New PRF Single Audit Guidance
PRF Background Our last 2 updates Provider Relief Fund (PRF) Reporting Portal is Now Open and Revised PRF Reporting Requirements including Extended Time to Expend Some Funds provide some important […]
Category: Articles
How start-up expenses are handled on your tax return
Entrepreneurs often don’t know that many of the start-up expenses incurred can’t be currently deducted. You should be aware that the way you handle some of your initial expenses can […]
SBA officially drops PPP Loan Necessity Questionnaire requirement
The U.S. Small Business Administration (SBA) has informed lenders that it is eliminating the loan necessity review for Paycheck Protection Program (PPP) loans of $2 million or greater. In a […]
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 substantially related to your tax-exempt […]
Prevent conflicts of interest from costing your business
Without trust between you and your employees, your business probably wouldn’t be very successful. Delegating responsibility, sharing ideas, working as a team — all require a certain level of trust. […]
Can my 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 the “Trust Fund Recovery Penalty” […]
The IRS Dirty Dozen 2021 – Part 4
12. Promoted abusive arrangements We presented you the first 3 parts of the IRS’ “Dirty Dozen” list of tax scams last week. Today, HW&Co. wraps up the list with a […]
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 before your not-for-profit says “yes” […]
How fraud perpetrators target military personnel and veterans
According to the Federal Trade Commission, veterans lost approximately $60 million to fraud in 2020. Active-duty military personnel and their spouses and dependents also suffered big financial losses to fraud […]
Provider Relief Fund Reporting Portal is Now Open
The long-awaited Provider Relief Fund (PRF) Reporting Portal is now open for reporting on the use of PRF funds received. The HW&Co. article, Revised PRF Reporting Requirements including Extended Time to […]
The IRS Dirty Dozen 2021 – Part 3
Yesterday, we presented the 2nd installment of the IRS’ Dirty Dozen 2021, revealing scams that use email, text, social media messages, or phone calls to get personal information, with the […]
Tackling Volunteer Liability Issues
During the pandemic, your not-for-profit may have been forced to operate without your dedicated volunteers. It has probably come as a great relief to welcome them back in person. However, […]
