Fiduciary duty requires nonprofit board members to act in the organization’s best interests through the duties of care, loyalty, and obedience. Strong governance means informed decisions, legal and policy compliance, and rigorous conflict management via disclosure, recusal, independent review, and clear documentation.
Read MoreThe One Big Beautiful Bill Act (OBBBA) significantly expands business interest expense deductions starting in 2025. It allows a more generous calculation of adjusted taxable income (ATI) by excluding depreciation, amortization, and depletion, and broadens floor plan financing to include trailers and campers.
Read MoreAs year-end approaches, individuals must prepare to review their 2025 tax situation. Our annual year-end guide highlights key opportunities and important updates that can lower tax liability and strengthen long-term financial planning.
Read MoreThe gift tax annual exclusion lets you give up to $19,000 per recipient in 2025 (and 2026) tax-free, helping reduce your estate tax liability. Married couples can double this amount through split gifts, but remember the deadline is December 31 and certain gifts require IRS reporting.
Read MoreCorrectly classifying workers as employees or independent contractors is critical for nonprofits. While contractors can reduce costs and administrative burdens, misclassification can lead to significant financial penalties, back taxes, and compliance issues.
Read More