22Jan 2018 by Fred Crooks No Comments
Tax Reform Changes

Tax Reform Changes

Business Advisory, Compliance, Tax, Uncategorized
Tax Reform Changes - How will they affect you? When you file your 2018 tax returns - about a year from now - your return will look very different.  Here are a few of the biggest changes that may affect you. Individual TaxIndividual tax rates will range from 10% to 37%.Standard deduction increases and personal and dependent exemptions eliminatedThe Child Tax Credit increased and a new Dependent Credit created.Disappearing deductions: Beginning with the 2018 tax year, you will no longer be able to deduct:State income tax and property taxes above $10,000 per year in total;Moving expenses (with an exception for certain military);Employee business expenses such as mileage, travel, entertainment, home office expenses, union dues, tax preparation fees, and investment fees, among others;Mortgage interest beyond interest on $750,000 of acquisition debt (if…
Read More
09Mar 2017 by William Simi No Comments
The impact of Unrelated Business Taxable Income on your nonprofit

The impact of Unrelated Business Taxable Income on your nonprofit

Compliance, Non Profit Principles: Steering You in the Right Direction, Not For Profit, Tax, Uncategorized
As a non-profit organization, you may be used to the idea that most of the income you generate through your organization’s activities is exempt from tax. But as every accountant knows, when it comes to the tax law, there are always exceptions to every exception and exemptions from every exemption. Or should we say exceptions to every exemption. Anyway, you get my meaning. In the case of non-profit organizations one of those exceptions to the general rule of tax exemption is something called “Unrelated Business Taxable Income”. Nonprofit boards and management should be aware that it is out there and that it might be applicable to their organization depending on the kind of activities it carries out. First, let’s get clear on a couple of acronyms that might otherwise be…
Read More
10Feb 2017 by William Simi No Comments
Form 990 – A Necessary Evil or a Great Opportunity?

Form 990 – A Necessary Evil or a Great Opportunity?

Compliance, Not For Profit
It’s true of any organization, of any shape and size; once the year end rolls around, you will have some sort of tax-related filing to deal with. For nonprofits, it can be all too easy to overlook the importance of such filings, viewing it as a necessary evil - a dull and dry “must do” on the end of year checklist. However, one form in particular - the 990 - should be considered a truly great opportunity (more on that later). But first… What is the 990? For those of you unaware, the Form 990 was designed to allow both the IRS and the public to evaluate tax-exempt organizations and how they operate. It collects information about the nonprofit’s mission, programs, and of course finances. And more recently, the 990…
Read More
01Oct 2014 by Fred Crooks
Small Business Identify Theft: Is Your Business in Danger?

Small Business Identify Theft: Is Your Business in Danger?

Compliance
By David Fitkin and Fred Crooks Identity theft is on the rise.  It is now the third most serious crime in our country according to the Federal Bureau of Investigation (FBI).  The federal government is putting pressure on Visa and MasterCard to protect vital cardholder data at the point of sale.  They are doing this by passing this responsibility on to their small business owner clients.  Unfortunately, businesses are not taking this issue seriously because they feel they are too small and “under the radar”. However, just the opposite is the case as over 80% of all data breaches are from small “Mom and Pop” main street businesses.  These businesses do not have the money to hire the IT personnel needed, or purchase the sophisticated software to help protect themselves…
Read More