When a married couple parts ways and one or both spouses own an interest in a business, it’s critical that they retain valuation experts – or perhaps a joint expert – to value not only the business interests, but also other marital assets. Without such information, the monied spouse may end up losing too much Read More…
It has been more than 5 years since the IRS released the redesigned Form 990 for the 2008 filing season. Has your organization been using the new form to its full potential? The Form 990 is used by the IRS as the primary tax compliance tool for tax-exempt organizations. Additionally, most states rely on the Read More…
Ask most business owners what software they use to run their business, and the answer will be QuickBooks. QuickBooks also has an edition of their highly popular software which is tailored specifically for Not-for-Profit Organizations. That edition is the QuickBooks Premier Not-for-Profit Edition. The software is available in both the desktop version and the online Read More…
Every day we hear questions and concerns from people in the nonprofit community about financial reporting. Some common questions are: Do all nonprofits need to have an independent audit performed on their financial statements? Are there any more affordable methods of evaluating a nonprofits’ financial position, rather than an independent audit? Is there any reason Read More…
The Internal Revenue Service has recently issued final tax regulations regarding the deducting and capitalizing of business expenses. These regulations are effective for tax years beginning on or after January 1, 2014. As of that same date, 50% bonus depreciation will be eliminated and Section 179 depreciation will be drastically reduced, so tax planning for Read More…
If your business is involved in developing or improving your products, you may be eligible for a federal research and development (“R&D”) tax credit. The requirements for expenditures that qualify for R&D tax credits have changed over the years. No longer must your product be new to the market place, the experimental process related to Read More…
At the end of each calendar year, taxpayers should think about year-end tax planning, so they can minimize their tax liability for the current year and the next year. This is typically done by accelerating deductions and deferring income. For 2013, there are some brand new Federal individual income tax rates that have been enacted Read More…
The IRS has created an IC-DISC as a Federal tax incentive for exporters, whether or not they are manufacturers or service providers. If you sell some of your products or services that are shipped outside of the U.S. borders, you may want to seriously consider setting up an IC-DISC. The IRS has created an IC-DISC Read More…
INDIVIDUALS This past July, the Obama Administration announced a delay in the compliance with the employer mandate provisions of the Patient Protection and Affordable Care Act (ACT) from January 1, 2014 to January 1, 2015. This covers employers who have over 50 full-time equivalent employees. However, the compliance date for the individual Minimum Essential Coverage Read More…
The primary defense against fraud is a robust series of internal controls. Internal controls can be defined as a series of activities whereby employees in the normal course of their duties identify errors or irregularities that may occur. As a practical matter internal control procedures add a level of bureaucracy to the activities of an Read More…
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