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IRAs are essential components of a well-rounded retirement plan, offering tax advantages and opportunities for long-term growth. The decision to choose a traditional IRA, Roth IRA or implement a backdoor Roth strategy depends on each person’s unique financial situation.

As trusted advisors, CPAs are essential partners in helping nonprofits strengthen their financial health. By applying lessons from the pandemic, organizations can ensure their ability to fulfill their missions and remain a vital force for good.

Tax-exempt organizations should be cautious when engaging in activities that may not be substantially related to their exempt purpose. When an organization has a significant amount of revenue from unrelated business activities, the organization may owe a significant amount in tax or may even jeopardize its tax-exempt status.

As a CPA advising nonprofit clients, you’ll encounter this fundamental challenge: balancing mission fulfillment with financial sustainability. It's important to know some strategies for your clients to manage their cash flow.

Here are the lessons I've learned in my first quarter century of working in public accounting. There is still a long way to go in this business, but I am very excited about the future of the CPA profession and all its possibilities.