O&S BLOG

O&S BLOG2018-02-21T09:26:07+00:00

Medical Expenses for Misbehaved Children?

Do you have a child with behavioral issues? Did you know that expenses for the treatment as well as tuition for boarding schools may qualify as a medical expense? According to IRC Section 213, expenses paid for medical care of the taxpayer, spouse or a dependent may be allowed as a deduction. The Code gives us their definition of “medical care” which includes the diagnosis, cure, mitigation, treatment, or prevention of disease. Keep in mind that in order to deduct medical expenses, you must itemize deductions under Schedule A. The medical expenses must also exceed 10 percent of your adjusted…

Draft “Postcard” Tax Return released by US Treasury

This final week in June has seen the release of the first draft of the upcoming 2018 “Postcard” Tax Return from the US Treasury. After months of waiting, we are finally getting a glimpse of the changes that will be impacting next year’s tax season, even if in preliminary form. Next year’s Individual Income Tax Return – Form 1040 will replace the current version of Form 1040, as well as the current Forms 1040-A & 1040-EZ.  All individual taxpayers will now be required to use the same Form 1040 to report their annual income, regardless of complexity. The new Form…

After Tax Reform, Here’s What the Nonprofit Sector is Watching

By Courtney Rozen Initial estimates aren’t promising: The American Enterprise Institute projected June 18 that the law would reduce charitable giving by $17.2 billion this year, according to a static analysis. But in the six months since Republicans passed the 2017 tax act (Pub. L. No. 115-97), much of the impact is yet to be seen. For one thing, practitioners and professors who focus on nonprofit tax say there’s more to watch than just the numbers. “I think we’re all just kind of holding our breath and moving forward,” said Lisa Dietlin, a Chicago-based philanthropic adviser. Here are areas to…

Client Spotlight – American Gold Star Manor

May 29, 2018 In the words of President Terry Geiling, “American Gold Star Manor is Long Beach’s best-kept-secret,” providing independent and affordable senior living for Gold Star Mothers and Fathers, veterans, and other qualified seniors. After working alongside Terry Geiling, Glen Patrick (Chief Operating Officer), Bethann Cairns (Office Manager), and other wonderful staff members,  we have seen their passion and dedication towards the community and residents of Long Beach. In 2015, the Manor announced a $58 million renovation, restoring and upgrading each of the 348 units on the property. We are glad to be assisting them with the accounting for…

Tax Credits to Take Advantage Next Tax Season

If you are deciding whether or not to invest in a vehicle for your business, you should consider the tax implications. New Qualified Plug-in Electric Credit U.S. Code § 30D allows for a tax credit for plug-in electric vehicles drawing propulsion energy from a battery with five kilowatt hours or more of capacity. The credit amount is $7,500, which can be used to directly offset tax liability. The credit is nonrefundable but is not subject to AGI limitations. The credit is available to both personal and business use purchases. American Opportunity Tax Credit U.S. Code Title 26 § 25A allows…

FIDUCIARY ACCOUNTING RECORD MUST HAVES

When requested to prepare fiduciary accountings, I would first ask the following questions: What will the fiduciary accountings be used for? Are they going to be filed in court? What is the time period of account? The answer to questions 1 and 2, would determine the level of detail required of the accountings. There are formal and informal accountings, in which each has its pros and cons. I would recommend formal accountings just in case trust issues arise in the future. Formal accountings are usually in a format that meet the standards of probate court. Using the court accounting standards...
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