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By David J. Manbeck and Donna M. Mullin For years, nonprofits have operated under relatively stable financial reporting and taxability rules. Then came an upheaval. Accounting standards changed. So did tax laws. In this new age, nonprofits can seize the opportunity to align financial policies with their missions. Leveraging the changes precipitated by The Financial […]

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Got deductions? TCJA and the 20% deduction for qualified business income

11-27-2018

by Jay A. Goldman One major component of the new federal tax law that impacts most pass-through entities – such as S Corporations and LLCs – is the 20 percent deduction for qualified business income (QBI). Also known as Section 199A, this provision in the Tax Cuts and Jobs Act was an attempt to level […]

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by Edward R. Jenkins With the ending in September of an IRS program that allowed individuals with unreported offshore assets to report the holdings in return for reduced penalties, pressure is mounting on taxpayers with undisclosed foreign accounts. For those who can prove they were not willfully noncompliant in not reporting, the IRS still offers […]

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by Theresa A. Kane, Director of Insurance Services Unfortunately, news reports about employee theft and embezzlement are becoming more common. Making matters worse, in many cases, the culprits are long-time employees, who’s equally long-standing pilferage is discovered by accident. In one case, an employee opens the mail because the office manager is busy and sees […]

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by Romulus C. Comly   In its ongoing effort to increase transparency, the Governmental Accounting Standards Board (GASB) earlier this year said that the interest cost incurred before the end of a construction period should be recognized as an expense in the reporting period it occurs. GASB 89 specifically impacts the reporting for construction borrowing […]

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To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17. If you don’t have an employer withholding tax from your pay, you likely […]

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