Articles
Tax Treatment of Travel & Entertainment Expenses- 2012 Update
The following summarizes the current tax rules relating to a business’s ability to deduct expenses incurred by its employees for travel and entertainment. BUSINESS MEALS AND ENTERTAINMENT The IRS generally will closely... More
Information Return Reporting Requirements (1099s)
Whenever a service is rendered by anyone other than an employee or a corporation, the payer must report any payment made for that service to the IRS. Brokers and financial institutions are also required to report transactions... More
IRS Reopening Voluntary Disclosure Program for Offshore Accounts
For many years, taxpayers with offshore bank or investment accounts have been required to report the existence of these accounts to the U.S. Treasury Department if the value of an account was over $10,000. The filing of... More
Tax Treatment of Employer-Provided Automobiles- 2011 Update
IRS Regulations require employers, as well as employees, to document business and personal usage of automobiles. Worksheets are included. Share this:EmailPrintFacebook Read More →
2012 Payroll Tax Update
A summary of payroll tax changes for 2012. Share this:EmailPrintFacebook Read More →
From Not-For-Profit Notebook: Fringe Benefits in the Hot Seat
If taxable fringe benefits and perks are not counted as compensation for income-tax purposes and reported on a not-for-profit executive’s W-2, the result is an automatic excess benefit transaction. And that can create a... More
From Not-For-Profit Notebook: Is Your Budget a Priority?
Operating a not-for-profit is challenging on many different levels. One of the most difficult challenges is financial: accomplishing your mission as effectively as possible within the confines of available resources. In other... More
From Not-For-Profit Notebook: Small Donors, Big Impact
Fundraising is a never-ending, sometimes disheartening task. Nonetheless, few if any charitable organizations can survive without donations. Big gifts are a big deal. Spending time and effort courting and recognizing major... More
From Not-For-Profit Notebook: Tracking Volunteer Time
Volunteers help your organization fulfill its mission. Tracking volunteer hours allows you to demonstrate the level of support you receive from the community. An Important Measure Funders and donors want to know that an organization... More
From Not-For-Profit Notebook: Is Your Organization Prepared for a Disaster?
The recent earthquake, Hurricane Irene, and the endless rain and ensuing flooding have caused billions of dollars of damages to businesses across our region and the Eastern Seaboard. These events highlight the importance... More
From Not-For-Profit Notebook: Executive Compensation Resource
Transparency and accountability have been — and still are — big issues in the not-for-profit world. Form 990 was redesigned specifically to provide the IRS with better insight into how nonprofit organizations... More
From Not-For-Profit Notebook: Advocacy or Intervention?
As the country begins to talk about the 2012 elections, this is a good time to review the rules regarding permissible and prohibited political activities. Simply stated, tax-exempt 501(c)(3) organizations may engage in nonpartisan... More
From Not-For-Profit Notebook: Understanding Fidelity Bonding
After conducting two audit projects that involved small retirement plans, IRS auditors discovered that inadequate fidelity bonding was the most common problem. If your organization offers a retirement plan (or you are considering... More
From Not-For-Profit Notebook: Internal Controls Are a Must
Steal from a charitable organization? Who does that? A quick Internet search, and the local news, will tell you that it happens all the time. What the search results don’t show are the countless instances of not-for-profit... More
1099 Reporting Requirements For Rental Activities
Prior to 2011, federal tax law required every trade or business to file information returns (1099s) to report payments of $600 or more made to non-corporate service providers. Under those provisions, a rental activity was... More
Let Me Hold That For You!: What You Need To Know About the Escheat “Tax”
If you haven’t heard, the states are going broke! Unchecked spending and poor management have many states on the brink of fiscal collapse. To close budgetary gaps, they are enacting tax laws based on gross receipts,... More
President Obama Signs Tax Relief Act Into Law
On December 17 , 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Relief Act) into law. The primary provisions of this Act include: An extension... More
Small Business Jobs and Credit Act Benefits More Than Just Small Businesses
On September 27, 2010, the President signed the Small Business Jobs and Credit Act of 2010 into law. Although the title references small businesses, there are many provisions that also benefit larger businesses and individuals—including... More
Tax Provisions In New Patient Protection and Affordable Care Act
Representing a sweeping overhaul of the U.S. health care system, the Patient Protection and Affordable Care Act was signed into law on March 23, and its companion reconciliation act will be signed into law early next week.... More
HIRE Act Provides Valuable Tax Incentives to Businesses
The Hiring Incentives to Restore Employment (HIRE) act, signed into law March 18, provides tax incentives for hiring and retaining workers and purchasing equipment and many other business assets. Payroll tax forgiveness This... More
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