There is a famous quote that says, “If you do what you love, you’ll never work a day in your life.” This quote may hold true, but unfortunately the IRS may have some questions related to how much you enjoy… Read More
Audit Requirements – Does your organization meet these requirements?
Nonprofits and charitable organizations must conduct independent regular audits and single audits if specific requirements are met. California guidelines call for an independent audit of the financial statements if revenue meets or exceeds $2 million. Federal guidelines were modified in… Read More
ASU 2016-14 Part II: Net Assets Classification Update
The most significant change resulting from ASU 2016-14 impacts the face of nonprofit financial statements by requiring organizations to present two net asset classes rather than three net asset classes. Continuing with our four-part series on ASU 2016-14, Presentation of… Read More
Safeguarding Your Separate Assets
The most common type of trust created by a married couple is a revocable living trust, and for those living in California, often the assets inside the trust are community property. However, depending on your marital and family situation, having… Read More
Opportunity Zones and the Tax Deferral They Offer
Qualified Opportunity Zones were created by the Tax Cuts and Jobs Act of 2017 to spur investment in distressed, low-income communities throughout the United States. In order to accomplish this, the Act provides investors the ability to defer tax on… Read More
So You Want to Work with a Foreign Charity – Here’s What to Know
There are so many great causes private foundations want to support, and with such a globalized society, those causes are often based in international territories. Though a bit trickier than giving grants to a domestic organization, there are luckily still… Read More
Does California Conform to the New Law?
Although we have the new federal Tax Cuts and Jobs Act of 2017 that brings plenty of changes in tax planning and reporting, we need to be aware that state income tax laws may be much different as each state… Read More
How Can Property Title Effect Your Estate Tax?
How your property is titled can affect how it is taxed and whether or not it receives a step-up in basis upon your death. Therefore, consider adding your spouse, child, friend, or business partner to the title of your property… Read More
How Does Deferring All of the Gain and Paying No Tax on the Sale of Your Real Estate Sound?
Are you planning to sell any business or investment property that you anticipate will generate a large gain? If so, it is essential to consider the tax consequences that may come as a result of that sale. Generally, you are… Read More
ASU 2016-14 Part I: Statement of Cash Flows Updates
In August of 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-14, the first major change in nonprofit reporting in more than 25 years. Last month, we provided a brief overview of the ASU. This month,… Read More
