Electric Vehicles – Update on Eligible Cars
Since the passing of the Inflation Reduction Act (IRA) of 2022, rules and limitations surrounding the Clean Vehicle Credit have become more complex. Read more about the updates.
Shareholder loans – What you need to know to avoid reclassification to equity
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.
Gambling and Taxes
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.
Is Your Non-Profit Ready for a Year-End Audit?
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.
New Leasing Standard: What do Nonprofits Need to Know?
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.
Nonprofit Deadlines to Remember
There are deadlines that may be applicable to nonprofit organizations with a year-end of June 30, 2023. Read more about deadlines to remember.
Vacation Home Rental Rules
If you own a second home that you are considering renting, you should understand the tax impacts. Click here to learn more.
Hobby or Business?
What started out as a hobby may be a business! Read this article for information to help determine if your hobby is really a business.
Customer Relationship Management Software Platforms for Nonprofits
Does your nonprofit organization think it may be time to purchase customer relationship management software (CRM) to streamline and organize operations? If so, click to keep reading for additional information!
Form 5500 Revision Results in Less Plan Audits to be Performed
Beginning with the 2023 Form 5500 – Annual Return/Report of Employee Benefit Plan, fewer plans will require an audit due to the method for determining when a defined contribution plan (e.g. a 401(k) or 403(b) retirement plan) may file as a small plan being revised. Learn more.