Certain activities can increase a not-for-profit’s risk of losing its tax-exempt status. These include ignoring the IRS’s private benefit and private inurement provisions. A private benefit is any payment made by a nonprofit that’s beyond reasonable compensation for the services provided or goods sold or for services or products that don’t further your tax-exempt purpose. … Read More
As we head toward gift-giving season, you may be considering giving cash or securities to your loved ones. Taxpayers can transfer amounts free of gift taxes to their children or others each year through the use of the annual federal gift tax exclusion. For 2019, the exclusion is $15,000 to each person. If you’re married, … Read More
Taxpayers with children may qualify to claim the child credit. But your child must meet certain requirements, including being under the age of 17. If the child doesn’t meet the requirements, you may be able to claim the credit for OTHER dependents. The maximum credit amount is $500 per qualifying dependent. A qualifying individual could … Read More
“Company culture” is a buzzword that’s been around for a while, but your culture may never have mattered as much as it does in today’s transparency-driven business arena. Customers, potential partners and investors, and job candidates are paying more attention to company culture when deciding whether to buy from a business or otherwise involve themselves … Read More
The IRS has issued final regulations on partnership recourse liability. They address when to disregard certain obligations to restore a deficit balance in a partner’s capital account. They also grapple with how “bottom dollar payment obligations” are treated. The regs adopt the temporary regs with some changes. This includes adding a list of factors to … Read More
With the lifetime gift and estate tax exemption at $11.40 million for 2019 ($11.58 million for 2020), you may think you don’t have to worry about gift and estate taxes. However, there are no guarantees that estate tax law won’t be revised in the future or that your accumulated assets won’t eventually exceed the available … Read More
Business owners: You still have a handful of shopping days left to buy tax-deductible supplies. As you know, you can generally write off the ordinary and necessary costs of carrying on a trade or business. You may need items such as paper, envelopes, copier ink cartridges, staplers, breakroom supplies, binders, and more. Buy them by … Read More
According to the Society for Human Resource Management, 47% of companies offer a community volunteer program for employees. Chief Executives for Corporate Purpose has found that large companies are even more likely to sponsor volunteer activities: 61% offer paid-release time volunteer programs or a structured corporate volunteer program. If your not-for-profit suffers from a chronic … Read More
If you haven’t yet thought about your 2019 taxes, as well as planning ahead for 2020, don’t delay the conversation with us. There may be actions you can still take before the end of the year to make a favorable impact on your tax bill. If you’re an owner of a pass-through entity and pay … Read More
Business owners are urged to create succession plans for the good of their families and their employees. But there’s someone else who holds a key interest in the longevity of your company: Your lender. If you want to maintain a clear path to acquiring the working capital your business may need after you’ve stepped down, … Read More