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22Jan 2018 by Fred Crooks No Comments

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…

10Feb 2017 by William Simi No Comments

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…

01Oct 2014 by Fred Crooks

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…

19Feb 2014 by Fred Crooks

Principle 3: Conflicts of Interest

Non Profit Principles: Steering You in the Right Direction

A charitable organization should implement policies and procedures to ensure that all conflicts of interest or the appearance thereof, within the organization as well as the board are managed with disclosure and recusal. All conflicts of interest need to be addressed cautiously and quickly resolved even though they may not be illegal or unethical. Yet these are still unavoidable. Strategies need to be intact and followed by the board when dealing with such conflicts. It is also important to make certain that only independent board members vote when a conflict of interest occurs (more information on Principle 12). On the opposite side, board members with material conflict of interest must recuse themselves from such board discussions as well as votes. It is crucial that a written conflict- of- interest policy…

24Jan 2014 by William Simi

Principle 1: Laws and Regulations for Non Profit Organizations

Non Profit Principles: Steering You in the Right Direction

A charitable organization must comply with all applicable federal laws and regulations, as well as applicable laws and regulations of the states and the local jurisdictions in which it is based and operates. If the organization conducts programs outside of the United States, it must also abide by applicable international laws, regulations and conventions that are legally binding on the United States. The board must be familiar with the hierarchy of laws and the legal framework within which the organizations functions. Making certain that the governing body of your organization is aware of new and updated laws is crucial. Laws are often advanced or added annually; therefore those individuals need to be aware of all legalities pertaining to the organization. LEGAL AND COMPLIANCE ISSUES -Non-profits are covered under federal, state,…

Tag: Compliance