How does your nonprofit qualify to receive tax credit donations?

The holiday season is usually one associated with giving as the nationwide Giving Tuesday recently passed. This day has become a major revenue raiser for charities, bringing in over $117 million in charitable donations in 2015, according to NBC. If your organization didn’t participate in Giving Tuesday or it didn’t qualify, don’t fret as a …

Keep Reading

ITIN mandatory renewal starts in 2017

The IRS has put into place mandatory renewal of Individual Taxpayer Identification Numbers (ITINs) for certain taxpayers beginning in 2017. An exception to this rule – taxpayers who only use an ITIN on an information return such as Form 1099 will not be required to renew their ITIN. Moreover, the filer of an informational return …

Keep Reading

PATH Act: Will it affect your path in 2017?

As the world we live in has become much more technologically advanced, so have the minds of criminals. They have found ways to file fraudulent tax returns. If they can get a hold of your personal information, they will take that and file a tax return claiming a refund. In turn, this prevents you from …

Keep Reading

New overtime law update: delayed for now

A Texas U.S. District Judge has filed an injunction, blocking implementation of the Department of Labor’s (DOL) new overtime law. Previously we had discussed the updated overtime law, which the DOL had set to begin December 1, 2016. This law would have doubled the maximum salary an employee earned before becoming exempt from mandatory overtime …

Keep Reading

Effective audit committee member habits

An audit committee is a crucial component of a company, whether it has to do with the company’s balance sheet, or their 401(k). They have the responsibility of keeping an objective point of view when it comes to the legal and compliance aspects of the financial statements. Recently, in an Accounting Today article, Dr. Lola …

Keep Reading

Financial ratios for analyzing financial statements

Financial ratios are often used to analyze the financial statements. They help the users to form conclusions about the financial health of the entity. Ratios can be used to form conclusions on the level of liquidity, leverage and profitability of a company’s financial statements. These ratios can also be used to compare companies with each …

Keep Reading

IRS temporarily increases installment agreement thresholds

The IRS has recently announced the temporary expansion of an existing program allowing taxpayers who are unable to afford their tax bill to set up a payment plan with the treasury. Prior to the expansion, taxpayers owing up to $50,000 could be automatically approved for an installment agreement, without being required to submit extensive paperwork …

Keep Reading

Small business health insurance reimbursement is back!

It appears that the 21st Century Cures Act will soon be signed by President Obama. One of the anticipated provisions of the bill includes a section for health insurance reimbursement arrangements (HRAs) for small businesses. These new plans or SBHRAs will allow businesses with fewer than 50 full-time employees to again reimburse the health insurance …

Keep Reading