IRS Requires Tax-Exempt Organizations to File Forms Electronically

Many tax-exempt organizations have filed their 990 series forms electronically for several years. Some smaller organizations are still submitting their 990, 990-EZ or 990-PF in paper form to the Internal Revenue Service (IRS).

2020-03-17T11:48:30-04:00December 23, 2019|Categories: Not-for-Profit|Tags: , , |

Nonprofits Subject to High Tax Over Executive Compensation

The tax reform bill of 2017 brought changes to the deductible amount from a for-profit company and now nonprofit executive’s compensation deductions are changing, too. Code section 4960 further explains the 21% excise tax on the amount of compensation paid by an applicable tax-exempt organization, ATEO.

2019-12-03T14:21:12-05:00November 1, 2019|Categories: Not-for-Profit|Tags: , |

Are Nonprofits Required to Pay Taxes for Employee Parking?

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.

2019-03-19T14:50:42-04:00February 22, 2019|Categories: Accounting, Not-for-Profit|Tags: , , |

Does My Rental Real Estate Qualify for the Section 199A (QBI) Deduction?

On Friday, January 18, 2019, the Treasury Department issued Final Regulations for 199A and IRS Notice 2019-07, which provided a safe harbor for rental real estate enterprises.  Rental activities that meet each of the following tests can be considered Section 162 trades or businesses for purposes of Section 199A, and are thus eligible for the 20 percent deduction.

2019-03-19T15:45:32-04:00January 21, 2019|Categories: Accounting, Tax: Business|Tags: , , , |

Virginia Tax Conformity and Its Impact on 2018 Filings

Every year, passing tax conformity legislation in the General Assembly is an important issue for Virginia taxpayers, and failure to pass conformity early in the legislative session can cause severe disruption and delay in filing returns and receiving timely refunds.

2019-02-28T21:17:05-05:00January 21, 2019|Categories: Tax: Business, Tax: Individual, Tax: State & Local|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there was no need to break out meals and entertainment, as they were both 50 percent deductible; however, the new law repealed all deductions for entertainment, amusement, and recreation, regardless of whether they have a business purpose.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: , , , |

The Ins and Outs of Opportunity Zones

The Tax Cuts and Jobs Act has provided a host of new regulations aimed at spurring economic development. One of those provisions that has flown under the radar throughout 2018 is the newly established qualified opportunity zones (O-Zones). The Department of Treasury recently released the long-awaited proposed regulations that help provide a level of clarity to ease investor uncertainties.

2018-11-07T16:45:19-05:00November 2, 2018|Categories: Consulting, Tax: Credits & Incentives|Tags: , , |

529 Savings Plan Benefits Change for the Better

With the passage of the Tax Cuts and Jobs Act, the benefits of 529 savings plans have changed for the better! The IRS code 529 was modified to specifically include “enrollment or attendance at an elementary or secondary public, private, or religious school” so now parents who have 529 plans, and whose kids are still young, don’t have to pay for the education expenses directly.

2018-09-25T15:30:11-04:00September 20, 2018|Categories: Tax: Individual|Tags: , |

How Does the Tax Law Change the Menu for the Sandwich Generation?

Adults caring for aging parents while raising children or supporting a grown child are often referred to as the sandwich generation. The Tax Cuts and Jobs Act changed the options available to those in the middle of the sandwich, but the good news is that there are still tax benefits available to those caring for young children, elderly parents, or other dependents.

2018-09-25T15:21:02-04:00September 18, 2018|Categories: Tax: Individual|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, [...]