When it comes to charitable donations, cash might be king, but in-kind contributions play a vital role, too. Donated services and tangible or intangible goods can be sources of revenue and cost savings.
Good allocation practices can provide a better understanding of the "true" cost of your products and services, allowing you to become more competitive, better utilize your available assets and facilitate your management decision making process.
The familiar saying “failing to plan is a plan for failure” is spot on, especially for construction companies facing a transition in leadership. Without enough time to plan for the owner’s exit, any of the following scenarios can easily lead to a construction company in chaos.
As the leader of your construction company, how much time have you spent envisioning your retirement, or the process leading up to it?
On May 28, the Treasury and the IRS released final regulations (T.D. 9898) updating information reporting regulations under section 6033 that are generally applicable to organizations exempt from tax under section 501(a).
In 2014, the Financial Accounting Standards Board (FASB) issued new guidance, ASU 2014-09, Revenue from Contracts with Customers.
Energy-efficient building design has been gaining more traction in recent years. When sourcing renewable materials or designing for sustainability, there are more ways than ever for building owners and designers to save money on taxes and offset construction costs.
Construction is considered to be an essential industry in many states, but as the impact from the coronavirus deepens, the industry’s ability to weather this storm continues to be threatened.
The good news at this point in the coronavirus news cycle is that we’re becoming accustomed to rapid change and a new normal of business operations, or lack thereof. As the saying goes, the devil is in the details.
At the end of last year, many clubs received the exact same form letter from the IRS, Letter 6176 (4-2019) Catalog Number 72211B. The letter appears to have been generated by the IRS and sent to many 501(c)(7) exempt organizations reporting nonmember income regardless of the nonmember percentage of gross receipts.
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