The CARES Act contains several provisions that are applicable to not-for-profit organizations. The process for obtaining available relief will largely depend on your tax classification under Section 501(a) of the Internal Revenue Code (the Code). For 501(c)(3) and 501(c)(19) organizations with 500 or fewer employees, including full-time and part-time employees, that have been in existence […]
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CARES Act – Small Business Relief
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep their workers employed during the COVID-19 pandemic and economic downturn. The Paycheck Protection Program provides 100% federally guaranteed loans to small businesses. These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their […]
Families First Coronavirus Relief Act Update!
Congress has passed, and President Trump signed into law on March 18, 2020, the Families First Coronavirus Response Act (FFCRA). The FFCRA provides for three sections that likely will be of particular interest for employers (both for-profit and not-for-profit organizations alike): (1) Emergency Family and Medical Leave Act Expansion, (2) Emergency Paid Sick Leave, and […]
CARES Act – Stimulus Calculator
This calculator helps a taxpayer calculate the amount of stimulus rebate expected to be received per the provisions contained in the Coronavirus Aid Relief and Economic Security (CARES) Act. For ideas on how this will affect you, click here to access the CARES Act Stimulus Calculator. […]
COVID-19 – Grant and Loan Programs with Links
There are multiple options being offered right now to help for-profit and not-for-profit organizations during this difficult time. How do you know what is best for you? Please feel free to reach out to our team with questions. In the meantime, below are some options for you to consider: Tallahassee-Leon County Office of Economic […]
IRS Will Now Accept Email and Digital Signatures
Effective immediately, the IRS will begin to temporarily accept images of signatures (scanned or photographed) and digital signatures on documents related to the determination of collection of tax liability. This has been put in place to help taxpayers and the tax professional community during the COVID-19 pandemic. Additionally, IRS employees are now being allowed to […]
April 15th Tax Deadline – Updated Information re: COVID-19!
To our clients and friends, Tax guidance continues to change as the Treasury Department and IRS work to do their part in providing taxpayers relief in response to the COVID-19 pandemic. Last Friday, we sent an update regarding income tax payment relief provided by the IRS via IRS Notice 2020-17. Following that communication, the IRS […]
Standard and Itemized Deductions: Which One Is for You?
When filing your taxes, you may struggle to determine whether you should choose to use the standard deduction or itemize your deduction. Finding the solution to this is very important as deductions reduce the amount of taxable income when filing your federal income tax return. Basically, deductions can reduce the amount of taxes you owe. […]
No More Parking Taxes for Not-For-Profits!
The Tax Cuts and Jobs Act enacted in 2017 imposed a parking tax under I.R.C. Section 512(a)(7). This parking tax has been retroactively repealed under the Taxpayer Certainty and Disaster Tax Relief Act signed into law on December 20, 2019. This Act retroactively repeals for tax-exempt organizations the unrelated business income tax on disallowed fringe […]
Deductions Eliminated by the Tax Cuts and Jobs Act
Although the 2018 Tax Cuts and Jobs Act provided some new tax breaks, it also erased many deductions that you may have routinely claimed. The following eliminated deductions are scheduled to remain through 2025, pending congressional action. Home Equity Loan Interest. According to the new tax law, the deduction for home equity interest from 2018 […]
Deductions Eliminated by the Tax Cuts and Jobs Act
Although the 2018 Tax Cuts and Jobs Act provided some new tax breaks, it also erased many deductions that you may have routinely claimed. The following eliminated deductions are scheduled to remain through 2025, pending congressional action. Home Equity Loan Interest. According to the new tax law, the deduction for home equity interest from 2018 […]
What is a Tax Checkup and Why Does Your Organization Need One?
Over time an organization, as well as related tax and case laws, can change significantly. These changes, although subtle on a year-by-year basis, can considerably alter the tax exposure of your exempt entity. A comprehensive tax “checkup” serves as a diagnostic tool to help identify tax exposure areas and planning strategies. A tax checkup provides […]
Tips on How to Choose a Tax Preparer
It’s that time of year again! Many of you are currently choosing a tax preparer to help file your tax return. If you are filing through a tax preparer, it is very important that you choose your preparer wisely. Ultimately, you are responsible for all of the information on your income tax return, no matter […]
Why Should You Have a Succession Plan?
An often overlooked process for companies is the development of a succession plan. Succession plans are used to address the inevitable changes that occur when business owners, partners or key employees resign, retire, are fired, get sick, or pass away. This strategy for the identification and development of future leaders is necessary to ensure a […]
The Wayfair Decision: What Does it Mean?
In 1967 and 1992, the United States Supreme Court decided cases that formed the operating framework of how states could impose the requirement that a business collect/remit sales tax on behalf of a state. The central theme around this framework was that states could not impose on out-of-state sellers the obligation to collect and remit […]
New Tax Law Allows Small Businesses to Expense More and Expand Bonus Depreciation
Changes to the new tax law means that small business owners can immediately expense more of the cost of certain business property Many are now able to write off most depreciable assets in the year they are placed into service. The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made tax law changes […]
Expanded Tax Relief Provided for Victims of Hurricane Michael
Those affected by Hurricane Michael have until February 28, 2019, to file individual and business tax returns and make certain tax payments. This relief is being offered to any Major Disaster Declaration area designated by the Federal Emergency Management Agency (FEMA) as qualifying for either individual or public assistance. Currently, this includes parts of Florida […]
Things to Remember when Considering Early Withdrawals from Retirement Plans
Many people may need to take out money early from their Individual Retirement Account or retirement plan. Doing so, however, can trigger an additional tax on early withdrawals. You would owe this tax on top of other income tax you may have to pay. Here are a few key points to know: Early withdrawals. An […]
Tax Credits Help Offset Higher Education Costs
If you pay higher for education in 2018 than before, you can see tax savings when you file your tax returns. If you, your spouse, or your dependents take post-high school coursework, you may be eligible for a tax benefit. There are two credits available to help you offset the costs of higher education: the […]
Tips for Taxpayers Who Have to Amend a Tax Return
If you have discovered you made mistakes or omissions on your tax return, you can correct them by filing an amended tax return. If you need to amend, you should remember these tips: File using paper form. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct the tax return. You can’t file amended […]
