Happy 529 day! While many may be more familiar with other May days such as Memorial Day, Cinco de Mayo and Star Wars Day (May the Fourth be with you), parents and grandparents with children in their early years should be more aware of a lesser known May day, also known as 529 day (Section [...]
One of the (presumably) unintended consequences of the Tax Cuts and Jobs Act of 2018 (TCJA) is the impact that it will have on charitable giving. There are plenty of people who donate money and property to various nonprofit groups for purely philanthropic reasons. However, when there is an institutional subsidy in the form [...]
One of the less publicized effects of the new tax law or TCJA (Tax Cuts and Jobs Act law) that passed late last year is the impact on net operating losses. The full effect of the changes won’t be felt until 2019 because only NOLs generated after 12-31-17 are subject to the new guidelines. Traditionally, [...]
Credit Card Skimming All accountants would agree, one of the most important things for you to do, is protect your financial assets. Often we forget that we are only one swipe away from being scammed out of our money at the gas pump, restaurants, and ATM machines. “How is this possible?”, you may ask. A [...]
Every two years the Association of Certified Fraud Examiner releases a study on fraud in their Report to the Nation. The 2018 report was recently released and I found the following facts to be very interesting. Over $7 billion in total losses. This number continues to increase. A majority of the victims recovered nothing. [...]
I come across a lot of people who think non-profits (NPO) don’t need to make money. In fact, it’s called “non-profit” because it’s not supposed to make a profit. Right? Wrong. A NPO needs to make money and even show a “profit”. What is profit? Profit is when revenues/support exceed expenses. We use a different [...]
Not-for-profit organizations may not be the first thing that comes to mind when reviewing the provisions of the Tax Cuts and Jobs Act of 2017. However, this major tax reform significantly changes how taxes are assessed for corporations, pass-through entities, and individuals. These entities are a core component of a not-for-profit organization’s donor base, and [...]
This is a common question I receive. Annual required minimum distributions (RMDs) must be taken from traditional IRAs, SIMPLE IRAs, and SEP IRAs beginning in the year when the taxpayer reaches age 70 ½. The first payment can be delayed until April 1 of the following year, but the second payment must then be taken [...]
