Newsletter/Blog — Jones & Kolb

Getting a divorce? Be aware of tax implications if you own a business

Divorce may have tax implications for the spouses involved, especially if one or both of them owns a business. Here are some of the issues involved.

Small Business TaxDebbie HarryAugust 23, 2021

Put some muscle behind your nonprofit's capacity-building effort

Capacity-building is a worthy pursuit for any nonprofit. But instead of focusing on inadequacies, you may want to concentrate on pumping up your strengths. Here’s why.

Not-for-profit TaxDebbie HarryAugust 18, 2021

IRS issues ERC guidance as Congress mulls early termination

Fresh IRS guidance is available for employers claiming the Employee Retention Credit in the third and fourth quarters of 2021.

Tax & Regulation Alerts, COVID-19Debbie HarryAugust 17, 2021

Reaping the benefits of cause marketing

There are several ways for your nonprofit to enlist the support of corporate America. One of these is cause marketing. Here’s what it is and how it’s different from other partnerships.

Not-for-profit TaxDebbie HarryAugust 17, 2021

Possible tax consequences of guaranteeing a loan to your corporation

If your corporation defaults on a loan that you guarantee, you don’t want to be blindsided by the tax implications.

Small Business Tax, Business TaxDebbie HarryAugust 16, 2021

Scholarships are usually tax free but they may result in taxable income

If your child receives a scholarship, is the amount taxable income? Here are the rules.

Individual TaxationDebbie HarryAugust 10, 2021

Large cash transactions with your business must be reported to the IRS

Certain types of businesses receive large payments of cash. They may be required to report the transactions to the IRS. Here are the rules.

Small Business Tax, Business TaxDebbie HarryAugust 9, 2021

SBA streamlines forgiveness for smaller PPP loans

The SBA has eased the process of forgiving a PPP loan. Here’s how.

Tax & Regulation AlertsDebbie HarryAugust 4, 2021

5 ways nonprofits can prepare for an audit

Worried about your nonprofit’s impending audit? Don’t be. Follow these five tips for preparing for a stress-reduced audit.

Not-for-profit TaxDebbie HarryAugust 4, 2021

5 possible tax aspects of a parent moving into a nursing home

Long-term care, including nursing home care, is expensive. Fortunately, there may be tax breaks if your parent is moving into a nursing home.

Individual TaxationDebbie HarryAugust 3, 2021

Nonprofit fundraising: From ad hoc to ongoing

To maintain strong cash flow and make fundraising a continuous effort, your nonprofit needs a strategic fundraising plan. Learn how to create one.

Not-for-profit TaxDebbie HarryJuly 28, 2021

The deductibility of corporate expenses covered by officers or shareholders

If you spend money personally on behalf of your closely held corporation, you want to make sure either you or the business can deduct the expense. Here are the rules.

Small Business TaxDebbie HarryJuly 26, 2021

There’s currently a “stepped-up basis” if you inherit property — but will it last?

Have you inherited assets or are you planning your estate? If so, it’s crucial to understand the current “step-up” basis rules and why they might change.

Individual TaxationDebbie HarryJuly 21, 2021

HR outsourcing: Considerations for nonprofits

Which HR functions could your nonprofit potentially outsource? Here’s how to identify them and determine the benefits and drawbacks of engaging an outside service provider.

Not-for-profit TaxDebbie HarryJuly 21, 2021

Does your nonprofit owe tax on its sponsorships and advertising?

Distinctions between taxable advertising and nontaxable sponsorships can be nuanced. Before seeking new income sources, figure out if they’re potentially subject to unrelated business income tax.

Not-for-profit TaxDebbie HarryJuly 14, 2021

Can taxpayers who manage their own investment portfolios deduct related expenses? It depends

Are you an investor or a trader? The difference is important for tax purposes.

Individual TaxationDebbie HarryJuly 13, 2021

Who in a small business can be hit with the "Trust Fund Revovery Penalty?"

The IRS will impose the “Trust Fund Recovery Penalty” on certain business owners and managers personally if employment taxes aren’t paid to the government. Find out if you could be liable.

Small Business TaxDebbie HarryJuly 12, 2021

Cryptocurrency donations: Will your nonprofit accept them?

Accepting cryptocurrency donations may seem risky. Price volatility is indeed a risk. But there are also ways for nonprofits to manage it. This article discusses them as well as reporting responsibilities.

Not-for-profit TaxDebbie HarryJuly 7, 2021

IRS audits may be increasing, so be prepared

An IRS audit seems scary but may be nothing to worry about. In many cases, the IRS closes an audit after receiving requested documentation. Here are the latest IRS statistics, as well as some tips on how to help come out of an audit with a favorable result.

Individual TaxationDebbie HarryJuly 6, 2021

10 facts about the pass-through deduction for qualified business income

Owners of “pass-through” businesses can claim a valuable tax deduction that was created by a 2017 law. Here’s how much it’s worth and who is eligible.

Small Business TaxDebbie HarryJuly 6, 2021

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