INSIGHTS
We See Things Differently
When we’re not addressing clients’ needs for business and financial advisory, assurance or tax matters, we’re researching, learning and thinking about related subjects. Check out some of our thinking on a broad variety of topics that may impact your organization. And if you’d like to learn more about any of these topics, we’re always happy to talk.
Rental real estate: Determining if a property is a business or an investment
If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill. The distinction is especially important because of the 20% Sec. 199A deduction for certain sole proprietors and pass-through entity owners. This article provides a brief overview of the deduction and rental real estate guidance related to it. A sidebar spotlights the IRS definition of “real estate professional” as it relates to this tax matter.
Oops, you overfunded your 529 plan
If money is held too long in a Section 529 college savings plan, there could be tax consequences. This article describes alternatives for savers who have overfunded their accounts.
Are you liable for “nanny taxes”?
When employing household workers — which may also include housekeepers, cooks, gardeners, health care workers and other employees — it’s important to understand the tax obligations, commonly referred to as “nanny taxes.” This article provides a quick review.
A Cost Segregation Study Is One Way To Boost Cash Flow
For businesses planning to buy, build or substantially improve real property, a cost segregation study can help accelerate depreciation deductions, reducing taxes and boosting cash flow. Lookback studies can also be done for prior years. This article explains how cost segregation studies work and how tax deductions are recovered.
When can you deduct business-related meals . . . and how much can you deduct?
The TCJA permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. But it didn’t specifically address the meals, beverages and snacks that often accompany entertainment activities. Then the CAA temporarily increased the deduction for certain business-related meal expenses. Many business owners today aren’t sure what they can deduct or how much they can deduct. This article tells them what they need to know.
The IRS Announces 2022 Retirement Contribution Limits
The IRS recently announced the 2022 retirement plan contribution limit adjustments. These adjustments are made annually to reflect changes in the cost of living. Here’s an outline of the changes and noteworthy increases you can expect in the upcoming year.
The Worst of the Worst Tax Scams Circulating this Tax Season
The COVID-19 pandemic and the many corresponding changes to taxes created new opportunities for scammers to take advantage of people. Here’s a breakdown of the worst tax scams circulating right now and how to spot them this upcoming tax season.
How the Build Back Better Plan Could Affect Businesses if Signed into Law
On September 13, 2021, the Biden Administration announced the Build Back Better plan. It’s still in its early stages, but here are some of the changes that could affect businesses if implemented.
How the Build Back Better Plan Could Affect You if Signed into Law
On September 13, 2021, the Biden Administration announced a proposal called the Build Back Better plan. It’s still in its early stages, but here are some of the changes you could see if it is put into action.
The Small Business Survival Guide for 2022
The pandemic has taken its toll on the world around us. With new challenges in the economic climate, businesses are looking towards the uncharted waters of the future. We’ve put together this small business survival guide to help growing businesses take apart the key issues affecting the marketplace in 2022.
How Biden’s Vaccine Mandate Could Affect U.S. Businesses
On September 10, 2021 the Biden Administration announced a vaccination mandate for the U.S workforce to fight against the COVID-19 pandemic. Many American workers will be required to show proof of vaccination or submit to weekly COVID-19 testing.
Tips for Handling Toxic Board Members
Imagine that your mission is a destination. Your organization and its operations are the vehicle moving towards that destination. Your board members are the drivers behind the steering wheel of that vehicle. What happens when one driver hijacks the car? The car stalls or otherwise gets lost from its destination. Here’s how to recognize and handle a toxic board member, ease tensions, and preserve the organization’s future.
Understanding Your Responsibilities on the Finance Committee
While numbers might not always be the most exciting, your role on a nonprofit’s finance committee is a crucial one. To better serve a nonprofit organization, finance committee members must first understand their responsibilities. We’ve broken down the areas finance committees are typically responsible for.
What To Expect During A Financial Audit
An audit has been scheduled, and you’re thinking, now what? What should we expect? What will the auditors need from me, and when? We’ve outlined the process with what to expect checklists.
A Breakdown of The American Families Plan Tax Compliance Agenda for Small Business Owners
We’ve broken down The American Families Plan Tax Compliance Agenda from U.S. Treasury Department; here’s what businesses need to know.
Is An Audit Required For My Non-Profit Organization?
You've started a non-profit, or perhaps your non-profit is growing. First, congratulations on your success. Second, that growth comes with some new responsibilities. Maybe it's a growing group of volunteers to manage or new missions to take on. Potentially one of those responsibilities may be an audit.
A Breakdown of The American Families Plan Tax Compliance Agenda
Biden’s campaign tax plan might be coming to fruition. Here’s what you need to know about the U.S. Treasury Department’s new tax compliance report released on May 20, 2021.
What the U.S. Treasury’s Cryptocurrency Reporting Requirement Announcement Means
After the U.S. Treasury Department’s cryptocurrency regulation announcement on May 20, 2021, there’s been a lot of buzz about cryptocurrency. Here’s what you need to know about cryptocurrencies, where they came from, what the new regulations are, and what these new regulations mean for the future.
