Pet estate planning, don’t forget about Fido

People love their pets! They’re often our best friends, companions and family. When a person begins the estate planning process, it is important to consider their pets’ needs as well. The idea of legally enforceable documents that ensure pet protection and continuing care is a relatively new concept. The mainstream press often focuses only on …

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Explore your tax payment options any time of year

The IRS understands that taxpayers who owe money need choices on how they can make payments to the agency. The IRS offers three easy tax payment options: Online Phone Mobile device using the IRS2Go app Any time of the year is a good time for you to explore these tax payment options. Additionally, some taxpayers …

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Does your power of attorney cover all forms?

There aren’t many things more frustrating than being on hold with the IRS for over an hour only to finally be connected to an agent and told I do not have the proper authority to speak on my client’s behalf. “But I have a perfectly good Power of Attorney signed and dated by the taxpayer,” …

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Tax planning: wash sale rules and warnings

If you’ve already filed your 2017 tax return, you may already be thinking about your 2018 return and ways to reduce your tax liability. One well-known strategy you can file away for year-end is to sell assets at a loss to offset gains that have been realized during the year. The wash sale rule prevents you …

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Considerations for new revenue, expense recognition

GASB is currently looking to address expanded guidance on revenue for classification and recognition through one of two primary ways: Exchange/Non-Exchange Model, or Performance/No-Performance Obligation Model This blog will provide a brief overview of the Exchange Model. The Exchange Model The Exchange Model classifies an exchange transaction as when each party receives and gives up …

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Should you consolidate your nonprofit organization?

Nonprofit organizations sometimes have relationships with other entities that are affiliated in some way. How do you know when you should consolidate two or more nonprofit organizations? Under accounting standards, there are two elements that are required to be present to consolidate: Control. Organization A must clearly have control over Organization B. To have control, …

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Do education expenses qualify as business expenses?

I recently ran across a court case (Czarnecki v. The United States) that addressed the deductibility of education expenses as business expenses. Czarnecki, an engineer, amended his 2010 tax return to deduct expenses related to the researching and writing of his doctorate thesis as ordinary and necessary business expenses. The resulting refund, however, was denied …

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Gambling income and losses proper reporting

Have you won big recently with gambling? Here are some tax tips that can help you at tax time to figure your gambling income and losses. Gambling income. This includes winnings from lotteries, raffles, horse races and casinos. It also includes cash and the fair market value of prizes you receive, such as cars and …

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When is a loan considered a deemed distribution?

Many 401(k) plans permit participants to borrow from the plan and it’s becoming a more and more common practice. The plan document must specify if loans are permitted. The majority of those loans are repaid according to the terms of the loan agreement. However, there are instances when a participant defaults – and then it’s …

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Handy apps for tracking business mileage

There are several different phone applications (apps) that could help you track your troublesome business mileage. Most of these apps are useful for tracking and reporting expenses, mileage and billable time. They use GPS to track mileage, allow you to track receipts, choose the mileage type (Business, Charitable, Medical, Moving, Personal), and produce formatted reports …

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