Does your nonprofit’s board understand the financial information they receive? Are members able to spot irregularities and warning signs? It could determine your organization’s future.
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There are many ways to conduct a business for tax purposes, including as an S corporation or a partnership. But many new ventures start out as sole proprietorships. Here are nine tax rules and considerations involved in operating as that entity.
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Repeal of “Parking Tax” on exempt employers
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Employers in the food and beverage industry may be eligible for a valuable tax break with the FICA tip credit. Here’s how it works.
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A solid gifting strategy often is the backbone of an estate plan. Knowing when a gift tax return must be filed can keep you on the right side of the IRS.
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The rules for deducting charitable gifts can be confusing. Here’s a quick cheat sheet. Review it so you can help your nonprofit’s donors make the best decisions.
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Saving for retirement is essential for financial security and the government provides tax incentives. If you’re eligible, you still have time to contribute to an IRA, Roth IRA or SEP and benefit on your 2019 tax return.
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With many of the provisions of the SECURE Act now in effect, do you know how they might affect your business?
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Basis consistency rules may not be the first thing on your mind if you’re expecting to inherit property from a family member or other loved one. But it may be time to brush up on these regulations.
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How much can your employees contribute to 401(k) plans this year? How much do employees have to earn in 2020 before they can stop paying Social Security tax? Here are the answers to these and other questions about annual tax-related inflation adjustments affecting businesses.
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Do your nonprofit’s clients know you’re listening? We have tips for organizations with budgetary or time constraints that prevent them from regularly soliciting feedback.
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We can answer any questions you may have about the deductibility of charitable gifts or changes to the standard deduction and itemized deductions.
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A slightly lower IRS mileage rate means smaller tax deductions for business miles in 2020. The optional standard mileage rate used to calculate the deductible costs of operating an auto for business has decreased by one-half cent to 57.5 cents per mile. It was 58 cents for 2019 and 54.5 cents for 2018. This mileage rate comes into play if you don’t want to keep track of actual vehicle-related expenses. But you still must record certain information, such as the mileage, date and destination for each trip. The mileage rate can also be used for reimbursing employees. Many rules and limits apply. Contact us for details.
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The Tax Cuts and Jobs Act (TCJA) made only one change to the federal gift and estate tax regime, but it was a big one. It more than doubled the combined gift and estate tax exemption, as well as the generation-skipping transfer (GST) tax exemption.
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At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability.
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If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. Of course, you want to claim the maximum immediate income tax benefits possible for the expenses you incur.
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Jones and Kolb received this prestigious honor last year as well. Accounting Today’s annual survey and awards program is designed to identify, recognize, and honor the best employers in the accounting profession. The list is made up of 100 firms, unranked and in alphabetical order.
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