Understanding the contents of a will

You probably don’t have to be told about the need for a will. But do you know what provisions should be included and what’s best to leave out? The answers to those questions depend on your situation and may depend on state law. Basic provisions Typically, a will begins with an introductory clause, identifying yourself… Read more »

What’s the difference between the two types of power of attorney?

When drafting your estate plan, you and your attorney must account for what happens to your children and your assets after you die. But your plan must also spell out your wishes for making financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of this plan is the power… Read more »

A Year To Remember

Quote: We choose to go to the moon in this decade and do the other things, not because they are easy, but because they are hard. – John F Kennedy ‘A year to remember’ is usually that phrase means that it was a big year. However, this year seems to be the year to remember… Read more »

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 »

YHB NAMED IN THE 2019 TOP 200 LARGEST ACCOUNTING FIRMS

YHB has been named in INSIDE Public Accounting’s 29th annual ranking of the largest accounting firms in the nation, the IPA Top 200. IPA 100, 200, 300 and 400 firms are ranked by U.S. net revenues and are compiled by analyzing the more than 550 responses received this year for IPA’s Survey and Analysis of Firms…. 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 »