Nonprofit Blog

A successful family business can provide long-term financial security for you as its owner, as well as for your loved ones. To improve the chances that your company will continue to benefit your heirs after you’re gone, take steps now to keep it in the family.

The election is over, so now we can start speculating as to what will happen in the lame duck session, and what a Trump-Pence Administration might mean for tax policy. Your advisors at Smith & Howard would like to offer the following suggestions as we approach year-end.

Nonprofit organizations rely on their board members for a variety of reasons. Board members support the mission of their affiliated organization in many ways, but they also play two key - and somewhat different - roles: support and governance. Michela Perrone, PhD, President of MMP Associates believes when it comes to support and governance board members must wear two different hats.

Could your company’s benefits package use a bit of an upgrade? If so, one idea to consider is adding an option for employees to convert their regular 401(k)s to Roth 401(k)s.

For many of today’s companies, going global seems like a quick and trouble-free growth strategy. Technological advances and expansive supply chains make doing so easier than ever. But business owners who make this move impetuously may soon find themselves on stormy seas, taking on waves of debt and unanticipated expenses.

As the year winds down, business owners have a lot to think about. One item that you should keep top of mind is next year’s budget. A well-conceived budget can go a long way toward keeping expenses in line and cash flow strong. The question is: Where to begin? Well, to answer this question, we don’t have just one suggestion — we have three:

As the dust settles from President-elect Donald Trump’s historic victory and the accompanying Republican sweep of the U.S. House and Senate, it is possible Americans could see significant tax cuts as early as 2017. The tax cuts proposed by President-elect Trump are among the largest proposed since the days of President Ronald Reagan. If his tax proposals are passed as originally set forth during the campaign, we can expect to see major changes for individuals and businesses. As proposed, those changes include:

In order to avoid costly penalties and administratively burdensome correction procedures, plan sponsors must remain up-to-date with respect to applicable Health and Welfare plan limits. On October 26, 2016, the IRS announced cost-of-living adjustments affecting 2017 dollar limitations for Health and Welfare plans and other related Health and Welfare Benefits items. Some of the most commonly used business benefits are below, and the entire IRS publication can be found by clicking here. While some limits remain the same, there have been a number of adjustments.

Turning receivables into cash is among the most important things a business must do. Of course, it’s easier said than done. Here are five ways to speed up collections:

Like many companies, yours probably stores at least some of its business files, documents and information in “the cloud.” This is the widely used term referring to the seemingly infinite data storage capacity of the Internet.