When you say you want to grow your manufacturing company, what does that mean? It may entail expanding your physical plant or warehouse or introducing new products. It could also mean opening new markets by conducting business in multiple states. Many states have been more aggressive in going after out-of-state companies doing business in their… Continue reading »
If an estate plan calls for making noncash gifts in trust or outright to beneficiaries, it’s important to know the values of those gifts and disclose them to the IRS on a gift tax return. For substantial gifts of noncash assets other than marketable securities, it’s best to have a qualified appraiser value the gifts at the time of the transfer. If the IRS deems a valuation to be “insufficient,” it can revalue the property and assess additional taxes and interest.
This week’s blog discusses one study that examines the effects of political leanings on donor behavior, and another that reveals a significant drop in multiyear grants to charities.
One of the building blocks of a strong not for profit organization is an active Board of Directors who can support the organization in many ways – financially, with their time, and with the skills the members possess, both personally and professionally. While organizations should take full advantage of the resources their Board provides, they must also recognize that those resources won’t always be available.
A credit score is a reflection of one’s creditworthiness. With a high credit score, it’s possible to realize lower interest rates on mortgage or auto loans and credit cards. This article explains what constitutes a good score, how to obtain a free credit report, and how to boost a score — or, for those with no credit history, how to build one.
In December, 2011, the IRS issued temporary regulations intended to set new standards for capitalizing or deducting dollars spent on tangible property. These regulations were originally effective for years beginning on or after January 1, 2012, but the effective date has been postponed to tax years beginning on or after January 1, 2014. Taxpayers have the option to apply the temporary regulations to tax years beginning on or after January 1, 2012.
In a time where funding is scarce, fraud is proving to be devastating to not-for-profit organizations and the communities that they service. According to the 2012 Report to the Nations on Occupational Fraud & Abuse, published by the Association of Certified Fraud Examiners (ACFE), organizations lose an estimated five percent of their annual revenue as a result of fraud.
With a contribution, the donor may place a requirement, or restriction, on the use of the funds. By accepting the contribution, an organization is also promising to use the funds in the manner that the donor has requested. Here are a few questions you should ask yourself before saying the magic word “yes”:
The Office of Management and Business (OMB) issued Circular A-133, Audits of States, Local Governments and Non-Profit Organizations to establish the requirements for audits of non-Federal entities that expend Federal awards. Referencing a few important points found in the guidelines will help determine if your organization needs a single audit.
If you own real estate that generates income, you could be paying an additional 3.8% net investment income tax (NIIT) which goes into effect in 2013. For the sake of discussion, let’s assume that your adjusted gross income (AGI) is over the relevant threshold ($250,000 in the case of a married couple filing jointly). Even if your AGI is generally low, there may come a year when you sell property, giving you a high adjusted gross income and significant income subject to NIIT in that year. Is there any tax planning that can be done to offset the NIIT?