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What Type of Expenses can you Write Off?

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can write off office supplies and certain other expenses.

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Understanding the Job Schedule: Accounting for Contract Costs

Errors in allocating contract costs on the job schedule can produce some unpleasant surprises. Sometimes when financial statements are audited according to U.S. generally accepted accounting principles (GAAP), a project that seemed to be profitable can suddenly turn into a loss. In many instances, this is due to the discovery of job-related costs that were not properly allocated to the project.

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Board Succession Planning Pays Off

Most nonprofit organizations know they need a succession plan for their executive director, and many have one in place. But managing transition within the board itself is a different challenge, and fewer organizations maintain board succession plans.

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