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
With the First Major Change in Nonprofit Financial Reporting in Over 25 Years, Are You Ready?
In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities. This is the first major change in nonprofit financial reporting in over 25 years. Below is a brief… Read More
Making Waves: The Top 3 Non-Cash Donation Issues to Consider:
Surf’s up! The sun is shining, the kids are out of school, and family vacations are all in order…summer is finally here! The 2017 tax season is behind most of us (the extended due date is October 15th). This summer… Read More
Tired of paying exorbitant state taxes? It may be time to think about an ING!
California has the highest state income tax rate in the nation at 13.3%. Even after diligent tax planning, many individuals pay enormous tax bills every year. If you are one of these people, you may achieve huge tax savings by… Read More
What Does The Wayfair Decision Mean to Your Multi-State Business?
Have you ever noticed that no sales tax was collected on some of your online purchases? Although, internet purchases are not exempt from tax, e-commerce sellers need only to collect a state’s sales and use tax from in-state customers if… Read More
Can Converting your Vacation Rental Offer a Vacation from Taxes?
The section 121 exclusion allows taxpayers to exclude a portion of the gain on the sale of their principal residence. The exclusion is significant: up to $250,000 for single filers and up to $500,000 for those filing jointly. The caveat… Read More
How long does the IRS recommend keeping your records?
The IRS provides the following guidance for records retention. The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of… Read More
Simplified Employee Benefit Plan Financial Reporting; Have you complied?
In August 2015, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update (“ASU”) to help simplify the reporting on employee benefit plan financial statements. The update became effective for plan years after December 15, 2015. Employee benefit… Read More
Best Practices when Distributing from a Private Foundation
When private foundations disburse out funds to other organizations, it is important to make sure that donations are going to IRS-qualified organizations to minimize the net investment income tax assessed. Even when the funds are going to support a cause… Read More
