News Articles


The IRS can reclassify S corporation distributions as wages

If you run your business as an S corporation, you’re probably both a shareholder and an employee.

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Are frequent flyer miles ever taxable?

If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to take your spouse on a romantic getaway, you might

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Giving real estate to charity is rewarding, but beware of tax traps

Did you know that the estate of director John Hughes donated the family’s Illinois mansion to a nonprofit hospital?

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Use cause marketing to boost your nonprofit’s profile

Although corporations and not-for-profits have been teaming up for decades, “cause marketing” partnerships have recently gained new popularity.

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An effective succession plan calls for decisive action

The prospect of leaving your company in the hands of someone else likely brings mixed emotions.

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Now’s the time to start thinking about “bunching” — miscellaneous itemized deductions, that is

Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjuste

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Using independent contractors? Protect your business with these tips

Many businesses use independent contractors to keep payroll taxes and fringe benefit costs down.

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Financial analytics provide the foundation for your audit … and beyond

An auditor does significant legwork before starting field work.

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Tread carefully if you and your spouse have similar trusts

When spouses have similar irrevocable trusts for each other’s benefit, they can be subject to the “reciprocal trust” doctrine.

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Merging could make your nonprofit twice as effective

If your not-for-profit is struggling and other organizations provide similar services in your community, you may want to consider a merger.

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4 pillars of robust business growth

Many businesses start life small and simple.

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3 Strategies for Tax-Smart Giving

Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be

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