Year-End Tax Planning Moves

Posted by lgtcpa on Oct 15, 2018

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next.

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Topics: Tax, accounting, TCJA, consulting, IRS, Financial, Accounting Tips

Navigating a shifting landscape

Posted by Jules DeWitt, CPA, ACS Supervising Senior on Jul 25, 2018

Every medical practice faces ongoing challenges in maintaining a successful bottom line. New challenges arise whenever Medicare and Medicaid policy, or the economy, changes. Still, a handful of problems rise to the top in most medical practices. Here are some ideas for solving them before they become overwhelming.

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Topics: Financial, Accounting Tips, consulting, Healthcare, doctors, accounting

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

Four tips for filing this tax season

Posted by lgtcpa on Feb 27, 2018

Are you ready to file your tax return(s)?

Avoid the rush! The sooner you can file, the easier your life will be, and the more your CPA will appreciate you. The easiest way to do that is to make sure you’re ready for them. Don’t wait until the last minute if you can gather your paperwork early. The less rushed your CPA is, the better off you’ll be.

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Topics: Tax, Financial, IRS

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

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, Financial, Healthcare

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, IRS, Financial, Tax, disaster, hurricane harvey, relief

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, Financial, Tax

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, Financial, Reporting