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Audit, Review or Compilation: How Are They Different?

In the accounting world, the terminology used to define the level of assurance your manufacturing company has been provided from a CPA firm as it…

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Independent Contractor vs. Employee – Beware: Worker Classification Is an IRS Hot Button

A business can realize important advantages by treating a worker as an independent contractor (IC) rather than an employee. But simply labeling someone an IC…

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How to Leverage Digital Transformation in Manufacturing

If there’s one thing that’s always been true of manufacturing, it’s that it marches hand-in-hand with evolving technology. As digital transformation marches forward, you want…

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Now May Be the Right Time to Acquire a Business

The COVID-19 pandemic has resulted in financial losses for many businesses, including manufacturers. As a result, some owners may be looking for an exit strategy.…

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First-Year Bonus Depreciation and Sec. 179 Expensing: Manufacturers Beware of the Pitfalls

Many manufacturers are eligible for tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for a manufacturer’s cash flow, but…

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Getting a New Business off the Ground: How Start-up Expenses Are Handled on Your Tax Return

  Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June…

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Does Your Nonprofit Owe Tax on Its Sponsorships and Advertising?

Your not-for-profit may prefer to avoid activities that subject it to unrelated business income tax (UBIT). But if you accept advertising or sponsorships that aren’t…

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Cryptocurrency Donations: Will Your Nonprofit Accept Them?

Cryptocurrency has gone mainstream, and if you’ve been sitting on the fence about accepting donations in virtual currency, it’s time to make a decision. But…

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Who in a Small Business Can Be Hit With the “Trust Fund Recovery Penalty?”

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called…

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How to Incorporate Proper Internal Controls to Boost Your Nonprofit Organization’s Success

Operating process controls are vital to every organization, including nonprofit organizations. These processes can be very challenging for small nonprofits because of limited employee numbers…