Harvey Victim Relief — Tax Treatment

Posted by lgtcpa on Sep 20, 2017

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


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

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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

Investment income:  Recognize UBI when you see it

Posted by Nicole Ansiaux, Senior I, Tax Services on Aug 2, 2017

Most not-for-profit leaders understand a principal truth of their tax-exempt status: The IRS generally considers any revenue they take in that’s not related to their mission to be unrelated business income (UBI), and that income is subject to tax. Not-for-profits that don’t pay tax on that income face the possibility of back taxes, penalties and interest — and, in extreme cases, the loss of their tax-exempt status.

Read More

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

Tax Update:  Check yourself before you tax yourself

Posted by lgtcpa on Aug 2, 2017

When was the last time you checked your tax withholding, when you signed that W-4 eight years ago? There are multiple factors that largely affect how much you owe each year. Be mindful of potential refunds or taxes that you could owe.

Read More

Topics: Accounting Tips, Tax

Sec. 199 deduction looking better for contractors

Posted by Trey Hardy, Tax Senior II on Aug 2, 2017

For many years, contractors have been advised to look into the Section 199 tax deduction for “domestic production activities.” Although the deduction focuses on manufacturing, it’s also available for “construction of real property performed in the United States” by companies “engaged in the active conduct of a construction trade or business.”

Read More

Topics: Real Estate, Accounting Tips, Tax, Construction

Exercise caution with joint venture financing

Posted by Whitney Price, Tax Senior II on Aug 2, 2017

With the real estate market on the rise in many parts of the country, developers are finding they have more opportunities to obtain financing through joint ventures. Such arrangements can have undeniable pay offs, but developers must be conscientious before jumping in. Here’s a look at several issues to address early on.

Read More

Topics: Real Estate, Accounting Tips, Tax