Once an organization receives tax exempt status from the IRS, there are certain requirements that must be adhered to in order to maintain tax-exempt status. It is easy for a 501(c)(3) organization to maintain its tax-exempt status – and it is just as easy for them to lose it. In today’s blog post we will […]
It’s taken me a week to decompress from my fourth QuickBooks Connect. It’s one of my favorite conferences, not just for the accounting industry, but of all those I’ve attended throughout my career’s various endeavors. As always, the education, networking, swag, and food were top-notch. Why I Go Every year I set a goal for […]
The 990 tax form is the form tax-exempt organizations are required to file each year. This form allows the IRS and the general public to analyze the operations of a nonprofit. The form provides information on the nonprofit’s mission, programs, and finances. The information on the 990 form allows potential donor’s, lending institutions, and individuals […]
Being a small retailer is hard enough. Retailing in the Age of Amazon means figuring out what your customers want to buy even before they know it. This can be overwhelming. Guess wrong and you need to mark down your product giving up profit you need to pay expenses and yourself, guess right and you […]
What do you do when you do not feel like doing what you need to do to get things done? Now, what do you do when it is your employee who is the one lacking the motivating? Instilling motivation is not easy. You want your employees to have a sense of growth and satisfaction in […]
What Is Unrelated Business Income Unrelated Business Income (UBI) is a topic that can cause confusion among nonprofit managers. UBI is defined as income generated from an ongoing activity or activities of an organization, however, the activity(s) generating this income does not directly further the organization’s exempt purpose. Although not illegal, if the income generated […]
For many of us, summer is break time. The kids are out of school, and we find ways to squeeze some travel in among the regular work routines. Mid-year means that year-end is months away, and there is nothing to worry about, right? Not quite. Mid-Year Preparation for Year-End Year-end will be here in the […]
When I say “budget,” what pops into your head? Chances are, thinking about your budget – or your lack of one – brings about feelings of dread, deprivation, and guilt. Why is this? Many business owners – and non-business owners, for that matter – think of a budget in much the same way those of […]
The professionals on your team all have the same primary objective: to empower you to lead your business effectively. As the business owner, you are like the coach of the sports team. These professionals are playing together for your business to win. It’s important to ensure you have the right people on your team. Offense […]
Do you ever feel pressured to lower your prices so your services are “affordable”? Maybe a prospect has told you they can find comparable services elsewhere at a more competitive price. Or maybe a customer has told you outright you are too expensive. As I wrote in a previous article, everyone loves a bargain. Sometimes, […]
What story are you living in your business? What character do you play? How about your clients? In his book, The Seven Basic Plots: Why We Tell Stories, Christopher Booker says that all stories boil down into the following key themes: Overcoming the Monster Rebirth Quest Journey and Return Rags to Riches Tragedy Comedy The […]
Whether you are a small business owner, an employee, or searching for a job, good written communication is critical. Our business world relies heavily on various forms of written communication on daily basis. Without the cues that accompany verbal communication, we can easily lose information in our written communication. This can cause frustration, lost business, […]