Allocating General and Administrative Costs to Your Advantage

The government cannot dictate the number of indirect rates you have or how you apply them but they can cite you for non-compliance in the allocation of your indirect costs. Learn how best to allocate your costs based on the type of expense.

2019-04-02T20:12:40-04:00April 2, 2019|Categories: Accounting, Government Contracting|Tags: , |

New Revenue Recognition Standards are Now Effective

Everything has changed with FASB’s new revenue recognition standards and it’s time for all remaining organizations to implement the new revenue recognition standards that originated in May 2014.

2019-03-19T14:43:09-04:00March 5, 2019|Categories: Accounting, Not-for-Profit|Tags: , |

Avoid Costly State Use and Sales Tax Mistakes

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.

2019-03-19T15:21:01-04:00February 15, 2019|Categories: Accounting, Tax: Business, Tax: State & Local|Tags: |

Do Fundraising Materials and Pledge Forms Communicate the Same Message?

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.

2019-03-19T15:27:28-04:00February 11, 2019|Categories: Accounting, Not-for-Profit|Tags: , , |

IRS Issues Guidance for Parking Expenses as Qualified Transportation Fringes

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.

2019-03-19T15:31:55-04:00February 5, 2019|Categories: Accounting, Not-for-Profit, Tax: Business|Tags: , |

Benefits and Uses of RPA and Blockchain in Not-for-Profit Organizations

Modern technology has allowed us many advantages in the workplace. However, certain issues such as operational inefficiencies and data breaches are still relatively common among organizations today. There are relatively new technologies available to address such issues – in particular, Robotic Process Automation (RPA) and blockchain.

2019-07-24T20:07:49-04:00December 19, 2018|Categories: Accounting, Not-for-Profit|Tags: , , , |

Business Meals Are Still Deductible

Prior to the enactment of the TCJA, there was no need to break out meals and entertainment, as they were both 50 percent deductible; however, the new law repealed all deductions for entertainment, amusement, and recreation, regardless of whether they have a business purpose. Defining the line between meals and entertainment became critical to determining deductibility but guidance on this was limited. We’ve received some instruction and we have some good news to share!

2018-12-18T21:22:52-05:00December 5, 2018|Categories: Accounting, Tax: Business|Tags: , , |

Meals and Entertainment Deduction – What’s Changed?

The Tax Cuts and Jobs Act (TCJA) made sweeping changes to numerous sections of our tax law. Many new provisions have been widely discussed, [...]

2018-12-21T16:02:09-05:00August 20, 2018|Categories: Accounting, Tax: Business|Tags: , , |

To Itemize, or Not to Itemize: That Is The Question

The largest change to individual tax compliance resulting from the Tax Cuts and Jobs Act affects the calculation of various itemized deductions. Clients and friends have expressed confusion and even repeated some common misconceptions about the changes.

What You Need to Know About the Tax Cuts and Jobs Act

Today, President Trump signed the Tax Cuts and Jobs Act into law. While the House and the Senate originally had measurable differences in their respective [...]

2018-03-29T14:07:38-04:00December 22, 2017|Categories: Accounting, Tax: Business, Tax: Individual|Tags: , |