IT Security is More Critical than Ever for Government Contractors
By Melissa Musser, CPA, CITP, CISA, Principal With employees working from home, many government contractors (particularly smaller organizations) are more concerned than ever about information technology (IT) security. The issue is of even greater concern to organizations whose employees use their personal laptops and other electronic equipment to do their job remotely. With this in…
Election 2020: Where do the candidates Stand on Business Tax issues?
With both major political party conventions behind us, it’s time to focus on the upcoming national election. Among their many differences, the Republicans and Democrats have widely divergent tax platforms. Do you know where the candidates stand on major business tax issues? In some cases, the candidates’ plans contrast with their parties’ platforms, so it’s important…
Taxes on Roth IRA Withdrawals Today
If you’re experiencing financial distress during the COVID-19 crisis, you might be thinking about tapping into your Roth IRA to improve your cash situation. But before withdrawing money from a Roth account, it’s important to understand the federal income tax consequences, especially if you’re under 59½. Common Misconception You may think that all withdrawals from…
Tax Considerations for Principal Residence Foreclosures Today
Despite the COVID-19 crisis, residential real estate prices generally remain stable or are even rising in many areas. Even so, pandemic-related financial stress may cause some homeowners to be unable to make their mortgage payments. Here are the range of federal income tax consequences that might happen if a lender eventually forecloses on a principal…
Managing Risk for Remote Workforces in a Post-COVID-19 World
Pundits are predicting that even after the COVID-19 pandemic is ultimately brought under control — which might not occur for many more months — work-at-home arrangements will be more common than before the pandemic. “While the experience of working at home during the crisis may not have been ideal as whole families sheltered in place, it…
Outsourcing Can Help Solve Understaffing Problems
The COVID-19 pandemic has businesses and nonprofits alike carefully examining their number one expense ― labor costs. What should you do if your nonprofit organization is short on staff and you don’t have the funds or confidence in the future to hire employees — or even to retain all the ones you have? Skip Steps…
Monitor These 3 Things as Your Nonprofit’s Priorities Change
Several months into the COVID-19 crisis, most nonprofit organizations have formulated at least a temporary plan for sustaining operations. But short-term solutions should be complemented by long-term strategic planning that reprioritizes objectives. Specifically, your nonprofit needs to focus on three areas: social impact, economic viability and capacity to deliver. Let’s take a look. Social Impact What…
Can Your Nonprofit Organization Participate in the Election?
As another year of presidential election campaigns heats up, nonprofit organizations may be tempted to join the fray. Although it’s been said that politics and tax exemptions for not-for-profits don’t mix, that’s an oversimplification of the restraints imposed on Section 501(c)(3) organizations. Granted, Section 501 nonprofits can’t engage in political campaigning. Because of the consequences,…
What Are the Most Common Form 990 Mistakes Nonprofits Make?
Each year, your nonprofit organization must carefully determine the proper Form 990 return to file because penalties can be assessed for failing to file the right version. If a form is materially incomplete or the wrong return is filed, the IRS will return Form 990 series forms filed on paper — and reject electronically filed…
401(k) Plan Amendments Due to COVID-19
Here’s a question from a company about waiving the required minimum distribution (RMD) requirement for their 401(k) plan participants. Q. Our company has decided to waive required minimum distributions for 2020 under our 401(k) plan due to COVID-19. Does the waiver require a plan amendment and, if so, when is the deadline? A. The answer depends…