News Archive

Financial sustainability and your nonprofit

If your not-for-profit relies heavily on a few funding sources — for example, an annual government or foundation grant — what happens if you suddenly lose that support? The risk may be compounded if you generally spend every penny that comes in the door and fail to build adequate reserves. Bottom line: If your nonprofit hopes to serve its community [...]

Profits: How low can you go?

If your profits are falling compared to revenue and assets, your financial statements may provide insight into what’s happening and how to improve your performance. Watch for red flags As you sell more and invest in additional assets, profits should, in theory, increase by a proportionate amount. However, that’s not always the case. Ratios to watch for a decline include: [...]

IRS issues guidance to ease transition to FASB’s new revenue recognition rule

In 2014, a new accounting standard on how to recognize revenue from contracts was issued by the Financial Accounting Standards Board (FASB). Now the IRS is allowing a new automatic change in accounting method for businesses to use to conform with the new financial accounting standard. This will allow for more book-tax conformity and facilitate accounting method change requests associated [...]

Provide for your spouse, then your kids, with a QTIP trust

If you want to preserve as much wealth as possible for your children, but you leave property to your spouse outright, there’s no guarantee your objective will be met. This may be a concern if your spouse has poor money management skills or if you two don’t see eye to eye on how assets should be distributed to your children. [...]

Your original will: Does your family know where to locate it?

In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only an original, signed document will do. A photocopy isn’t good enough Many people mistakenly believe that a photocopy of a signed will is sufficient. In fact, most states require that a deceased’s [...]

4 ways to encourage innovation in customer service

When business people speak of innovation, the focus is usually on a pioneering product or state-of-the-art service that will “revolutionize the industry.” But innovation can apply to any aspect of your company — including customer service. Many business owners perceive customer service as a fairly cut-and-dried affair. Customers call, you answer their questions or solve their problems ― and life [...]

Ask the right questions about your IT strategy

Most businesses approach technology as an evolving challenge. You don’t want to overspend on bells and whistles you’ll never fully use, but you also don’t want to get left behind as competitors use the latest tech tools to operate more nimbly. To refine your IT strategy over time, you’ve got to regularly reassess your operations and ask the right questions. [...]

2018 Tax Cuts & Jobs Act Seminar

Recently TWRU CPAs & Financial Advisors sponsored a seminar on the 2018 Tax Cuts & Jobs Act. Cherie Odom, a Tax Partner with TWRU, discussed both the individual and the business provisions and Don Brown, a retired managing partner with TWRU, discussed Social Security, Medicare, and RMDs (Required Minimum Distribution) and QCDs (Qualified Charitable Distribution). The seminar lasted about an [...]

Can you deduct business travel when it’s combined with a vacation?

At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting. General rules Business travel expenses are potentially deductible [...]