Insights

Stay Prepared With Regular Business Valuations

Whether it’s an impending ownership transfer or just a need to learn more about one’s company, every business owner needs to establish reasonable expectations of what a valuation provides. We answer several insightful questions about the process and dig deeper into this important management tool.

Domestic Business Travel + Some Pleasure Travel = Tax Smart

Are you going on a business trip within the United States this summer? You might be able to add on some vacation days and deduct some of your expenses.

Encouraging Employees to Use the Roth 401(k) You Offer

A Roth 401(k) can be a valuable retirement savings option to add to your company’s benefits package. But make sure employees use it.

Classifying Workers as Either Employees or Independent Contractors

Failure to properly treat workers as independent contractors can be an expensive mistake for employers. Take a look at ways to proactively plan ahead.

Does Offering Family and Medical Leave Equal Tax Benefits for Your Business?

There’s a family and medical leave credit that could be an attractive perk for your company’s employees. But there are the rules and restrictions and it’s only available for two tax years.

Preserving Your Association’s Tax-exempt Status

If your 501(c)(6) association doesn’t know the difference between qualified and non-qualified activities, you could be in trouble. Here’s why.

When Your Audited Year-end Financial Statement Doesn't Match Your Internal Statement

If your nonprofit’s periodic financial statements fail to jibe with your auditor’s year end statements, you may think someone is at fault. Actually, there can be perfectly good reasons why the numbers are different.

Encouraging Donors to Switch from "Restricted” to “Unrestricted” Gifts

Donors don’t always realize how restricted gifts can prevent charities from operating efficiently and fulfilling their mission. If your nonprofit wants more unrestricted gifts, you’ll need to educate supporters. Here’s how.

How to Make Your Nonprofit's Special Events More Profitable

As in the for-profit world, sometimes not-for-profits need to spend money to make money. This is particularly true when it comes to fundraisers. At the same time, you need to resist the temptation to overspend or your special event may not raise the amount you were hoping for. Here’s how to stay on budget.

Are Your Procurement Procedures Up to Snuff?

The new Federal procurement standards should be implemented by all organizations receiving Federal funding. There are five general procurement standards that cover the purchase of property, supplies, and services under the Uniform Guidance. Learn more.

How Taxes Relate to Mergers and Acquisitions

Mergers and acquisitions are part of the business landscape, especially recently. One important consideration if either is on your horizon is how taxes will factor into it. Don’t go into a merger or acquisition without understanding how current tax law affects these transactions.

Importance of Board Review of Form 990

Whittlesey nonprofit expert, Katrina Olson highlights the importance of Form 990 and offers helpful tips on filling it out.

Financial Accounting Standards Board Proposes Delays to Two New Accounting Rules

If a recent proposal is passed, organizations will receive a little more time to prepare for two major changes in accounting standards.

Important First Step in Repeal of Nonprofit Parking and Transportation Fringe Benefit Tax

The House Ways and Means Committee recently voted in favor of The Economic Mobility Act of 2019 (H.R. 3300), which if passed, would repeal a 21 percent tax on exempt organizations who offer qualified parking transportation fringe benefits to their employees. Learn more about this important update.

Telling Your Business’s Story with Your Financial Statements

Is your company generating financial statements with all the information necessary to tell how you’re doing? Here’s what they should contain.

Succession Planning Your Way to Preserving Company Knowledge

When you step down from your company, your winning smile won’t be the only thing walking out the door. Your knowledge will be, too. That’s why your succession planning should include knowledge management.

A Good Implementation Plan Makes Achieving Strategic Goals a Realistic Possibility

Companies set goals and then work to achieve those goals. That’s Strategic Planning 101. The first is relatively easy. The second? Not as much. But, establishing an implementation plan for how to achieve the goals is the key getting there – the better the plan, the more likely a company is to succeed in making the goals a reality.

How to Prepare for Your Benefit Plan Audit

In the latest Whittlesey Minute, assurance expert, Kate Donovan, discusses four ways to prepare for your benefit plan audit.

New Prospects Are a Sales Resource Just Waiting to be Tapped By Your Company

Finding and converting prospects into a reliable income stream can protect your business and help increase your profitability. Check out these ways to find prospects and turn them into clients.

The ABCs of NQDCs

Many employers use nonqualified deferred compensation plans to attract and retain executive talent. The rules, however, are complex.

Clarifying Accounting for Contributions Received and Contributions Made

Whittlesey nonprofit experts Lisa Wills and Katrina Olson outline the new Financial Accounting Standards Board (FASB)'s "Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made," which amends the Accounting Standards Codification (ASC) Topic 958-605.

Best Practices for Creating an Impenetrable Passphrase

Passwords, in essence, are the keys to the kingdom, so we must make sure that we keep them secure, safe, and strong to keep cybercriminals out. Whittlesey's Manager of IT Security and Assurance Services, Chris Wisneski, discusses best practices for an impenetrable password in the latest Whittlesey Minute.

6 Ways to Improve Your Nonprofit's Accounting Function

With donations on the rise, it is more important than ever for nonprofit organizations to increase their efficiency. The following are six best practices that can improve your nonprofit’s timeliness and accuracy.

Webinar: Navigating the New Not-for-Profit Reporting Model

Learn how the new not-for-profit reporting model will impact financial statement presentation and disclosures.

Massachusetts Paid Family Leave - Effective July 1, 2019

In 2018, Massachusetts signed into law a statute that provides paid family and medical leave (PFML) benefits to workers. The MA legislature recently released a draft of the regulations and a mandatory poster to be displayed in a conspicuous place on the employer's premise.

How to Take Advantage of the New 20% Biz Income Deduction

In a recent article published by Hartford Business Journal, Brenden Healy, a tax partner at Whittlesey, discusses how to take advantage of the new 20% biz income deduction.

Cybersecurity Assessment: What Is It and Why Do I Need One?

Chris Wisneski, Manager, IT Security & Assurance Services of Whittlesey, discusses the importance of having a Cybersecurity Assessment. As cyber attacks and breaches continue to increase, it's critical that businesses be made aware of what their cyber risk is.

2018 Tax Planning (in 2019)

In a recent article published by Business West, Brenden Healy, a tax partner at Whittlesey, discusses tax-saving opportunities still available for the 2018 tax year.

7 Reasons Why a Business Plan is Key to Success

A sound strategic business plan is key to the success of a business. Here are 7 reasons why your business can benefit from a business plan.

How an Incident Response Plan Can Reduce the Cost of a Cyber Attack

True story: An employee clicked on an email from someone she knew. Shortly after, she had a brief computer glitch which required her to enter her username and password to get back in. Odd things have happened before, so she thought nothing of it.

New Accounting Rules Impact Community Banks

A number of changes could impact banks, especially community banks, over the next few years. Larry Carboni and Mario Solari, partners in our Hartford office, discuss these upcoming changes and how to plan for them.

How to Have a Successful Audit

There is much more to getting ready for an audit than just closing the books and reconciling accounts. Here’s a list of tips to help you have a successful audit experience.

Crunching Numbers and More with Abila MIP Fund Accounting

Camille Livsey, Whittlesey's manager of nonprofit consulting and a certified Abila Business Partner, advised CTCPA on the benefits and longevity of Abila MIP Fund Accounting™ to move their organization forward. Learn about how she enabled them to do more than crunch numbers.

Helping Nonprofits Survive Financial Turbulence

Whittlesey is helping nonprofits succeed with forward-thinking advice, particularly around issues of mergers, acquisitions and succession planning. Learn how we helped InterCommunity succeed by merging with a like-minded organization.

5 Reasons Medium-Sized Businesses Should Consider Succession Planning

Many small and medium-sized companies delay succession planning, but that can spell disaster for the business. Roger Sciascia discusses a few key reasons why businesses need a succession plan for their success.

5 Tax Incentives Your Business Should Know About (and There’s More)

Whittlesey tax partner Brenden Healy highlights the significant benefits of tax incentives for businesses. Is your business accessing the windfall that might be your right under tax law? Here are five tax incentives that businesses should be aware of.

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