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
Even Private Foundations Have Year-End Planning to Do
Do you know if your private foundation made its required charitable distributions this year? Does it need to make any estimated tax payments? How are those calculated? Private foundations have minimum distribution requirements. They also pay a tax on net… Read More
2019 Year-End Planning For Businesses
It’s that time of year again! Time to execute on planning opportunities these final weeks of the year to minimize your business’s tax liabilities. We are closing in on the end of 2019, year two, under The Tax Cuts and… Read More
2019 Year End Planning for Trusts & Estates
As we are wrapping up the 2019 year, we want to think about things we can do to minimize tax liability on trusts and estates. This article outlines the changes in trust and estate taxation for 2020 as well as… Read More
Year-End Tax Planning
The end of the year is approaching fast and that means it is time to take advantage of year-end tax planning. With the tax law changes from the Tax Cuts and Jobs Act (TCJA) being in effect for a full… Read More
Revenue Recognition Changes: Standardizing Can be a Good Thing
The new revenue recognition standard for contracts with customers, ASC 606, is now in effect for all nonprofits. Although the updated guidelines apply to all entities and not just nonprofits, this article will largely focus on the effect on different… Read More
Check Out These Improvements! New Rules For Deducting The Costs of Business Property.
The 2017 Tax Cuts and Jobs Act enhanced federal tax deductions for the purchase or improvement of certain assets used in a business. This article discusses changes to bonus depreciation and Section 179 asset expensing, as well as a refresher… Read More
Spousal IRA
An individual retirement account (IRA) provides an excellent opportunity to invest for the future. There are limitations surrounding the amount you can contribute to an IRA, including special rules that apply to married taxpayers! The amounts earned in a traditional… Read More
Advisory Services: Improving Internal Control Processes
Internal controls play an essential role in the operations of an entity and in preventing and detecting fraud. These controls should be properly documented and regularly evaluated to ensure that they are operating effectively. As part of our advisory services… Read More
Materially Participate to Avoid being a PAL to the IRS
Large losses may not be considered deductible in the current year, depending on if the losses stem from passive activities. A passive activity is any activity where the taxpayer does not materially participate, such as a rental activity or owning… Read More
