Charitable Gifting after the Tax Cuts and Job Act

Do you consider yourself charitably inclined? Do you frequently support charitable causes or organizations? According to the Giving USA 2018 Annual Report on Philanthropy, Americans gave a combined $410.02 billion to charities during 2017. While charitable giving is often seen as an ideal way for individuals to give back to the communities they live and… Read more »

2019 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January… Read more »

Check deductibility before making year-end charitable gifts

As the holidays approach and the year draws to a close, many taxpayers make charitable gifts — both in the spirit of the season and as a year-end tax planning strategy. But with the tax law changes that go into effect in 2018 and the many rules that apply to the charitable deduction, it’s a… Read more »

Exchange Transaction or Contribution? Conditional or Restricted?

In June 2018, the FASB issued Accounting Standards Update No. 2018-08, Not-for-Profit Entities (Topic 958), which clarifies the scope and the accounting guidance for contributions received and contributions made. Specifically, the update assists entities in determining whether a transaction should be accounted for as a contribution or an exchange transaction and, after that determination is… Read more »

The Season of Giving: Annual Giving is Still a Helpful Estate Planning Tool

Despite the increased Estate Tax Exemption to almost $11.2 Million per person, the practice of annual gifting is still a valuable estate planning strategy. Many of you are familiar with this strategy, and use the holiday season to share your annual gifts with friends and family. And, income tax savings takes center stage in some… Read more »

How manufacturers can prevent cyberattacks

Malicious hackers target all types of businesses. But manufacturers that rely on automation, robotics and connected networks are especially vulnerable to cyberattacks. Here’s what you can do to protect your manufacturing business. Know your risks It’s only natural that manufacturers fear data breaches — and unfortunately hackers often can use that fear to cripple organizations… Read more »

When it comes to revenue, nonprofits need to think like auditors

Auditors examining a not-for-profit’s financial statements spend considerable time on the revenue figures. They look at the accounting methods used to record revenues and perform a detailed income analysis. You can use the same techniques to increase your understanding of your organization’s revenue profile. In particular, consider: Individual contributions. Compare the donation dollars raised to… Read more »

Holding A Fundraising Auction? Make Sure Your Nonprofit is Tax-Compliant

Auctions have long been lucrative fundraising events for not-for-profits. But these events come with some tax compliance responsibilities. Acknowledging item donations If you auction off merchandise or services donated to your charity, you should provide written acknowledgments to the donors of the auctioned items valued at $250 or more. You won’t incur a penalty for… Read more »