The TCJA changes some rules for deducting pass-through business losses
May 22, 2018
The TCJA restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, LLC members can currently deduct for 2018.
If charitable giving is part of your estate plan, consider a donor-advised fund
May 21, 2018
Do you make sizable gifts to charitable causes? You can exercise greater control over your charitable endeavors using a donor-advised fund (DAF).
Be aware of the tax consequences before selling your home
May 21, 2018
Your home is likely one of your biggest investments, so it’s important to assess the potential tax consequences before selling it. We can help.
Procurement procedures: Is your nonprofit really in compliance?
May 21, 2018
The relatively new federal procurement standards significantly alter the way not-for-profits receiving federal funding handle purchasing.
Your original will: Does your family know where to locate it?
May 14, 2018
Did you know? If your family or executor can’t find your original will, there’s a presumption in most states that you destroyed it with the intent to revoke it.
Knowing whether income is sponsorship or advertising
May 14, 2018
Rules pertaining to qualified sponsorships, advertising and unrelated business income are complex and contain exceptions and situation-specific determinations.
Can you deduct business travel when it’s combined with a vacation?
May 14, 2018
Combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing, but tread carefully to get that deduction.
IRS Audit Techniques Guides provide clues to what may come up if your business is audited
May 8, 2018
IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners.
3 Ideas for recruiting nonprofit volunteers
May 8, 2018
Finding new volunteers can be time-consuming, and volunteer searches aren’t always successful. Here are three recruitment ideas that can help.
Provide for your spouse, then your kids, with a QTIP trust
A QTIP trust provides your spouse with income for life while preserving the trust principal for your children. Learn about this option in your estate planning.
Beware IRD if you’ve received an inheritance
Inherited property is typically tax-free to the recipient, BUT this isn’t the case with an asset that’s considered income in respect of a decedent (IRD).
Get Started on 2018 tax planning now!
It’s especially critical to get an early start on tax planning for 2018 because the Tax Cuts and Jobs Act (TCJA) has substantially changed the tax environment.
Accounting for pledges isn’t as simple as it might seem
Proper accounting for pledge receivables can be tricky, but if you don’t record them right, you could have audit issues and even put your funding in jeopardy.
A review of significant TCJA provisions affecting small businesses
It’s a good time for business owners to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may impact their taxes for 2018 and beyond.
4 estate planning techniques for blended families
Blended families can create estate planning complications that may lead to challenges in the courts after your death. Learn more about how that can happen here.
Tax record retention guidelines for individuals
Finished your 2017 tax return? Now is the perfect time to go through old tax records and see what you can discard. What should you keep and what can get tossed?
Should your nonprofit have an advisory board?
The addition of an informal advisory board can bring complementary — and valuable — skills and resources to your core board members and organization.
Tax document retention guidelines for small businesses
If your office is strewn with years’ worth of tax returns, receipts, canceled checks and other records, use these retention guidelines as you clean up.
Individual tax calendar: important deadlines for the remainder of 2018
While April 17th was the main tax deadline on most individual taxpayers’ minds, there are others through the rest of 2018 that you need to know.
What estate planning strategies are available for non-US citizens?
If you’re a U.S. non-citizen resident, the IRS treats you similarly to a citizen. For a nonresident alien, the tax treatment of their estate will be different.
4 steps to boosting positive PR for your nonprofit
For most not-for-profits, there’s no such thing as too much good publicity. If you’re struggling to get enough attention from media outlets, follow these steps
TCJA changes to employee benefits tax breaks - 4 negatives and a positive
Among the changes brought on by the TCJA are four negatives and one positive that will impact not only employees but also the businesses providing the benefits.
A total return unitrust can help maintain family harmony
A Total Return Unitrust can relieve tension among your loved ones and allow your trustee to concentrate on developing the most effective investment strategy.
Haven’t filed your 2017 Income tax return yet? Beware of these pitfalls
The federal income tax filing deadline is slightly later than usual this year, April 17. Haven't filed yet? Here are a few filing pitfalls you'll want to avoid.
Finding a bookkeeper for your nonprofit
Don't know how to judge the accounting acumen of bookkeeper candidates? We can help you define the role and provide advice on hiring the right bookkeeper.
A net operating loss on your 2017 tax return isn’t all bad news
Net Operating Losses can provide valuable tax benefits. The rules, however, have always been complicated, and the TCJA has complicated them further.
Apply for a waiver if you’ve missed the 60-day IRA rollover deadline
If you receive a distribution from an employer plan and you don’t roll over the funds into an IRA or new plan within 60 days, you can lose these benefits.
Can you claim your elderly parent as a dependent on your tax return?
The adult-dependent exemption is just one tax break that you may be able to employ to ease the financial burden of caring for an elderly parent.
Mature nonprofits face changing priorities
When a nonprofit begins to make compromises to generate funds rather than stick to its founding objectives and values. It's known as "mission drift."
Should you file Form SS-8 to ask the IRS to determine a worker’s status?
Are your workers contractors or employees? Will filing Form SS-8 alert the IRS that your business has classification issues and trigger an employment tax audit?
Power of attorney abuse: What you can do about it
Financial power of attorney can be a valuable estate planning tool, provided you take steps to prevent abuse by scam artists or dishonest people.
Home-related tax breaks are valuable on 2017 returns, will be less so for 2018
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream.
Make telecommuting work for your nonprofit
Work-at-home arrangements, either full time or on an occasional basis, can pay off for both employers and employees as long as you can avoid some pitfalls.
2018 Q2 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018.
Keeping a trust a secret could violate state law
If your estate plan includes one or more trusts, you may want to keep them a secret, but are you required to disclose certain information to beneficiaries?
Casualty losses can provide a 2017 deduction, but rules tighten for 2018
If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 return. But what about 2018?
Is your nonprofit’s board providing adequate fiscal oversight?
Why you should regularly evaluate your board’s financial oversight and recruit new members or outside advisors with financial expertise if necessary?
Defer tax with a Section 1031 exchange, but new limits apply this year
If you exchange the wrong kind of property or acquire cash or other non-like-kind property in a deal, you may still end up incurring a sizable tax hit.
Size of Charitable deductions depends on many factors
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct.
Spring cleaning: Review your nonprofit’s programs — and possibly replace some
Has your nonprofit's program lineup remained unchanged for a couple of years? If so, consider using the tradition of spring cleaning to review your offerings.
Make sure repairs to tangible property were actually repairs before you deduct the cost
The size of your 2017 deduction depends on whether the expense was a repair or an improvement. Here we outline what you need to know about business repairs.
Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future
If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. Learn more.
What’s your mileage deduction?
The rules surrounding the various mileage deductions are complex. Learn how your mileage deduction for 2018 might be affected by the TCJA here.
5 estate planning tips for the sandwich generation
The "sandwich generation" is often finding itself having to take care of both their children and parents, impacting traditional estate planning strategies.
It’s time for nonprofits to embrace the cloud
Cloud computing promises lower technology costs and greater efficiency and productivity. Is your nonprofit embracing the new technology?
2017 tax filing deadline for pass-through entities is 3/15
The federal income tax filing deadline for calendar-year partnerships, S corporations and LLCs treated as partnerships or S corps for tax purposes is March 15!
A Joint Home Purchase Can Ease Estate Tax Liability
The TCJA exemption set the gift and estate tax exemption at $10 million, but there are other things to consider. Here we provide a brief rundown.
Tax deduction for moving costs: 2017 vs. 2018
Your work-related move in 2017 might have deductible costs, but what if you move in 2018? KNEG CPA demystifies the new TCJA tax changes may affect you.
Boosting the matching gifts your nonprofit receives
Corporate matching can double the value of donors’ gifts. Are you doing everything you can to educate your supporters and their employers about matching gifts?
Tax credit for hiring from certain “target groups” can provide substantial tax savings
If you hired in 2017 and are planning to hire in 2018, learn more about the "target groups" that may make you eligible for the Work Opportunity Tax Credit.
Follow IRS Rules to Ensure you receive your charitable tax deductions
Making charitable deductions can help reduce your taxable estate but some of your charitable deductions could be denied if you don’t follow IRS rules.
State and Local Sales Tax deductions remains, but subject to new limit
The TCJA imposes a new limit on the state and local tax deduction for 2018 through 2025. Will you benefit from the sales tax deduction for 2017 or 2018?
Making the most of your nonprofit’s internal audit function
Your internal audit staff can help anticipate and mitigate a variety of risks, improve processes, and even help evaluate your nonprofit’s strategies. Learn more
Your 2017 tax return may be your last chance to take the “manufacturers’ deduction”
The TJCA eliminates the Section 199 deduction, commonly referred to as the “manufacturers’ deduction.” Find out if and how this affects you.
Hurricane Irma - Employee Retention Tax Credit
Was your business negatively impacted by Hurricane Irma? The Disaster Tax Relief and Airport and Airway Extension Act of 2017 may help.
Only certain trusts can own S corporation stock
S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Learn how this can affect your estate planning here.
TCJA temporarily lowers medical expense deduction threshold
With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. Learn how the TCJA may lower costs.
Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity
Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? An SEP IRA may be for you.
Is your nonprofit ready to hire new staffers?
If your nonprofit is on the sidelines but thinking about hiring in the near future, KNEG CPAs has three questions to help you decide.
2 tax credits just for small businesses may reduce your 2017 and 2018 tax bills
Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses.
How nonprofits can regain their tax-exempt status
Without your tax-exempt status, you’re likely to lose donations and other funding. So make reinstatement a top priority. Learn what to do here.
If you made gifts last year, you may (or may not) need to file a gift tax return
How do you determine if you need to file a gift tax return (Form 709)? With the April 17 filing deadline approaching, now is the time to find out an answer.
Most Individual tax rates go down under the TCJA
The Tax Cuts and Jobs Act (TCJA) generally reduces individual tax rates for 2018 through 2025. Here is a look at the 2018 brackets under the TCJA.
Collaborating for a cause: Nonprofit Alliances
Many nonprofits partnered up for strength and survival in recent years. But the success of these arrangements depends on careful planning and oversight.
Have you taken State Estate Taxes Into Account?
The TCJA means federal estate taxes are a concern for fewer families, at least in the short term. But how will these tax changes affect your estate plan?
Can you deduct home office expenses?
Just because you have a home office space doesn’t mean you can deduct associated expenses. And for 2018, even fewer will be eligible to do so. Learn more.
TCJA temporarily expands bonus depreciation
While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus depreciation enhancements on your 2017 tax return.
Tax Cuts and Jobs Act expands appeal of 529 plans in estate planning
A 529 plan is one of the most flexible tools available for funding college expenses and it can provide significant estate planning benefits. Learn more here!
Meals, entertainment and transportation may cost businesses more under the TCJA
The TCJA’s changes to deductions for meals, entertainment and transportation expenses may affect your business’s budget. How will your business be impacted?
What nonprofits need to know about the new tax law
The Tax Cuts and Jobs Act (TCJA) substantially raises the standard deduction, causing nonprofits to worry about how this change may affect donations.
Personal Exemptions and standard deductions and tax credits, oh my!
Under the Tax Cuts & Jobs Act (TCJA), individual income tax rates generally go down. But that doesn’t necessarily mean your income tax liability will go down.
Don’t be a victim of tax identity theft: File your 2017 return early
The IRS is working to improve safeguards to protect taxpayers from tax identity theft, but filing early may be your best defense. Learn more here.
New tax law gives pass-through businesses a valuable deduction
How owners of Vero Beach noncorporate “pass-through” entities may see relief in the form of a new deduction for a portion of qualified business income (QBI).
Conflict-of-interest checklist for nonprofits
A checklist to gauge whether your nonprofit is doing what it takes to avoid conflicts of interest with board officers, directors, trustees & key employees.
Preserve wealth for yourself and your heirs using asset protection strategies
Asset protection is all about preserving your hard-earned wealth in the face of unreasonable creditors’ claims, frivolous lawsuits or financial predators.
401(k) retirement plan contribution limit increases for 2018; most other limits are stagnant
If you have questions about how much you can contribute to tax-advantaged retirement plans in 2018, KNEG CPAs has answers! Get a brief overview of changes here.
Don’t let donor fatigue erode support for your nonprofit
A dedicated donor base is critical to your nonprofit’s continuing operation. Here are some tips to combat donor fatigue and know when to use a lighter touch.
Which tax-advantaged health account should be part of your benefits package?
If you’d like to offer your employees a tax-advantaged way to fund health care costs, here are types of accounts to consider for your business and employees.
Properly planning for incapacity requires specific estate planning strategies
Are you prepared if an accident, illness or other circumstances render you unable to make financial or health care decision? KNEG CPA can assist you address it.
Timing strategies could become more powerful in 2017
Projecting business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your advantage.
Why you should boost your 401(k) contribution rate between now and year end
One important step to both reducing taxes and saving for retirement is to contribute to a 401(k) plan. Here's a brief overview of options and strategies.
Tax reform and estate planning: What’s on the table
As Congress and President Trump pursue their goal of passing sweeping new tax legislation before the end of the year, here are a few ways you may be affected.
2 ways spouse-owned businesses can reduce their self-employment tax bill
There are ways spouse-owned businesses can lower their combined Self-Employment tax hit. Here we share two smart strategies you'll want to consider.
Prepare financial statements that will impress your nonprofit’s stakeholders
How can you assure funders and lenders that your not-for-profit is financially sound? Here are three critical audit issues to understand.
Beware the GST tax when transferring assets to grandchildren
As you plan your estate, don’t overlook the generation-skipping transfer (GST) tax. Complexities surrounding its allocation can create tax traps
Retirement savings opportunity for the self-employed
Did you know that if you’re self-employed you may be able to set up a retirement plan that lets you contribute more than you can contribute to an IRA a 401(k)?
5 simple steps to a better nonprofit budget
Preparing your not-for-profit’s annual budget is probably one of the least appealing parts of your job. Here’s how to make the process a little less painful.
Florida Condo Associations New Rules on Websites
If your condominium association has over 150 units, you should review your management company agreement and consider establishing an independent website now.
Millennials Get Financial Advice from Bots
Millennials are seeking out more financial advice than other generations have, and are looking for different ways than baby boomers do to receive that advice.
After Hurricane Irma
KNEG CPAs provides details regarding the tax and financial implications of damages and losses resulting from Hurricane Irma. Get the info you need here!
Trump Tax Proposal
The Trump Administration's Tax Reform Proposal has been released. KNEG CPAs brings you the highlights from "Unified Framework for Fixing Our Broken Tax Code."
Trump Tax Reform, Nothing Firm Yet
As Republicans scramble to keep campaign promises, enacting tax reform as law may prove to be extremely difficult. What kind of proposals do they have planned?
Estate Tax Repeal and Charitable Giving
Tax reform goals are backed by good intentions but could they result in negative consequences in a domino-like effect? How will tax reform affect non-profits?
Social Media and Home Owner Associations, Be Careful
Social media can be an effective tool for HOAs. Use these tips to create an effective social media strategy and to avoid some of the common pitfalls.
How Vero Beach tax advisors work to keep your tax liability as low as possible
Tax advisors will be able to help you keep your tax liability to a minimum while also adding value to your life.
Does Your CPA Firm have a Firm Administrator?
If your CPA firm has a Firm Administrator, this indicates they are committed to excellence for their staff and clients, as well as their community involvement.
Smart Ways to Use Your Small Business Tax Refund
Reinvesting your tax refund is a great way to keep your business alive and growing. Let KNEG CPAs help maximize your refund and your ROI.
What small business accountants say your software should be offering you
If you want to make certain that your business is able to operate smoothly and has the best chance at succeeding, look into Hosted Quickbooks.
Vero Beach small business accountants are offering software that keeps your data secure
The safest and most secure way to process your data and ensure uninterrupted access to it check out outsourced bookkeeping services available at KNEG CPAs.
Small Business Accounting Firm - Everything You Must Know Vero Beach
Contact KNEG CPAs in Vero Beach so you can focus on other core activities that generate revenue, grow your business and improve customer satisfaction.
How your small business can save money by hiring a professional accountant in Vero Beach, FL
A professional small business accountant should not be viewed as an unnecessary expense, but should rather be seen as a necessary investment in the company.
What Does an Accounting Firm Do For Your Business?
If you are thinking about hiring an accounting firm to help your company succeed, you may wonder what exactly an accountant does for clients. Learn more here.
5 things to know about estate planning
Many of us believe we must be rich to need an estate plan. We shouldn’t let the term "estate plan" fool us into thinking we can skip doing some basic planning.
Vero Beach QuickBooks hosting by KNEG CPA
If you would like more information about Hosted QuickBooks services please contact KNEG CPAs in Vero Beach, Florida.
The Importance of Using Qualified CPA Services For Estate Tax Planning
Estate planning is a process that is done to minimize tax liability while ensuring that assets are properly distributed after a person’s death.
What should your CPA services include when you’re hiring a forensic accountant?
A forensic accountant can serve an important role in re-building your financial data in a credible way that will allow your business to recover quickly.
Give Your Books a Summer Cleaning
Bookkeeping is essential for any business, but many people fail to keep their books up-to-date and organized over the years. The time to do it is now.
Vero Beach auditing services are about more than uncovering fraud
When seeking out auditing services in Vero Beach, it is advised that you take the time to discuss your business and its nature with professionals on the market.