Could a Vehicle Donation Program Still Work for Your Organization?
Thinking about starting a vehicle donation program for your not-for-profit organization, but don’t know where to begin? Or wondering if it’s still worth it? The American Jobs Creation Act, which passed in 2004, makes vehicle donation programs more difficult for not-for profit organizations to operate. Charities with vehicle donation programs expect the number of cars…
Handle with Care: The Nanny Tax Rules
When you hire a nanny, housekeeper or other domestic worker, pay close attention to the tax rules. The laws related to domestic workers are confusing and poorly understood, but ignoring them can land you in hot water — even decades from now. Over the years, there have been news stories about political appointees and others who…
How to Set Up an IRS-Approved Family Loan
Today’s relatively low-interest-rate environment makes it easy to loan money to family members on favorable terms with full IRS approval. Here’s a rundown of what the law covers and why now might be a good time to set up loans. Nothing in the tax law prevents you from making loans to family members (or unrelated people…
Important Changes for Individuals in the New Tax Law
For individual taxpayers, the new tax law — commonly known as the Tax Cuts and Jobs Act (TCJA) — includes many expected changes, some unexpected ones and some that didn’t make the final cut. Here are the most important things that individual taxpayers need to know about the TCJA, which was signed into law on December 22,…
Reduce the Threat of Identity Theft from Payroll Records at Your Business
Since companies have to maintain payrolls, collecting and maintaining personal information about their employees is unavoidable. In addition to their current staff members, employers also must retain records on former employees for a period of time. If you’ve been in business for a long time, you could have boxes of old personnel files in storage somewhere….
IP Centrex Appeal Grows
IP Centrex is yet another way for your organization to get the full flavor of IP telephony without investing in a private branch exchange (PBX) or going crazy with softswitches. This is an ideal approach if your organization wants the features of the PBX but none of the complexities. IP Centrex Advantages It’s a real Centrex…
Are You an Unwitting Software Pirate?
In a modern dictionary, under the word “software pirate” you might find this definition: “A person or company who makes illegal copies of software for personal or commercial use, including college students sharing music and videos on the Internet and businesses that may not even be aware they are doing something illegal.” Be Cautious To help…
Hire Your Kids and Save Taxes
Here’s a great tax-saving idea for those who have teenagers who can work part-time in the family business. Hire the kids as legitimate employees. This strategy works best if your business operates as: A Few Points to Remember 1. Your child’s wages must be reasonable for the work performed. So this idea works best with teenagers who…
Shave Payroll Costs for Shared Employees
If you run your business operations through two or more corporations, the different entities may share some of the same employees. In that case, you can save payroll taxes by using a “common paymaster.” IRS Definition “Concurrent” employment is defined by the IRS as the “contemporaneous existence of an employment relationship between an individual worker and…
Need Cash Fast? Consider Selling Your Receivables
From time to time, nearly every business experiences cash shortfalls due to the timing of cash payments vs. receipts. Why do shortfalls happen? It all goes back to the cash conversion cycle. Most businesses pay workers on a weekly or biweekly basis. They also try to pay suppliers and vendors in accordance with the negotiated…