Inherited IRAs can come with a large tax burden – so large that the value of the IRA may be almost entirely diminished between estate taxes and income taxes. However, there is a little-known deduction that can significantly lower a… Read More
Preparing Your Organization for a Financial Statement Audit
While an approaching audit can be intimidating, proper planning can make for a smooth and successful audit experience. Whether your organization already participates in annual audits or is approaching the audit requirement threshold for the first time, there are best… Read More
What companies with retirement plans must do to comply with the SECURE Act
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) became law. The SECURE Act is landmark legislation that affects the rules for creating and maintaining workplace retirement plans for all employers. Whether you currently… Read More
IRS Updates for Tax Exempt Organizations
Recent legislation resulted in a repeal of the “parking tax” and simplified the excise tax on private foundation net investment income. The Internal Revenue Service published the following update to inform tax-exempt organizations about recent tax law changes. The Taxpayer… Read More
A Hole in One for Professional Sports Organizations
Since 1942, professional sports organizations have been able to elect tax-exempt status as 501(c)(6) nonprofit organizations. Given the profitability of groups like the PGA Tour which reported 1.2 billion dollars in revenue in 2016, the tax savings afforded by Section… Read More
Why Does Title Matter?
Our assets are very important to us, but have you thought about how your assets are titled? When someone dies, the way assets are titled may affect many things, such as who has access to or will inherit those assets,… Read More
Lower Your Tax Bill with One of the Most Overlooked Deductions
While not impossible, taxpayers may find it difficult to receive a tax benefit from unreimbursed medical expenses. Due to the higher threshold and recent changes to tax law, clients often overlook the deductibility of medical expenses. Continue reading this article… Read More
More Opportunity in Opportunity Zones
The tax incentives of investing in an Opportunity Zone were introduced by the Tax Cuts and Jobs Act at the end of 2017. Since then, the lack of guidance in this legislation has left a lot to the imagination regarding… Read More
Employee vs. Contractor – California Requirements
Welcome to a new year and new decade! With the turning of the year comes the resetting of tax filing deadlines. First up are 2019 W-2s for employees and 1099s for independent contractor services, both due January 31, 2020. California… Read More
Business Advisory Services: Budgeting and Forecasting
Budgeting and forecasting are tools that assist us in meeting our financial goals. Companies can use budgeting to establish a plan regarding what the company expects to achieve for a specific period. Financial forecasting assists a company in establishing future… Read More
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