Newsletter/Blog — Jones & Kolb

New per diem business travel rates kicked in on October 1

The IRS recently announced the special “per diem” rates that became effective Oct. 1, 2023. Here are the basics of these rates.

Debbie HarryNovember 2, 2023

Contributing to your employer’s 401(k) plan: How it works

Does your employer offer a 401(k) plan, but you haven’t started participating? Here are the basic features of these plans to illustrate why you should strongly consider it.

Individual TaxationDebbie HarryNovember 2, 2023

Why your nonprofit’s board needs to be diverse

What’s considered “healthy” diversity in a nonprofit board will vary by organization. But, at a minimum, your board should reflect your community and the people you serve. Learn how to increase board diversity.

Not-for-profit TaxDebbie HarryNovember 2, 2023

What types of expenses can’t be written off by your business?

You want to be able to deduct business expenses on your tax return. But in order to be deductible, expenses must be ordinary, necessary and reasonable. Here are the rules.

Small Business TaxDebbie HarryOctober 6, 2023

Do you have to return a donation when a donor requests it?

Sometimes donors ask for their money back. Must your nonprofit comply? It depends on several factors. But the best defense against these requests is an effective offense: Create a gift refund policy.

Not-for-profit TaxDebbie HarryOctober 6, 2023

Are you considering moving to a new state to minimize estate tax?

Moving to another state could reduce or eliminate state-level estate tax, but certain steps must be taken.

Estate planningDebbie HarryOctober 6, 2023

What are the tax implications of winning money or valuable prizes?

There are tax implications if you hit a sizable jackpot in the lottery or while gambling. Here are the basic rules.

Individual TaxationDebbie HarrySeptember 28, 2023

Trust and internal controls can coexist in your nonprofit

Trust tends to be the biggest potential fraud weakness for nonprofits. But by beefing up certain internal controls, you can continue to operate like a happy family and still reduce employee-perpetrated fraud.

Not-for-profit TaxDebbie HarrySeptember 28, 2023

Reasons why naming a family member your executor might not be a good idea

Your choice of a family member to be your estate’s executor may not be the best option.

Estate planningDebbie HarrySeptember 28, 2023

An art collection is a special asset to account for in an estate plan

You have a few choices to accommodate your art collection in your estate plan. Learn about three options here.

Estate planningDebbie HarrySeptember 25, 2023

2023 Q4 tax calendar: Key deadlines for businesses and other employers

The leaves are beginning to turn in some areas so it’s time for businesses to start thinking about year-end tax strategies. It’s also a good time to think about the fourth quarter 2023 tax filing deadlines.

Small Business TaxDebbie HarrySeptember 25, 2023

Evaluate whether a Health Savings Account is beneficial to you

Many employers offer Health Savings Accounts to their workers. You may also be able to open one of these tax-saving accounts through some banks and other financial institutions. Here are the basic rules.

Individual TaxationDebbie HarrySeptember 21, 2023

IRS suspends processing of ERTC claims

With fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through year end.

Emerging RegulationsDebbie HarrySeptember 21, 2023

Build a better nonprofit board with term limits

Although there are potentially a few disadvantages to board term limits, they generally benefit nonprofits. Read on for more about how term limits can promote diversity and cooperation.

Not-for-profit TaxDebbie HarrySeptember 21, 2023

Investment swings: What’s the tax impact?

For some investors, 2023 has been a wild ride in the stock market. How will that affect your 2023 tax bill? Here’s how to determine the tax impact.

Individual TaxationDebbie HarrySeptember 12, 2023

IRS issues guidance on new retirement catch-up contribution rules

The SECURE 2.0 Act’s new retirement catch-up contribution rules caused problems and confusion for employers and employees alike. The IRS has now provided guidance.

Emerging RegulationsDebbie HarrySeptember 12, 2023

Spouse-run businesses face special tax issues

Many spouses operate small businesses together. Here’s a look at some of the tax issues they may face.

Small Business TaxDebbie HarrySeptember 12, 2023

Plan now for year-end gifts with the gift tax annual exclusion

The estate and gift tax exemption amount is scheduled to be cut drastically in 2026 when the related Tax Cuts and Jobs Act provisions expire (unless Congress acts to extend them). Making tax-free gifts before then can cut the size of your taxable estate and may be one way to address this potential threat.

Individual TaxationDebbie HarrySeptember 7, 2023

Cut taxes by reimbursing expenses with an accountable plan

Could your nonprofit benefit from having an accountable plan? It provides a tax-advantaged way to reimburse staffers for certain work-related expenses. Read on for more about the advantages and possible drawbacks.

Not-for-profit TaxDebbie HarrySeptember 7, 2023

QTIP trust: Strange name, powerful trust

Do you want to provide for your spouse after your death but ensure that your children ultimately receive the inheritance you desire? A qualified terminable interest property trust may be the answer.

Estate planningDebbie HarrySeptember 7, 2023

How may we help you?

Whether you’re an individual or a business, Jones and Kolb can help you deal with the challenges you face now and put you in the best position for a great future.