Qualified Opportunity Funds and the Opportunity for Large Tax Savings

Background Congress enacted a new provision as part of the Tax Cuts and Jobs Act that provides tax incentives for investment in economically distressed communities. This provision allows for both gain deferral and gain exclusion, which have the potential to generate large tax savings for investors. To access these tax savings, investors need to understand… Read more »

Converting IRAs from traditional to Roth

Converting your traditional IRA funds into a Roth IRA could have significant tax benefits to yourself and your family members, if planned correctly. Thanks to the Tax Cuts and Jobs Act (TCJA), there is an opportunity to take advantage of historically low tax rates before the rates are scheduled to reset to the previous levels… Read more »

Associations: Avoid certain activities to preserve tax-exempt status

Nonprofit trade associations, or 501(c)(6) organizations, exist to promote their members’ common interests and improve business conditions or “one or more lines of interest.” Whether the association is a local chamber of commerce, a real estate board or a large professional group, associations’ tax-exempt status is contingent on their sponsoring certain types of activities —… Read more »

Fiduciary duties: What your board members need to know

Not-for-profit board members — whether compensated or not — have a fiduciary duty to the organization. Some states have laws governing the activities of nonprofit boards and other fiduciaries. But not all board members are aware of their responsibilities. To protect your nonprofit’s financial health and integrity, it’s important that you help them understand. Primary… Read more »

What To Do If Your Nonprofit Receives an IRS Audit Letter

The IRS’s staffing shortages have been well publicized and audits of individuals have decreased in the past several years. But it’s a mistake to assume that the agency has stopped scrutinizing not-for-profits and conducting audits when it deems necessary. If your organization receives an audit letter, you need to know what the process involves and… Read more »

FASB Delays CECL for Certain Entities

On May 16, three YHB partners participated in an ABA Accounting Administrative Committee meeting to discuss with regulators, the SEC, PCAOB and FASB the challenges community banks are facing in implementing CECL. Today, our voice was heard. Upon a majority vote of the Financial Accounting Standards Board (FASB) members, the FASB voted to delay the required implementation date… Read more »

Disruptive Technology

We are constantly being told that new technologies are going to disrupt business as we know it. We have been told that block chain technology is going to fundamentally change how we account for and conduct transactions. We have been told that artificial intelligence and machine learning are going to drastically reduce our workforce. The list of what… Read more »

Will You Need to Amend Your 2018 Tax Return?

Most taxpayers believe that when they file their taxes each year that they are done. The exceptions to this would be receiving corrected information, forgetting to include an item of income or claiming a missed deduction. For the 2018 tax year, there is one more reason. There were several provision in the IRS tax code… Read more »

The Dreaded Tax Notice – What To Do Next

The relief of filing your tax return can be short lived if a tax notice is received. Technology and additional filing requirements have increased the amount of data the IRS and your home state has to compare to your tax filing. Although your tax filing may not be wrong, it may not match up to… Read more »