Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. Tax credits aren’t unlimited, however. For businesses, the aggregate value of tax credits may be limited by the general business credit (GBC), found in Internal Revenue Code .....
Nathan Wechsler is pleased to announce that Cody Gut, a manager on our team, has been elected as the Treasurer of the Young Professionals Group at the Associated Builders and Contractors (ABC) New Hampshire & Vermont Chapter. In this role, Cody Gut will play a crucial part in steering the financial initiatives of the Young .....
Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it’s important to not own the policy at death. The policy’s proceeds will be included in your taxable estate and may be subject to estate tax. To avoid this result, a common estate .....
Every business owner should have an exit strategy that helps recoup the maximum amount for his or her investment. Understanding the tax implications of a business sale will help you plan for — and, in some cases, reduce — the tax impact. One option is to sell your business to a third party. Here are .....
By Marc R. Berger, CPA, JD, LLM The IRS on June 9, 2023, released generic legal advice memorandum AM 2023-004,[1] which addresses whether developing paid name, image and likeness (NIL) opportunities for collegiate student-athletes furthers an exempt purpose under Internal Revenue Code Section 501(c)(3). The memorandum concludes that many 501(c)(3) organizations developing these opportunities for .....
With an increasing focus on environmental, social and governance (ESG) issues, some organizations are seeking ways to fund various ESG initiatives. Tax credits and incentives have played an important role in subsidizing ESG initiatives, with the Inflation Reduction Act significantly enhancing their impact on environmental investments. However, the often-overlooked social aspect of ESG can also .....
Many in the nonprofit world know Form 990 as the all-important nonprofit tax form that details an organization’s activities and financial standing. In addition to justifying an organization’s tax-exempt status, Form 990 reveals key information that charity-rating organizations and grantmakers use when evaluating nonprofits. The IRS does not mandate that nonprofit boards review Form 990, .....
Decades of innovation have transformed the finance office from a mindset of processing transactions to one of strategic financial management. But even with this advancement, nonprofit organizations are operating in an increasingly complex environment that requires them to balance routine and new tasks with a higher volume of information. When the topic of efficiency is .....
According to BDO Middle Market CFO Outlook Survey, 64% of chief financial officers (CFOs) believe environmental, social and governance (ESG) adoption will improve their organization’s long-term financial performance. However, for sustainability initiatives to succeed, ESG needs to be a cross-functional collaboration. Finance leaders must play a leading role in advancing their organization’s ESG strategy as .....
On July 10, 2023, the Governmental Accounting Standards Board issued Implementation Guide No. 2023-1, Implementation Guidance Update-2023 (Implementation Guide 2023-1). Implementation Guide 2023-1 contains 10 new questions and one amendment to a previously issued question-and-answers document. All questions within Implementation Guide 2023-1 are effective for fiscal years beginning after June 15, 2023, with earlier application .....