Average losses resulting from different types of fraud range from two-hundred thousand dollars to one million dollars per case. Protect your organization from potential losses by learning about the most common fraud schemes that affect nonprofit organizations. Financial fraud can… Read More
The Life Cycle of a Tax-Exempt Organization
An organization that seeks to obtain tax-exempt status must be properly formed, and must follow a prescribed process in order to apply for and maintain this status. Furthermore, when it terminates, the organization must also follow the appropriate steps for… Read More
Estate Planning in a Digital World
Most of us dread the chore of creating new online accounts, but we all have dozens. We bank and shop online, pay our mortgages, water, and credit cards online, use Facebook, Instagram, and Twitter. The list goes on and on… Read More
At a Loss for Words? (Or offsets for taxable income)
The Tax Cuts and Jobs Act made changes to how net operating losses and business losses are treated. If your business activity will generate a loss in any tax year, or you think you might have a net operating loss… Read More
How the New Tax Law Might Affect Your Alimony Deductions
Alimony can be substantial and, historically, the payor has relied on tax deductions to mitigate some of the financial burden. While the payor received a tax deduction, the recipient was then taxed on the amount of alimony received. However, with… Read More
Preparing for an Audit: How to Create Efficiency
Organize, don’t agonize! Preparing for an audit may seem like a daunting and time-consuming task, but following some key steps will result in an overall more efficient audit process! The American Institute of Certified Public Accountants (the “AICPA”) provides a… Read More
Finding Some Tax Savings in Your Medical Bills
As the Tax Cuts and Jobs Act of 2017 just about doubles the standard deduction amounts to $12,000 for individuals, $18,000 for heads of household, and $24,000 for joint filers and surviving spouses, the number of taxpayers who will itemize… Read More
Dodging CA Property Tax Reassessment
When administering the assets of a deceased family member’s estate, the county-level property tax reassessment rules for transfers of California real estate are often ignored. In general, when the transfer of property occurs, the taxable value on which the property… Read More
How to Make Tax Time a Little Less Painful: A Checklist
Now that 2018 has come to an end, tax time is just around the corner! As the 2019 busy season creeps up on us, it becomes increasingly important to begin gathering any documents and information necessary to prepare tax returns…. Read More
Hungry for Deductions? Meals & Entertainment Reform
In the past, business-related meals and entertainment expenses incurred in the normal course of business were deductible up to 50% of the expense. But with recent tax law changes put into place by the Tax Cuts and Jobs Act, entertainment… Read More
