Articles

Who Knows about Your Nonprofit? Social Media and Internet Sites are Watching!

A public charity status brings with it many benefits for your nonprofit. However, you may not realize that your public charity status allows your nonprofit’s information to be available to the public.  Many donors are researching nonprofits before donating to ensure their investment will have the greatest impact. Many social media and internet sites [...]

By | March 10th, 2017|Articles, Not For Profit|0 Comments

Payroll Risks for Nonprofits

Payroll costs, including salaries, benefits, and taxes are often the largest expense incurred by nonprofits. Yet many nonprofits do not see payroll as high risk for fraud, non-compliance, or errors.  Here are a few areas you need to think about as you evaluate your payroll processes and review your payroll.  Personnel files must include [...]

By | March 10th, 2017|Articles, Not For Profit|0 Comments

Role of Board Treasurer in a Nonprofit

The expectations and underrated role of a board treasurer for a nonprofit organization vary widely. The treasurer of a nonprofit is usually appointed by the members of that organization’s board, and the position requires financial expertise as well as dedication, time and patience. The duties of the treasurer normally are spelled out in the [...]

By | March 10th, 2017|Articles, Not For Profit|0 Comments

What’s Taxable to an S Corporation Shareholder?

S corporation shareholders have extra reason to worry about their company’s annual performance: It has a direct impact on their own income taxes. How It Works Unlike a regular C corporation, an S corporation usually doesn’t pay federal income taxes itself. Instead, each shareholder is allocated a portion of the corporate income, loss, deductions, [...]

By | March 9th, 2017|Articles, Business Taxation|0 Comments

The Rental Route

Buy or lease property? It’s a decision many small businesses face. Owning real estate certainly can have advantages, including the opportunity to build equity. But many small businesses in need of space choose the rental route instead. Cash Flow Considerations By leasing, a company can avoid taking on debt to acquire a property. Less [...]

By | March 9th, 2017|Articles, Manufacturing|0 Comments

2017 Tax Rate Schedule

Click here for a schedule of selected tax rates applicable for the 2016 and 2017 tax years. These include payroll tax rates and local property tax rates. The tax rate schedule also provides the social security earnings thresholds for determining how much income you can earn each year before losing any social security benefits you are due to [...]

By | January 27th, 2017|Articles|0 Comments

IRS Reduces Standard Mileage Rates for 2017

The IRS has announced decreases in the standard mileage rates that taxpayers will use for calculating business, medical, and moving expenses in 2017. Use of the standard mileage rate is a popular alternative to using the actual expense method, which requires taxpayers to keep track of specific costs for maintenance, repairs, tires, gas, oil, [...]

By | January 27th, 2017|Articles, Business Taxation, Manufacturing, Not For Profit|0 Comments

2017 Social Security Wage Base and Retirement Plan Contribution Limits

The Social Security Administration and the IRS have announced the cost-of-living adjustments that apply to the Social Security tax and retirement plan contribution limits for 2017. The most notable increase affects Social Security taxes. Social Security Wage Base Wages and self-employment compensation are subject to a 6.2% Social Security tax. The tax is payable [...]

By | January 27th, 2017|Articles|0 Comments

Change in Tax Return & Payroll Forms Due Dates

New due dates will apply to returns for tax years beginning after December 31, 2015, except for C corporations with a June 30 year-end. New due dates for these entities will apply for tax years beginning after December 31, 2025. Key changes are summarized below by entity type. Partnership Returns - Form 1065: Accelerated [...]

By | January 27th, 2017|Articles|0 Comments

Self-employed Health Insurance Tax Benefits

Self-employed taxpayers may be able to deduct 100% of their health insurance costs, which can in turn reduce after-tax cost of health coverage. Rules for this deduction include the following: Applies for any calendar month in which you aren't otherwise eligible to participate in any subsidized health plan maintained by any employer of yours or [...]

By | December 17th, 2016|Articles, Business Taxation|0 Comments