News + Insights

Every nonprofit has a mission in mind, which requires various funding sources such as contributions, grants and program revenues. Grants come in many forms and capacities, and some may be more or less advantageous than others. Let’s discuss what to consider when applying for or accepting a new grant.

Succession planning is an important continual task for every business owner. And it’s never too early to start thinking about three of the most critical factors.

The joys of commercial or residential property ownership cannot be overstated. From a financial standpoint, property is a unanimously celebrated asset. But owning property also has an unfortunate side effect—costly and frustrating property taxes.

When faced with the phrase “financial reports,” most business owners think of year-end statements presented to owners and shareholders, summarizing how the business performed over the last year. But a proactive business owner needs to get a pulse on operating results more than once per year, in order to make effective decisions during the year. You need interim financial statements.

Not only should expenses be carefully recorded according to the type of expense, but not-for-profits must also categorize expenses according to the activity, or class, that the expense supports. Outside of standard financial statement preparation, these activities, or classes, are also separated on the annual Form 990. One of the most challenging aspects of accounting for not-for-profits is determining whether the overhead expenses incurred are allocable to the various functional areas of your organization.

Alabama’s new childcare tax credit, part of the "Working for Alabama" package, aims to make quality childcare more affordable and help more individuals enter the workforce. Starting in 2025, employers can receive a tax credit for covering childcare expenses for employees earning under $80,000 annually, with small businesses receiving 100% of eligible expenses and larger businesses getting 75%, up to a cap of $600,000. Childcare providers are also eligible for tax credits or grants.

The National Public Data breach exposed millions of sensitive records, putting individuals at risk of identity theft and financial fraud. To protect yourself, monitor financial accounts, set up fraud alerts, freeze your credit, and secure online accounts. If identity theft is suspected, report it immediately, file a report with the FTC, and consider informing the IRS. Taking these steps can help minimize the impact of the breach.

In a ceremony with Gov. Kay Ivey standout pickleball player from Montgomery, Jasmine Williams, has been named one of the Alabama State Games Athletes of the Year. This prestigious recognition highlights her exceptional sportsmanship, dedication, and achievements as a pickleball player.

Accountants typically bill their clients based on time that is spent preparing the return. The more time that is spent on collecting, sorting and analyzing tax documents, the more costly the process becomes. What can the client do to make tax preparation easier and ultimately less costly?

After months of back-and-forth, the U.S. Senate has failed to pass HR 7024, the "Tax Relief for American Families and Workers Act of 2024." Unfortunately, this outcome means several proposed changes to the tax code won't happen, and this may impact your personal or business taxes.

Two familiar faces appear on Forbes very first America's Top 200 CPAs list: Aldridge Borden | OneSource's Corey Savoie and Caterina Mozingo. We’re proud of Corey Savoie and Caterina Mozingo for being recognized and representing our firm well. The CPAs were chosen based on achievements, professional honors, expertise, innovation, influence on the profession, performance, thought leadership, and service to their community. See the full list here.

The Alabama Accountability Act allows Alabama taxpayers and businesses to contribute to Scholarship Granting Organizations to claim a dollar-for-dollar tax credit for 100% of their Alabama tax liability. The limit to the credit for individuals is $100,000. Businesses can also reserve a tax credit for 100% of their total tax liability with no dollar limit.

It’s a small business owner’s worst nightmare: internal financial fraud. If you’re running a small business, you want to be able to trust your employees implicitly. After all, they are partners in your success. But every now and then, as heartbreaking as it may be, a bad apple may come along and misappropriate funds and…

On June 8, 2023, Governor Kay Ivey passed legislation exempting overtime wages earned by full-time hourly employees from Alabama gross income and consequently from Alabama state income tax.

A gift—no matter how large or small—can have a profound impact on the people we love. If anything, the holiday season inspires us to make those kinds of profound impacts.  You may have a newly minted driver in the family who needs a car.

Beginning January of 2024, employers will have to report some new information on their Alabama form A-6 or form A-1 due to the recent changes in legislation regarding the exemption of Alabama overtime pay.

Business owners and their leadership teams are rightly urged to engage in regular strategic planning to move their companies, thoughtfully and consciously, in a positive direction.

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake.

Financial health and physical health share a lot in common. Both can seem fine one day only to decline rapidly the next. And in both measurements of health, we may only be one emergency away from desperation without even knowing it.

The idea has been building for years, and now you’re finally making it happen. Your startup business is nearly off the ground! Whether you’re months or days from opening, or if you’ve just opened for the first time, how you manage your accounting at the outset can set the overall tone for success.

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. IRA distribution basics A popular way to transfer IRA assets to charity is through a tax provision.

Your contribution revenue is increasing each year, and your organization is growing. You’re taking on bigger projects and eyeing bigger grants from bigger donors. While examining the requirements to see if you could take on certain grants, you notice something new: an annual audit. Now what?

We would like to honor and congratulate our very own CFO, Ashley Lough, on her new position as Chair of the Audit Committee of the Board for River Region United Way! As Chair, Ashley works with the COO/CFO and the selected audit agency to ensure that an independent audit is conducted for River Region United.

As a business owner, you want to understand how your business’s financial performance positions your company in your market. Strong business accounting and knowledge of what impacts your business’s finances can become a sword and shield in your battle for a more significant market share.