Harvey Disaster Declarations and Additional Tax Relief

Hurricane Harvey Tax Update

In August 2017, at the request of Texas Governor Abbott, President Trump began making disaster declarations for Texas counties expected to be impacted by Hurricane Harvey.  Additional Texas counties have been added to the Harvey disaster declaration list through October 2017 which include Dallas and Tarrant counties. (For a complete list of the Hurricane Harvey covered disaster areas:  https://www.irs.gov/newsroom/help-for-victims-of-hurricane-harvey) This declaration permitted the IRS to postpone certain deadlines for taxpayers who reside or have a business in the Presidential Disaster Areas. (For additional information click here for our Hurrican Harvey communication)

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Topics: Accounting Tips, Tax, hurricane harvey, IRS, disaster, relief

The Aftermath of Hurricane Harvey – Individual Casualty Losses

Hurricane Harvey Tax Update

As the victims of Hurricane Harvey continue to put their lives back together, an area of concern is casualty losses. In this communication we discuss:

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Topics: Accounting Tips, Tax, hurricane harvey, IRS, disaster, relief

Three ways to cover your assets

Posted by Cristina Tirado, Tax Services on Sep 25, 2017

Picture this- You put twenty years into growing your business. Twenty years’ worth of money, hard work, and dedication. Come the twenty-first year when the business is a fully-functioning, profit-making machine, you get a knock on your door; you’ve been sued.

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Topics: Auto, Accounting Tips, Tax

How NFPs can be prepared for an audit

Posted by Whitney Price, Tax Senior II on Sep 25, 2017

Nothing can strike fear in the heart of a not-for-profit like receiving the news that it has been selected for an IRS audit. An audit can be intimidating, not to mention costly and time-consuming. Keep in mind the IRS has recently released internal guidance for requesting audit information from tax-exempt organizations.

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Topics: Accounting Tips, Not-for-Profit, Tax, Audit

Harvey Victim Relief — Tax Treatment

Posted by lgtcpa on Sep 20, 2017

Source: "Employer Sponsored Disaster Relief Benefits" by Postlethwaite & Netterville ("P&N")

HOW EMPLOYERS CAN HELP EMPLOYEES

Many employers are now looking for ways to help employees in the wake of this crisis. A few ways employers can help employees include: 

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Topics: Accounting Tips, Tax, Financial, hurricane harvey, IRS, disaster, relief

Relief Due to Hurricane Harvey Qualified Employer Retirement Plans

Hurricane Harvey Tax Update

We continue our communications regarding relief available to those impacted by Hurricane Harvey. This week we discuss, in general, relief available specifically to qualified employer retirement plans, specifically loans and hardship distributions, for those qualifying due to Hurricane Harvey.

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Topics: Accounting Tips, Tax, hurricane harvey, IRS, disaster, relief

Harvey Tax Relief Information

Hurricane Harvey Tax Update

On Wednesday, August 23, 2017, the lives of Texans all along the Texas Gulf Coast were forever changed by Hurricane Harvey. We know that many of you, including family and friends, have been personally impacted by Harvey and we are praying for strength, comfort, and hope for all.

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Topics: Accounting Tips, Tax, hurricane harvey, IRS, disaster, relief

Keeping the employer and the employee content

Posted by Dawn Möeder, CPA of England and Wales on Aug 23, 2017

Like many industries, the manufacturing industry has fallen to the provisions of the Affordable Care Act (“ACA”) and the updated Department of Labor overtime regulations. Many companies are struggling to maintain their overhead, comply with regulations, and pay for the ever-increasing health care costs, all the while attracting and retaining skilled workers. If you have felt the heat, you are not alone. According to the 2016 Manufacturers’ Outlook Survey, a lot of companies are dealing with these same concerns.

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Topics: Manufacturing & Distribution, Accounting Tips, Tax, Healthcare

News for not-for-profits

Posted by Reham El-Sherazi on Aug 23, 2017

PayPal faces lawsuit over diverted donations

Payment processing company PayPal faces a class action lawsuit over its “Giving Fund” platform. The lawsuit claims the platform lists charities that aren’t registered to receive donations and doesn’t inform donors that unregistered charities won’t receive their donations.

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Topics: Accounting Tips, Not-for-Profit, Tax, Financial

What’s the difference between not-for-profit and for-profit financial reporting?

Board members and new staff from a for-profit background don’t always grasp the differences between the for-profit and not-for-profit ("NFP") worlds. One area of significant variation is their financial reporting approach, including both goals and practices.

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Topics: Accounting Tips, Not-for-Profit, Tax, Reporting, Financial