News for Not-for-Profits — June 2018 edition

Do you qualify for the new family leave credit?

The new tax law creates a credit for eligible employers in 2018 and 2019 based on paid leave for up to 12 weeks, granted under the federal Family and Medical Leave Act ("FMLA"). Employers aren’t required to pay employees for FMLA leave, but — for 2018 and 2019 — those that do may qualify for a tax credit of 12.5% of the wages paid. That’s if the rate of payment under the leave program is at least 50% of employees’ regular rate.

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Topics: Accounting Tips, Not-for-Profit, Audit, Financial, consulting

Are you ready for the new revenue recognition standard?

It’s been eight years since the Financial Accounting Standards Board ("FASB") first proposed an overhaul of its revenue recognition standard and four years since it issued the new standard. Now the standard’s effective date is finally approaching — Jan. 1, 2019, for calendar-year nonpublic companies that comply with generally accepted accounting principles ("GAAP"). Is your company ready?

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Topics: Accounting Tips, Audit, Construction, consulting, revenue, guide

Recent legislation encourages low income developments

Both the Tax Cuts and Jobs Act ("TCJA") and Congress’s massive new spending package received widespread media coverage, but a couple of provisions that incentivize investments in low income housing have largely gone under the radar. One provision in the tax law offers significant tax breaks for investors looking to defer or abate capital gains taxes, while the spending bill boosts the Low Income Housing Tax Credit ("LIHTC").

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Topics: Real Estate, Accounting Tips, Tax, IRS, consulting

Do you want a dynamic practice?

Management expert Peter Drucker famously said, “If you can’t measure it, you can’t improve it.” Within a medical practice, it’s possible — though not necessarily desirable — to measure anything and everything, ranging from the number of patients per day to the amount of time spent on phone calls. So what should your medical practice measure?

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Topics: Accounting Tips, Healthcare, medical, practice

Is a GP fund right for your deal?

Posted by Abby Mackey, Tax Manager on Feb 27, 2018

Sponsors are often on the hunt for innovative ways to fund their real estate projects, particularly when they find themselves under capital constraints that limit their ability to invest. Some sponsors turn to general partner (“GP”) funds to meet their capital contribution obligations while maintaining the freedom to invest in additional projects.

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Topics: Real Estate, Accounting Tips, Financial

New rules for partnership audits

Posted by Shea Kracheck, CPA, Tax Principal on Nov 29, 2017

The new rules for partnership audits enacted by the Bipartisan Budget Act of 2015 ("BBA") will dramatically impact not only how tax adjustments are assessed, but who is responsible for them. These rules will go in effect for partnership tax years beginning after December 31, 2017. We advise you to discuss with your legal counsel, so that your agreements include the new elections and address the updated regulations summarized below.

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Topics: Accounting Tips, Tax, Audit, IRS

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

Adding on to your practice

Is it time to bring on an associate or partner? There are many reasons you might consider it. For example, your practice might have become so busy that you have little time with your patients. Perhaps your practice volume has grown so much that you need help managing it, or maybe retirement is around the corner and you’re thinking about eventually selling.

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Topics: Accounting Tips, Healthcare, Financial

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