Donations Good for Business and Goodwill
CPAs and accounting professionals try to teach their clients and employers each year the value of charitable donations and the tax breaks associated with regular giving programs. But what about applying some of this philosophy to their own businesses-as well as some of the intangible benefits, like reputation management?
Each year, millions of businesses donate to charities and find themselves in a better position, not only from a tax standpoint, but in self-promotions as well. Charitable giving is a way to stand apart from the competition, especially if your business is the one mentioned in the transaction rather than your own name.
In addition, the accounting community should consider the donation of goods and services, such as an audit for a local nonprofit at some sort of discounted fee.