully reopening your business or welcoming employees back in person, know that you…
Qualifying for Tax Breaks for a Dependent Parent
For many families, the tables may turn, and adult children provide financial support for their parents. For example, you might have moved your in-laws from a long-term care facility into your home during the pandemic for safety and convenience. Or your widowed father might still live in his own home, but his pension might not be…