Due to pandemic relief legislation, the tax treatment of charitable donations has changed (and changed back) in the past couple of years. Do your donors know the current rules? You can help inform them.
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Splitting gifts with your spouse can reduce your gift tax liability, but specific rules must be followed to avoid unintended outcomes.
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If your business has independent contractors or makes other payments to customers or others, you probably file 1099 forms with the IRS. The tax agency is currently sending out notices about these forms to some taxpayers.
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It’s home selling (and buying) season. What are the tax consequences if you buy another home but decide to keep your current home and rent it out?
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If you’re looking for a new partner to add to your partnership, you may think the hard part is over once you find the right person. But there may be tax challenges ahead.
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A corporate volunteer program can be a solution to your nonprofit’s volunteer shortage. But before you arrange a partnership, make sure you’ve thought hard about what you need and the best way to get it.
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If your business operates as a C corporation, you may save tax by becoming an S corporation. Here’s a rundown of four issues to consider when converting from C corporation to S corporation status.
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Once your 2021 tax return has been filed, there still may be some issues to consider. Many people have questions about how to find their refund status, which records can be thrown out and when to file amended tax returns.
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It’s not unusual for nonprofits to allow programs to run past their sell-by dates. If some of your offerings have become ineffective, use the excuse of spring cleaning to clear out the old and replace with the new.
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Selling mutual fund shares involves many complex factors. Here are the basic rules.
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Wining and dining customers and employees can result in tax deductions and for 2022, the write-offs are bigger than usual.
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Does your nonprofit rely on contractors to get the work done? Make sure these workers are classified accurately or you may face federal scrutiny and financial penalties.
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Estate tax planning can get complicated if you or your spouse is a nonresident alien.
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If you can’t file by the April 18 tax deadline, here’s what you should do to avoid steep penalties.
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Does this year’s April 18 filing deadline apply to your company? What additional tax deadlines are there for businesses and employers during the second quarter of 2022?
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A Crummey trust allows you to leverage the annual gift tax exclusion to transfer substantial amounts of wealth to your family tax free. But pitfalls to this strategy exist.
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Each encounter with a client is an opportunity to solicit feedback that can help you make better funding decisions. We have several suggestions for reaching out to recipients of your nonprofit’s services.
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A vacation home is more than just a place to relax. It also may provide tax breaks. Here are the rules if you rent it out for part of the year.
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The best tax planning actions for your business partially depend on whether you expect federal income tax rates to go up, go down or stay the same in the future. Here are some ideas if you think rates could go up.
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Your beneficiary designations and jointly held assets can wreak havoc if you don’t coordinate them carefully with the rest of your estate plan.
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