31 07, 2023

Exclusion for Gain on Sale of Primary Residence

By |2023-07-31T13:53:43-04:00July 31st, 2023|Articles, Business Taxation, Individual Taxation|0 Comments

In order to exclude the gain on the sale of your primary residence from your taxable income, you must pass two tests: ownership and use. Click for examples and to learn more about the requirements.

31 07, 2023

Responsibilities of the Board of Directors

By |2023-07-31T13:28:59-04:00July 31st, 2023|Articles, Not For Profit|0 Comments

A Board of Directors is legally responsible for the operation of the nonprofit organization for which it serves. In fact, individual members can be held personally liable for improper conduct if they breach their duties. Learn more.

29 06, 2023

Shareholder loans – What you need to know to avoid reclassification to equity

By |2023-06-29T21:27:04-04:00June 29th, 2023|Articles, Business Taxation|0 Comments

Loans are an integral part of most businesses.  However, when loans are received from shareholders of the business, additional considerations must be made.  Failing to do so can result in reclassifications that can prove costly when filing annual tax returns. Learn more.

29 06, 2023

Gambling and Taxes

By |2023-06-30T10:53:25-04:00June 29th, 2023|Articles, Individual Taxation, State and Local Tax|0 Comments

The United States is currently experiencing a gambling boom.  As gambling expands across the U.S. in the form of casinos, sports betting, fantasy sports leagues, lotteries and more, it’s important to understand the income tax implications of gambling winnings and losses. Find out more.

27 06, 2023

Is Your Non-Profit Ready for a Year-End Audit?

By |2023-06-27T16:18:49-04:00June 27th, 2023|Articles, Not For Profit|0 Comments

There are several things you can do to ensure your non-profit is audit ready. It’s important to have tight internal accounting controls, organized financial processes and timely month-end closing and review of your financial statements. Find out more.

27 06, 2023

New Leasing Standard: What do Nonprofits Need to Know?

By |2023-06-29T11:34:45-04:00June 27th, 2023|Articles, Not For Profit|0 Comments

As leasing standards transition from ASC 840 to ASC 842, the Financial Accounting Standards Board has outlined an implementation plan for the rollout. The new standard is now effective for all organizations with financial statement years beginning after December 15, 2021. Read more.

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