Cross-training employees can help protect your not-for-profit’s finances and operations. The process involves teaching staffers to do each other’s jobs so that critical functions aren’t interrupted when there are unplanned long- and short-term absences. An employee who’s temporarily filling in for someone else can also bring a new perspective to the position and may help deter occupational fraud. Staffers can benefit by gaining new skills and learning more about your organization. Just make sure they understand that cross-training doesn’t mean their jobs are in jeopardy.
The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined compared with prior years. Overall, just 0.59% of individual tax returns were audited (down from 0.62% in 2017). This was the smallest number of audits conducted since 2002. However, even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them. The easiest way to survive an IRS audit is to prepare.
If you’re thinking about relocating to another state in retirement, consider the impact of state and local taxes. It may seem like a state with no income tax is a smart choice, but you also have to factor in property and sales taxes, as well as any state estate tax. If you make a move to a new state and want to escape taxes in the state you came from, it’s important to establish legal domicile in the new location.
Taxpayers should include tax plans in their wedding plans | Internal Revenue Service http://bit.ly/2EJrCod