If your 401(k) plan document was created before 2014, chances are the document is outdated. The IRS allows you to “tack-on” amendments to your existing document but may decide it is time to restate your entire plan document whether you think it needs it or not.
Under the Tax Cut & Jobs Act, nonprofits are required to allocate parking expenses provided to employees and report unrelated business taxable income (UBTI) on the transportation fringe benefit. Learn about the four-step process used to determine the amount of employee related parking expenses subject to UBTI.
With a threshold of $11 million per person, the estate tax has become a concern mostly for the very wealthy. While most of us don’t need to think about an estate tax when we die, there is still plenty of estate planning to be done, whether it is more financial, practical, or logistical in nature.
Many businesses find themselves purchasing a significant amount of supplies and equipment online. However, chances are your business does not have a policy in place to identify online purchases where sales tax has not been paid at the time of purchase and remits use tax on these items.
Nonprofit organizations use solicitation materials, fundraising events, marketing brochures, etc. to influence others to choose to donate to their organization versus a different one. Once a donor decides to make a promise to give or a pledge to a nonprofit organization, many times the form the donor sees may or may not mirror the information in the marketing materials that was used to influence their decision in the first place.
Was your rate structure used to allocate indirect costs to your products or services established to satisfy your accounting software? Was it dictated by your customer? Did you set it up because you thought that is what was needed to win contracts? Did you get it from a book or seminar, or even Google? If you answered “yes” to any of these questions, you need to read further.
Guidance issued from the IRS on December 10, 2018 provides examples of ways to identify and calculate non-deductible parking expenses including a four-step process when taxpayers and tax-exempt organizations own or lease parking facilities. This guidance allows for any reasonable method in calculating the non-deductible expenses.