Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting […]

5 trends to watch during the pandemic recovery

By Ken Tysiac – Journal of Accountancy The economic recovery from the COVID-19 pandemic will be different from the recoveries that followed past recessions, Marci Rossell told AICPA governing Council members. Economic downturns typically originate in a sector such as housing, finance, or manufacturing and ripple through the economy from there, said Rossell, an economic forecaster […]

Is a merger in your nonprofit’s post-pandemic plans?

As the COVID-19 pandemic finally seems to be fading in the United States, your not-for-profit organization may be making plans for its post-pandemic future. Is a merger with another nonprofit part of these plans? A merger can provide your organization with greater stability and resilience so that you can survive any new challenges that comes […]

The Underline: Miami’s 10-mile linear park and urban trail

Seven years ago, Friends of The Underline (FUL) began as Meg Daly’s vision to transform the neglected land beneath the Miami Metrorail into a 10-mile linear park that connects the community from Miami River to Dadeland South. This year, after raising more than $110 million toward construction, The Underline opened its first phase located on […]

Help ensure the IRS doesn’t reclassify independent contractors as employees

Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error. It can be complex to determine whether a worker is an independent contractor or an […]

Why don’t your nonprofit’s interim and year-end financial statements match?

If your not-for-profit periodically prepares internal financial statements for your board, you may have noticed that your auditors propose adjustments to these interim statements at year end. Why do auditors do this? Generally, it reflects differences due to cash basis vs. accrual basis financial statements. But you can help minimize the need for such adjustments. […]

7 Unique Ways to Get More Done in Less Time

Get More Done in Less Time Efficiency

Everyone has their own way of doing things, so set a schedule that works the way you work. If you can’t spend your off hours socializing as much as you used to, of course you can do more work, right?! Before you try to do more than you should, let’s examine our processes and see […]

Know the ins and outs of “reasonable compensation” for a corporate business owner

Reasonable Compensation corporate business owner

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Thus, if funds are paid as dividends, they’re taxed twice, once to the […]

Protect your organization’s fragile tax-exempt status

Tax-Exempt Status for non profits

Not-for-profit organizations are different from for-profit businesses in many vital ways. One of the most crucial differences is that under Section 501(c)(3), Sec. 501(c)(7) and other provisions, nonprofits are tax-exempt. But your tax-exempt status is fragile. If you don’t follow the rules laid out in IRS Publication 557, Tax-Exempt Status for Your Organization, the IRS […]

The Dynamic Duo of Amanda Waters & Roxanne Ortiz have Joined Forces!

Water Ortiz Accounting Firm Annoucement

We are so excited to announce the merger between ALW Accounting & Consulting and Ortiz Financial Solutions to form Waters Ortiz Accounting! The new firm will specialize in providing accounting expertise for small businesses and non-profit organizations. We have a passion for helping non-profit organizations and small businesses achieve financial excellence. We offer customized accounting […]