September 5, 2018
Revenue Recognition for Nonprofits is Changing

Nonprofit accounting has remained fairly stagnant since the 1990’s but that will be changing over the next few years, specifically with how organizations will now be recognizing revenue. In the past, it was looked at on whether it is an exchange (typically grants initiated with the government) or nonexchange (grants or...

There are two higher education tax credits; one is partially refundable, the other is nonrefundable. Be sure to use the right one.
August 23, 2018
Meals and Entertainment Expense Changes for 2018

Are meals and entertainment expenses still deductible under the 2018 tax bill?  The Tax Cuts and Jobs Act (TCJA) brings with it many changes in the taxation of businesses and individuals, including a change in the tax deductibility of meals and entertainment (M&E) expenses. Under the prior law, generally M&E expenses ...

Revocable trusts can be ignored for tax purposes until the grantor dies.
August 20, 2018
Accountable Plans – More Important than Ever

Most employers reimburse their employee business expenses, but did you know that the structure of the reimbursement arrangement can have huge tax consequences. According to the tax rules, the key distinction between a true expense reimbursement and disguised compensation is whether the employer’s payments are made in a...

August 17, 2018
Keep an Eye Out for Extenders Legislation

The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act (TCJA) signed into law last December and the possible “Tax Reform 2.0” that Congress might pass this fall. But for certain individual taxpayers, what happens with “extenders” legislation is also important....

August 16, 2018
Six Ways To Get More Value From Your IT Consultant

IT consultants are many things — experts in their field, champions of the workaround and, generally, the “people persons” of the tech field. But they’re not magicians who, with the wave of a smartphone, can solve any dilemma you throw at them. Here are six ways to get more value from your company’s next IT consultant....

August 10, 2018
Trust is an Essential Building Block of Today’s Websites

When business use of websites began, getting noticed was the name of the game. Remember pop-up ads? Text scrolling up the screen? How about those mesmerizing rotating banners? Yes, there were — and remain — a variety of comical and some would say annoying ways to get visitors’ attention....

August 9, 2018
Is There a Weak Link in Your Supply Chain?

In an increasingly global economy, keeping a close eye on your supply chain is imperative. Even if your company operates only locally or nationally, your suppliers could be affected by wider economic conditions and developments. So, make sure you’re regularly assessing where weak links in your supply chain may lie....

The Tax Cuts and Jobs Act of 2017 is now considering certain fringe benefits for employees given by nonprofits unrelated business income and will need to be reported on the 990T.
- Becky Gibbs, CPA
July 25, 2018
Using SMART Goals in Strategic Planning

Strategic planning is key to ensuring every company’s long-term viability, and goal setting is an indispensable step toward fulfilling those plans. Businesses often don’t accomplish their strategic plans because they’re unable to fully reach the various goals necessary to get there. SMART goals will help get you there....

July 25, 2018
Rethink Choice of Entity

The new tax law makes major changes to the choice of entity decision. Because C corporations are now taxed at a flat rate of 21% (as opposed to a top rate of 35% under prior law), many business owners wonder whether they should structure or restructure their business operations as a C corporation. ...