By Paul Scholz, Managing Partner Every year we have many clients who ignore their taxes until the last possible moment. Sometimes its unavoidable, like when you are waiting on K-1 forms or other documents that are necessary to complete your taxes and you have no control over when you receive them. Often though, it’s [...]
As borrowers near the end of their 24-week covered period and prepare to apply for PPP forgiveness, many nonprofit organizations face the issue of double dipping, or being reimbursed for the same expense twice by government agencies. A surprise to many is that the PPP guidance does not actually address double-dipping. Federal cost principles, detailed [...]
There is also additional money available from the Small Business Administration (SBA) for a new round of loans part of the Paycheck Protection Program (PPP) loans courtesy of the Emergency Coronavirus Relief Act of 2020. Here's what you need to know about PPP Loan Funds: Requirements to Take Out a 2nd PPP Loan If [...]
The right nonprofit financial management team and reporting solution can be a critical driver of efficiency and visibility; the wrong solution can be a critical roadblock to strategic improvement. In accordance to “Close the Books” Survey Results – 2020 Edition, by Sage Intacct and our extensive experience with nonprofit outsourced accounting services, here are five [...]
While everyone is busy wondering how to store another 1000 rolls of TP in their garage, many are unaware of a sidebar problem – tax filings due April 15 can be affected if you are waiting on data from sources that have shut down or are working with less staff than normal.
Today the Treasury Secretary announced that the normal Tax Filing deadline of April 15 would be extended 90 days to July 15, 2020. Details have not been released yet however based on remarks it appears that:
At O&S, we are keenly aware of the potential impact of the coronavirus COVID-19. We are taking steps to provide for the continuity of our client services and the safety of our employees and clients as we navigate through the uncertainly of the outbreak.
With the new standard deduction amounts being introduced in 2018, it might not be reasonable for taxpayers to itemize their deductions moving forward. However, if you still plan to itemize, here are some notable changes that you should take into account for 2018. Capping of the State and Local Taxes Deductions (SALT) The number to [...]
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 [...]
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 [...]