SEC Proposes Rules on Crowdfunding

Crowdfunding was one of those Next Big Things that became bigger than perhaps anyone imagined, and it has developed into a substantial fundraising vehicle and moneymaker.  And where there’s big money, can regulation be far behind? Crowdfunding, by definition, is: “the practice of funding a project or venture by raising many small amounts of money… Read More »

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State Budget Crisis Task Force Releases Final Report

The State Budget Crisis Task Force is sounding the financial alarm for local and state governments across the U.S., but who will listen? And if governments are following in the footsteps of the nation’s most recent municipal financial disaster, how soon will they act, if at all? After three years of research, discussion, contemplation and… Read More »

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Protecting your Business from Credit Card Abuse

This article was printed in the Sunday, February 16, 2014 edition of the Knoxville News Sentinel. An employee has a company-issued credit card. It’s a plus, a perk, a privilege. However, as the saying goes, as with a sword, a company-issued credit card has two edges – and one can inflict deep wounds on the… Read More »

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Estate Tax Portability: What You Need to Know

When you’re looking at the “portability” of up to $10,680,000 in tax-free estate money, you don’t want to miss a step. And if you do, you’d like the chance to make it up. Combining the only two certainties in life, death and taxes, IRS Revenue Procedure 2014-18 details a time extension on an estate tax… Read More »

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Fraud and Non-Profits Series | Part 5: Non-Profit Board Protection

What makes a person working for a non-profit organization decide he or she is going to steal from it and risk losing their reputation, trustworthiness, or liberty? Greed. Personal financial struggles. Craving for material things. Some combination of these and other damaging desires. There are two preeminent issues with respect to non-profit fraud and putting… Read More »

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Who is a ‘Responsible Party’?

Whoever has the gold makes the rules. The IRS doesn’t have the gold (the Treasury Department does), but it certainly does make rules about how the gold is acquired. IRS regulations, as of 2013, require anyone assigned an Employee Identification Number (EIN) to give the IRS updated responsible-party information. The IRS subsequently issued follow-up guidance… Read More »

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TN Business Tax Law Changes for 2014

While most of us were dealing with an April 15, 2013, tax deadline, the Tennessee General Assembly passed a significant revision to the business tax titled, “The Uniformity and Small Business Relief Act of 2013.” The law’s intent is to clarify the application of the tax to out-of-state entities, as well as to the sourcing… Read More »

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Fraud and Non-Profits Series | Part 4: Reducing Your Exposure to Fraud

One problem many non-profit boards face is revealed time-after-time in news stories of organizations’ funds misused and misappropriated by an organization’s leadership. The scenario generally plays out like this: The non-profit board is comprised of community volunteers The information and data provided to the board is determined by leadership At some point it is discovered… Read More »

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Fraud and Non-Profits Series | Part 3: Asking Questions to Uncover Fraud

To defend against fraud within the organization, a non-profit should think of its accounting and bookkeeping processes as if they were hospital patients. To find out if there’s a problem, or what the issue might be, a patient undergoes a battery of tests to find the answers to a series of questions. One-by-one, different conditions… Read More »

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Major Healthcare Changes for Those that Employ Less than 50

Employers with fewer than 50 employees may find that the Affordable Care Act (ACA), or Obamacare, has made illegal medical reimbursement accounts they’ve long provided for their employees. Beginning Jan. 1, 2014 new ACA-mandated requirements, restrictions and responsibilities have fallen on employers, and it takes Health Reimbursement Accounts (HRA) off the table for some percentage… Read More »

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