Healthy Skepticism: Hiring a Professional Fundraiser

The competition for donor contributions continues to rise as more nonprofit organizations register with the Internal Revenue Service (IRS). With this increase in competition, many nonprofits are choosing to hire a professional fundraiser to help maximize their earnings potential. Before hiring your own, you should consider the following factors: Is it necessary? Some organizations give …

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IRS Raises Tangible Property Expensing Threshold to $2,500

The Internal Revenue Service simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an applicable financial statement (audited financial statement). It applies to amounts spent to acquire, produce or improve tangible property …

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The Importance of Obtaining a Quality Audit

On November 16, 2015, the Department of Labor’s (“DOL”) Office of Chief Accountant sent an e-mail to all plan administrators of plans which are required to have an annual financial statement audit alerting them of the importance of obtaining a quality audit from a qualified and experienced CPA firm. This is primarily in response to …

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Exemption for Estate and Gift Tax Rises to $5,450,000 in 2016

The IRS released the 2016 estate and gift tax amounts and due to the very low inflation rate, the 2016 numbers were very similar to the 2015 amounts. In Revenue Procedure 2015-53, the IRS calculates the unified estate tax exclusion for decedents dying in 2016 and the gift tax lifetime exclusion will rise to $5,450,000. …

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Charity Auction Tax Deductions

So you had a good year and you’re looking around for tax deductions to help ease the pain come April 15th. Then you remember that your church has their annual charity auction coming up and they are always looking for items to be donated for a good cause, right? So you start to think…hey, I’ve …

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The Proper Way to Report Business Charitable Deductions

The rules for making charitable donations from your business are similar to those governing personal donations. For example, you can donate cash or property, your total deduction may be limited, you may need to get an appraisal to establish value, and you have to keep good records. The reporting of the charitable deduction depends on …

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Participant Loans – IRS Requirements

If you participate in your Company’s 401k Plan, you are probably already aware that your Plan may offer an option for you to take out a loan from your 401k balance. These loans are tax free and typically require you to pay your loan back plus interest over a certain period of time. There are …

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Arizona Unemployment Tax Changes

Beginning January 1, 2016 the Arizona Job Training Tax statute has been repealed. Employers will no longer be required to pay the Job Training Tax. Also effective January 1, 2016, employers WILL be required to submit payment for Unemployment Tax owed even if under $10.00. The exemption to not pay under $10.00 was part of …

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Are You Ready to File 1095-B & 1095-C?

Are you an employer with 50 full-time employees (or 50 full-time equivalents)? Do you self-insure medical insurance coverage for employees? If you answered yes, you are likely subject to the new Affordable Care Act reporting requirements for 2015. The complex ACA reporting on Forms 1095-B, 1095-C, 1094-B and 1094-C requires employers to pull together information …

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Bipartisan Budget Bill 2015: Major Change to Social Security

It’s hard to guess where the tax law is headed, and nearly impossible to predict the direction of Social Security. Social Security is a topic that is widely debated in politics, as well as in the homes of millions of Americans. One of the only arguments that both parties from left to right can agree …

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