Protect your peace of mind with a trust protector
August 13, 2018
A trust protector is to a trustee what a corporate board of directors is to a CEO. The protector oversees the trustee and weighs in on critical decisions.
The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible
August 13, 2018
Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement, but a rules change may alter your 2018 strategy.
Steering your nonprofit through its growth stage
August 13, 2018
To maintain growth for your nonprofit organization, you’ll need to diversify revenue sources, manage cash flow and develop solid budgets. We can help you.
Choosing the right accounting method for tax purposes
August 13, 2018
The TCJA liberalized eligibility rules for using the cash method of accounting, making this method available to more businesses. Is it the right option for you?
Provide for family members with special needs using an SNT
August 6, 2018
A Supplemental Needs Trust allows you to enhance a family member’s quality of life without jeopardizing his or her eligibility for government benefits.
Do you still need to worry about the AMT?
August 6, 2018
Now is the time to assess your individual alternative minimum tax risk and see if there are any steps you can take to minimize or avoid the AMT impact.
Update your nonprofit’s social media policy
August 6, 2018
A social media policy helps ensure that online accounts promote and enhance — not damage — your nonprofit’s reputation and fundraising efforts.
An FLP can save tax in a family business succession
August 6, 2018
A family limited partnership (FLP) can help owners enjoy the tax benefits of gradually transferring ownership yet allow them to retain control of the business.
Have you made your burial wishes clear?
July 30, 2018
Failure to clearly communicate your final wishes regarding the disposition of your remains can lead to tension, disputes & even litigation among family members.
Why nonprofits might want to revisit the Donor Bill of Rights
Revisiting the 25-year-old Donor's Bill of Rights list’s basic principles can help you build solid relationships with donors — and even boost fundraising.
Do you qualify for the home office deduction?
Under the TCJA, employees can no longer claim the home office deduction. There are, however, some situations that may still make it available to you. Read more.
Double duty giving with charitable gift annuities
Doing estate planning? A charitable gift annuity can combine the benefits of an immediate income tax deduction and a lifetime income stream.
3 traditional midyear tax planning strategies for individuals that hold up post-TCJA
With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act means taxpayers need to revisit their tax planning strategies.
How private foundations can avoid accusations of self-dealing
IRS rules governing private foundations are complicated, which is why your foundation needs to write and follow a detailed conflict-of-interest policy.
Business deductions for meal, vehicle and travel expenses: Document, document, document
Meal, vehicle and travel expenses are common deductions for businesses, but if not properly documented, you could find your deductions denied by the IRS.
21st century estate planning accounts for digital assets
Digital assets are just as important to include in your estate plan as your material assets. Do you have a plan for online financial, email & social accounts?
What you can deduct when volunteering
While donations of time or services aren’t deductible, you potentially can deduct out-of-pocket costs associated with your volunteer work. Learn more.
When it comes to revenue, nonprofits need to think like auditors
You can use the same accounting methods used by auditors to record revenues and perform a detailed analysis to learn about your organization’s revenue profile.
Close-up on the new QBI deduction’s wage limit
The TCJA provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI).
Home green home: Save tax by saving energy
To reap all three benefits of "going green", you need to buy and install certain types of renewable energy equipment in the home.
Basis consistency rules may come into play if you’re administering an estate or inheriting property
A tax change prohibits the income tax basis of inherited property from exceeding the property’s fair market value (FMV) for estate tax purposes. Learn more.
Data analytics can help solve your nonprofit’s biggest challenges
Data analytics is a type of business intelligence is already considered invaluable in the for-profit world. But it can be just as useful to nonprofits.
How to avoid getting hit with payroll tax penalties
For small businesses, managing payroll and keeping up with the latest tax rules can be one of the most arduous tasks. Are things slipping through the cracks?
The BDIT: A trust with a twist
The beneficiary defective inheritor’s trust (BDIT) allows you to enjoy the benefits of a traditional trust without giving up control over your property.
Does your business have to begin collecting sales tax on all out-of-state online sales?
For businesses with out-of-state online sales not collecting sales tax from out-of-state customers, a Supreme Court ruling brings many questions and concerns.
A SLAT offers estate planning benefits and…
A SLAT is an irrevocable trust that authorizes the trustee to make distributions to your spouse if a need arises. Here are some risks and rewads to consider.
Do you know the ABCs of HSAs, FSAs and HRAs?
If you have one of these health care accounts, it’s important to understand the applicable rules so you can get the maximum benefit from it.
Should your nonprofit hold virtual board meetings?
Your not-for-profit’s board of directors meetings don’t always need to be performed up-close and personal in the same room. Have you held web meetings?
Choosing the best business entity structure post-TCJA
There’s no one-size-fits-all answer when deciding how to structure a business. The best choice depends on your unique situation and that of your business.
Fortify your estate plan against undue influence claims
It’s possible your will could be contested and your true intentions defeated if someone is found to have exerted “undue influence” over your decisions.
Consider the tax advantages of investing in qualified small business stock
Finding ways to defer or minimize taxes on investments is important. One way to do that is to invest in qualified small business (QSB) stock.
2018 Q3 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 third quarter of 2018. Make sure you're getting ready!
Naming a minor as beneficiary of a life insurance policy or retirement plan can lead to unintended outcomes
While making your young child a beneficiary may seem like an excellent way to provide in the case of your untimely death, it can have undesirable consequences.
Make the most of your fundraising with simple metrics
The amount of money your not-for-profit raises in fundraising campaigns can be measured using two metrics: Cost ratio and return on investment (ROI).
2 tax law changes that may affect your business’s 401(k) plan
Due to the Tax Cuts and Jobs Act (TCJA), there are a couple of recent tax law changes that you need to be aware of if your business sponsors a 401(k) plan.
The tax impact of the TCJA on estate planning
The TCJA made major changes to gift and estate taxes, significantly reducing the number of taxpayers who’ll be subject to them, at least in the short term.
The pros and cons of a SCIN
Some estate planning techniques have a significant drawback: mortality risk. A self-canceling installment note (SCIN) eliminates that, but is it right for you?
Factor in state and local taxes when deciding where to live in retirement
Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision.
3 steps to a more ethical organization
To ensure your supporters and community understand your nonprofit organization’s values and the policies that uphold them, a formal code of ethics is essential.
What businesses need to know about the tax treatment of bitcoin and other virtual currencies
Some businesses are accepting cryptocurrency from their customers as payment and even for employee payroll. What are the tax consequences of these transactions?
Use the proper tools to fix a broken trust
If you have trusts in need of repair, you may have several tools at your disposal, depending on law in the state where you live and where the trust is located.
Saving tax on restricted stock awards with the Sec. 83(b) election
Tax planning for restricted stock is complicated, but your restricted stock awards may have a tax-saving opportunity in the form of the Section 83(b) election.
Financial sustainability and your nonprofit
If your nonprofit hopes to serve its community many years into the future, you need to think about financial sustainability now.
Putting your child on your business’s payroll for the summer may make more tax sense than ever
If you own a business and have a child in high school or college, hiring him or her for the summer can make more sense than ever due to changes under the TCJA.
The TCJA changes some rules for deducting pass-through business losses
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
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
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?
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?
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
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?
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.
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.
Do you need to adjust your withholding?
If you rely solely on the new withholding tables, you could run the risk of underwithholding your federal income taxes, which may lead to a higher tax bill.
3 Ideas for recruiting nonprofit volunteers
Finding new volunteers can be time-consuming, and volunteer searches aren’t always successful. Here are three recruitment ideas that can help.
IRS Audit Techniques Guides provide clues to what may come up if your business is audited
IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners.
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.