Q: As a sitting board member of an organization, can I be personally liable for the actions of the entity?
In a word, yes.
As a member of the board of directors, you assume certain fiduciary responsibilities.
IRS ERC Voluntary Disclosure Program requires 80 percent payback
In late December, the Internal Revenue Service launched a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing Employee Retention Credit (ERC) claims in error.
read more…Selling a Business: Personal Goodwill vs. Business Goodwill
Selling a business is a complicated transaction. The long list of business and personal issues that need to be considered is extensive and at times, confusing. Usually at the top of the list is the tax the seller will pay when the business sells. When selling a business, properly structuring the transaction will minimize taxes owed; ordinary tax rates for corporations are 21% and capital gains tax rates range from 15% to 20%.
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6 Tips for Hiring the Right Bookkeeper for Your Business
A bookkeeper can be one of the most important hires your organization ever makes. A good bookkeeper can keep you on the straight and narrow. A bad one can take you off the rails.
There are key skills and attributes you should look for when hiring a bookkeeper; here are 10 of the most important: read more…
Employee Buyouts and Succession Planning
An employee buyout might provide a sensible alternative to satisfying a small business owner’s plan for selling their business.
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What We’re Reading (Part 3)
Earlier this year, we shared some of our favorite books (see part 1 and part 2) and the response was quite favorable, so we thought we’d share a few more. read more…
The 6 Business Expenses Every Small Business Should Monitor
Running a small business can be challenging. Owners must always strike a balance between having the tools they need to run the business and controlling expenses. read more…
7 Keys to Successfully Mentoring Employees
One of the surest ways to keep your best employees is to take an active role in their growth and development. Doing so casts you into the role of a mentor, someone who can help them grow and reach their full potential, whatever that may be.
4 Reasons Your Website MUST be Mobile Friendly
Your organization’s website should be one of your most valuable assets. It’s like a 24/7/365 salesperson that is constantly generating new sales leads and customers. However, if your website isn’t designed with mobile, you’ll be lucky if anyone sees it at all.
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10 Tips to Avoid Business Owner Burnout
If you are burning the candle at both ends, sooner or later it’s going to catch up with you. That’s reality. No matter how passionate you are about your business, no matter your level of drive to succeed, if you push too hard for too long you will experience burnout. read more…
Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.
Understanding the Changes to Tax on Overtime Pay
The recently enacted One Big Beautiful Bill Act introduces a major change to the federal tax code, delivering welcome news for both employees and employers for tax years 2025 through 2028, as qualified overtime pay will not be subject to Federal income tax. This move...
Charitable Contribution Limitations Under H.R. 1
The One Big Beautiful Bill Act (OBBBA), also known as H.R. 1, was signed into law in July 2025, bringing significant changes to the rules governing charitable contribution deductions for taxpayers who itemize. If you regularly make charitable donations and claim them...
Trump Accounts: A Way To Help Save For Your Children’s Retirement
When it comes to retirement planning, most individuals do not begin to seriously consider their options until they are well into their working years. Even fewer people think about laying the groundwork for their children’s retirement. However, with the passage of the...
Depreciation: One Big Beautiful Bonus
The One Big Beautiful Bill Act (OBBBA) brings a host of impactful tax changes, and one of the most significant for businesses is the enhancement of bonus depreciation. This provision is designed to provide immediate tax relief and incentivize investment in new assets....
Get Back When You Give Back: New Universal Charitable Deduction
Beginning in 2026, a significant tax benefit will be available for taxpayers who make charitable donations, even if they do not itemize deductions on their tax returns. Historically, only those who itemized were able to deduct charitable contributions, which left many...
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