Resources

Giving Back Responsibly: 3 Year-End Tips for Making Charitable Contributions

As the end of the year approaches and the holiday season brings on the spirit of giving, we will all see an uptick in the number of charitable solicitations arriving in our inboxes. And since some charities sell their contributor lists to other charities, frequent contributors may find themselves besieged by requests from unfamiliar organizations.

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Year-End Payroll Checkup: 3 Most Commonly Missed Fringe Benefits on W-2s

With the year soon coming to an end, it’s time to think about year-end tax compliance, including W-2 reporting. While your outside payroll provider can report usual salary and wages without any issues, we often see errors in which employers don’t provide the W-2 preparer with taxable non-cash fringe benefits. Fringe benefits must be computed and included in employees’ wages prior to December 31 in order to allow for the timely withholding and depositing of payroll taxes.

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‘Tis the Season! How Holiday Gifts Can Bring Tax Benefits

As you fill your shopping cart this holiday season you might be wincing at the price tag of some of the presents for your family and friends. But did you know that certain holiday gifts can yield tax benefits? While your online shopping won’t help minimize your taxes, larger gifts can go a long way in bringing you benefits in 2020. Here are a few examples:

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Case Study: How Accounting Services Can Benefit Nonprofit Organizations

Our firm has been a significant resource to nonprofits when they’ve faced an unplanned crisis. When staff responsibilities are stretched thin, it’s vital that financial operations remain uninterrupted. But that’s not always the case, especially when the single team member responsible for accounting activities is unavailable.

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2019 – 2020 Tax Planning Guide

Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning – estimating your tax liability, looking for ways to reduce it and taking timely action. To help you identify strategies that might work for you, we’re pleased to present the 2019 – 2020 Tax Planning Guide.

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The Tax Implications of Master Limited Partnerships

Over the last few decades, Master Limited Partnerships (MLPs) have gone mainstream. But what are MLPs? They are companies structured as partnerships and traded on the stock exchanges. You can buy units of the partnership as easily as you can buy common stock.

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Profit Center Reporting: A Hidden Gem

Profit center reporting is a tool that management can use to review operational profit and loss results for a department, branch, product line, location or activity. It will also provide more meaning to overall profit and loss statements as it allows you to dissect the operational results into meaningful data that can be used in strategic planning.

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The IRS Has Its Eyes on Cryptocurrency

The IRS already knows that many cryptocurrency owners are not reporting or paying taxes on their cryptocurrency transactions. In fact, the IRS recently issued warning letters to over 10,000 taxpayers it suspects might have an under-reporting problem. So, if you own cryptocurrency, please keep reading for important information.

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What You Need to Know About Foreign Account Reporting Requirements

Do you have a financial interest in, signature, or other authority over any foreign financial account? If you do, don’t forget that you’ll need to report that relationship by filing FinCEN Form 114. While the due date for 2018’s report was April 15, 2019, there was an automatic six-month extension to October 15, 2019. If you fail to file you may face harsh penalties.

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