Services: Tax Planning and Preparation

Ins and Outs of Private Foundations

The term “501(c)(3) organization” — which refers to the Internal Revenue Code section governing not-for-profit entities — often is used interchangeably with “public charity.” But not all 501(c)(3) organizations are public charities. Some are private foundations, and they’re subject to different tax rules. Individual and Family Charity A private foundation is a 501(c)(3) organization created…

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Current Sales & Use Tax Compliance Troubles and How to Manage Them

Are you subject to the new rules for charging and paying state sales taxes and unsure whether you’re up-to-speed? If complex sales tax regulations leave you scratching your head, you’re not alone. As of 2023, there are over 12,000 state and local tax jurisdictions, each with their own set of regulations that can change quickly….

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Top 5 Tax Tips for Small Business Owners

By Jennifer Galstad-Lee, Senior Manager, Tax Services Small business owners have double-duty during tax season – preparing and filing their own taxes as well as taxes for their small business. With so many demands on their time already, tax season can be cause for dread, but advance planning and organization can make life a little…

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How to Get Started with Estate Planning

How to Get Started with Estate Planning Estate planning isn’t just for the rich and famous. You may have family heirlooms (such as jewelry or artwork) or real property that has sentimental value to certain family members. Wills and trusts can help ensure that your estate is divided up in the way you intended. Here…

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How Long Should You Retain Tax Returns?

Three years is the general rule to retain tax records, including the paper and electronic records that support your tax return like receipts, bank and investment account statements, K-1s, W-2s, and 1099s. But don’t be hasty: failure to keep a paper trail for the information provided on your returns could lead to problems if you’re…

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Meeting Your Organization’s Tax-Filing Obligations

The 2022 tax-filing deadline is fast approaching for many not-for-profit organizations. If you operate on a calendar-year basis, your filing deadline is May 15, 2023. Otherwise, you must file by the 15th day of the fifth month following the close of your nonprofit’s fiscal year. Whichever deadline you’re aiming for, your tax records need to be organized (and, hopefully, by this time turned over to your tax preparer) so you’ll be able to file without any major hiccups.

Should You File for an Extension on Your 2022 Tax Return?

In addition to giving the IRS extra time to work the “bugs” out of the current tax code, filing for an extension can give you extra breathing room. This can come in handy if, for example, you haven’t received all the paperwork (including W-2s, 1099s and K-1s) or finished all the necessary transactions to complete…

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Top 3 Federal Tax Law Changes that Could Affect Your Business Return

Every tax season, business owners must familiarize themselves with federal tax law changes that went into effect for that tax year. Fortunately, businesses don’t have to contend with sweeping changes for 2022. But there are three major ones that could affect business taxpayers as they file 2022 federal income tax returns. 1. Reduced Cap on…

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Update on Deducting Business Meal and Entertainment Expenses

The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you’re confused about what rules currently apply, you’re not alone. Here’s a refresher on what’s currently deductible — and what’s not. TCJA Impact Before the Tax Cuts and Jobs Act (TCJA) went into effect,…

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