It is unfortunate that small-scale business owners often only get in touch with their accountants during the tax season, which is once a year in most cases. Business owners who hire full-time professionals are not better off since they often only talk to their accountants during office meetings. Any professional accountant will do their job diligently and ensure that your books are in order regardless of whether you talk to them regularly or not.
30 July 2021
Many not-for-profit organisations (NFPs) depend on gifts from the general public and businesses to achieve their charitable purposes. The gifts received by NFPs are either tangible property or personal services, which can be referred to as nonfinancial gifts or in-kind contributions. This article helps NFPs account for in-kind contributions when filing tax returns. In-Kind Contributions Explained Although cash rules in as far as charities are concerned, it's also common for not-for-profit entities to receive other contributions in the form of gifts.
6 April 2021