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The Tax Implications of Closing a Schedule C Business

The Tax Implications of Closing a Schedule C Business

Closing a business has important federal income tax implications that owners should understand. The following provides tax information owners of sole proprietorships and single-member (one-owner) limited liability companies (SMLLCs) need to know. Reporting Gains,...

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New Requirements for Contributed Nonfinancial Assets

New Requirements for Contributed Nonfinancial Assets

Last September, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07 regarding the disclosure and presentation of contributed nonfinancial assets. The update seeks to increase transparency about how these types of assets are...

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Not Too Late for COVID Assistance

Not Too Late for COVID Assistance

Thankfully, the spread of the coronavirus has decreased drastically, but its impact on nonprofit organizations will continue for a long time. If your organization has not already taken advantage of all available programs to help nonprofits, some assistance options...

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