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2015 Year-End Tax Planning Letter
At this point in 2015, with the end of the year and the income tax filing deadline on the horizon, tax planning presents more of a challenge than usual. So far, Congress has passed minimal tax legislation. However, the Senate Finance Committee at the end of July approved a two-year extension of the tax provisions…
2014 Year-End Tax Planning Letter
The country’s taxpayers are facing more uncertainty than usual as they approach the 2014 tax season. They may feel trapped in limbo while Congress is preoccupied with the November midterm election and its results – leaving legislation that could alter the current tax picture up in the air. Since the DC lawmakers are unlikely to…
Intermediate QuickBooks – Best Practices for Nonprofits – February 2014
Following up on his morning workshop on QuickBooks fundamentals for new users, Partner Ian Shuman spent the afternoon reviewing more sophisticated QuickBooks best practices including: Common QuickBooks Errors Budgeting Using Classes and Jobs Functional Classification of Expenses Expense Allocations Recording Restricted P&L Activity Presentation of Net Assets
Tax Considerations for Maryland Attorneys Who Become Partners
In addition to the many professional and personal requirements that come with achieving partner status, the individual federal, Maryland, and other state tax requirements and filings will now require additional time and attention. It becomes the responsibility of each partner to report his/her share of income and pay his/her corresponding federal, Maryland and other state…
2013 Year-End Tax Planning Letter
Tax planning is inherently complex, with the most powerful tax strategies often relying as much on clairvoyance as they do calculations. As 2013 begins to wind down, the need for a crystal ball lessens, and the ability to strategize with more certainty is upon us. This developing certainty provides us with an opportunity to better…
Intermediate QuickBooks – Best Practices for Nonprofits – October 2015
Following up on his morning workshop on QuickBooks fundamentals for new users, Partner Ian Shuman spent the afternoon reviewing more sophisticated QuickBooks best practices including: Budgeting Using Classes and Jobs Functional Classification of Expenses Expense Allocations Some Internal Control Considerations Recording Restricted P&L Activity Common QuickBooks Errors The presentation was hosted by the Center for…
Calculating Indirect Rates for Nonprofits
Gelman, Rosenberg & Freedman Audit Partner Bob Albrecht, CPA, addresses the importance of indirect cost rates for various areas of nonprofit management and how to calculate them. Topics include: How to choose the right rate for your organization Preparation of rates in accordance with OMB Circulars A-122, A-121 and A-87 Establishment and approval of rates…
2012 Year-End Tax Planning Letter
The taxes implemented by the affordable care act and the expiration of many current tax cuts bring a great deal of uncertainty to this tax season. Gelman, Rosenberg & Freedman’s 2012 Year-End Tax Planning Letter provides advice on how to manage your tax situation in light of these uncertainties and how to take advantage of…
I Have to Report That, Right?
Gelman, Rosenberg & Freedman Nonprofit Tax Principal Richard Locastro, CPA, JD spoke at the American Institute of Certified Public Accountant’s Not-For-Profit Industry Conference on reporting rules for payroll, Form 1099 and other nonprofit transactions. Listen to his presentation here. The IRS reporting requirements of an not-for-profit’s many transactions can be confusing and overwhelming. Failure to…
Examining the Layers of Lobbying Tax Regulation
Gelman, Rosenberg & Freedman Nonprofit Tax Principals, Stephen Kelin and Richard Locastro, and Harmon, Curran, Spielberg + Eisenberg Attorney Elizabeth Kingsley navigate the legal requirements to maintain tax‐exempt status and explain the necessary filing requirements under the Lobbying Disclosure Act and IRS Forms 990 and 1120‐POL. You can also listen to the presentation here. In addition to…
2011 Form 990-EZ
Nonprofit Tax Principal Stephen J. Kelin presents an overview of tax filing requirements for nonprofits and goes into detail about the schedules that make up the Form 990-EZ. Topics include: Interested Persons Net Assets Grants and Loans Unrelated Business Income Political intervention and Lobbying Fundraising Activities Required and Voluntary Disclosures