Real-Time Strategic Planning (RTSP) offers not-for-profits a fluid approach to identifying, understanding and acting on challenges and opportunities to advance their missions. Is this process right for your organization? Let’s take a look. What is it, exactly? RTSP was first introduced by nonprofit consultant David La Piana as “a coordinated set of actions designed to … Read More
The IRS has announced that recipients of Veterans Affairs (VA) benefits will automatically receive Economic Impact Payments (EIPs). It noted that the timing of the payments is still being determined. If individuals who receive VA benefits have dependent children and haven’t filed federal taxes in 2018 or 2019, they must register with the IRS “Non-filers” … Read More
If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that’s not true. First, keep in mind that you must itemize deductions in order to take advantage … Read More
How can Social Security recipients receive Economic Impact Payments (EIPs) sooner rather than later? The Social Security Administration (SSA) is encouraging potential EIP recipients who are receiving Social Security benefits (and especially those with qualifying children) to register with an IRS website to receive the EIPs as quickly as possible. The SSA says that if … Read More
No one said estate planning is easy, and this is especially true if you have a “blended family.” The good news is that there are two trust types — a qualified terminable interest property (QTIP) trust and an irrevocable life insurance trust (ILIT) — that can provide for your children from a previous marriage while … Read More
Did you know that, in dealing with the IRS, you have the right to confidentiality? It’s included in the Taxpayer Bill of Rights, but what does it mean? In a Tax Tip, the IRS states that it won’t give your information to any third party, without your permission or unless allowed by law. The IRS … Read More
“Paying taxes is not optional … it’s the law,” the IRS emphasizes in a new Tax Tip. Fortunately, there are several options for how to pay taxes. Some people get withholding in their paychecks while others make estimated payments through the year. Taxpayers who e-file can pay at no charge, through their bank accounts using … Read More
Did you know that the IRS has its own YouTube channel? From the safety of your home, you can watch a number of short videos that answer common taxpayer questions. Topics include tips for first-time filers, what to do if you don’t receive a Form W-2 and more. The channel includes videos in American sign … Read More
In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. Assuming you do offer a 401(k), the challenge then becomes … Read More
The U.S government is on a “future unsustainable fiscal path” according to the Government Accountability Office (GAO). In its annual report to Congress on the nation’s fiscal health, the GAO noted that the federal deficit in fiscal year 2019 hit $984 billion despite a $134 billion increase in receipts. “Over the past 50 years, net … Read More