Is Your Crowdfunding Account Going to Cost You?

With the growing popularity of crowdfunding, many of you are probably wondering about the tax implications that comes with it – and if you’re not, maybe you should be. There are no strict rules yet, but here are some general guidelines. Websites such as gofundme.com and causes.com that raise money for charitable causes, lend your …

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Physical Inventory Planning

It’s that time of year when companies need to begin preparing for their year-end inventory counts. The difference between a clean inventory count and one with multiple mistakes is due to a few key steps, which include preparing for the count, determining the method of completing the count, evaluating the counts and correcting the inventory …

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Turning Age 70 1/2 and Required Minimum Distributions

When it comes to taxes, reaching age 70 ½ is an important milestone. That’s because you have to start taking annual required minimum distributions from your traditional IRAs when you reach age 70 ½. And if you’ve already retired from your company, you also must begin making withdrawals from your company retirement plan as well. …

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A Little-Known Element on the Form 990

If your nonprofit organization regularly solicits and receives multi-year promises to give, you most likely occasionally have the situation where a promise that was made in a past year becomes uncollectible. Where does this write-off or loss get reported on the Form 990? As a reduction in contribution income on the Statement of Revenue (Part …

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Tax Plans of Presidential Candidates

With the presidential race heating up, many candidates have finally given us tangible tax plans to mull over. Here are a few from some of the top polling candidates. These are listed in no particular order. If your favorite candidate isn’t listed, either they haven’t released a plan or they weren’t polling high enough for …

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Badges of Fraud

Okay, let’s get this part out of the way first. This blog is NOT to help you commit fraud (just have to clarify this), but to help you understand what the IRS “flags” or declares “Badges of Fraud”. My fraud examination professor always joked (a joke, but clearly not a joke joke, you know what …

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Valuation Services as a Management Tool

Most clients come to us for business valuation services because of outside requirements. They need an independent appraisal for tax compliance, financial reporting, marital dissolution or estate and gift planning, among other reasons. But even if you don’t have any of these needs, you might want to obtain an appraisal. Why would you want an …

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How to Account for Donated Auction Items

Believe it or not, it’s already the holiday season where not only do you begin thinking about what your loved ones want as gifts but also how to properly pull off your annual fundraising gala. Many not-for-profit events not only have entertainment, a call to action, and great food, but also have silent or live …

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Compliance for Small Company Employee Benefit Plans

As another employee benefit plan season draws to a close, I was reflecting on the many compliance errors that we find each year while auditing plans. The plans that require audits are typically larger employers with over 120 employees. These plans are typically administrated by professionals with significant experience in their fields. And yet, due …

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Accountant Beware: How to Choose a Preparer Wisely

Having trouble finding a good accountant? The IRS can help! The IRS has a directory online that has a list of over 666,000 credentialed tax professionals. Each preparer listed has a valid 2015 Preparer Tax Identification Number (PTIN). The information you can find regarding each professional includes name, addresses and contact information. The list of …

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