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  • Not-for-profit Tax Returns

    Not-for-profit Tax Returns

    Mandatory E-filing for Not-For-Profit Tax Returns and Failure to File Notification By: Chris Anderson, CPA The Taxpayer First Act of 2019, recently signed into law by President Trump, contained 2 important provisions for not-for-profit organizations that are required to file returns in the Form 990 series:  mandatory e-filing for not-for-profit tax returns and notice from the IRS when an organization ... Read MoreRead More »
  • Nonprofit Grants and Contracts Accounting

    Nonprofit Grants and Contracts Accounting

    Revenue Accounting for Nonprofit Grants and Contracts By: Pam Lebold, CPA It has been a year of change for nonprofit organizations.  First, there was ASU 2016-14 that changed the presentation of nonprofit financial statements.  And now, there is ASU 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, which changes the way you may have ... Read MoreRead More »
  • Centralized Audit Regime

    Centralized Audit Regime

    The 2018 tax year ushered in the centralized audit regime, which enacted new IRS protocol for auditing partnerships. The regime was created from the 2015 Bipartisan Budget Act (BBA), which repealed the Tax Equity and Fiscal Responsibility Act (TEFRA) partnership audit procedures that had existed for over three decades. The BBA’s new centralized partnership audit rules are effective for tax years beginning after December 31, 2017.  Read More »
  • Ohio Tax Update

    Ohio Tax Update

    As part of Ohio’s biennial budget, the Ohio House of Representatives passed a bill on May 9, 2019, that contains several provisions which may affect individual and business taxpayers. This Ohio tax update bill has been forwarded to the Ohio Senate for their review.Read More »
  • Lean Accounting Benefits

    Lean Accounting Benefits

    Standard cost accounting doesn’t necessarily work for lean operations. Instead, lean accounting offers a simplified reporting alternative that generates more timely, relevant financial data. But it’s not right for every situation. What’s lean manufacturing? Lean manufacturers strive for continuous improvement and elimination of non-value-added activities. Rather than scheduling workflow from one functional department to another, these manufacturers organize their facilities into cross-functional work groups or cells.  Read More »
  • Ordinary and Necessary Business Expenses

    Ordinary and Necessary Business Expenses

    If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the first sentence of Section 162, which states you can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.”  Read More »
  • Estate Planning For Single Parents

    Estate Planning For Single Parents

    Here’s a fast fact: The percentage of U.S. children who live with an unmarried parent has jumped from 13% in 1968 to 32% in 2017, according to Pew Research Center’s most recent poll. While estate planning for single parents is similar to estate planning for families with two parents, when only one parent is involved, certain aspects demand your special attention.  Read More »
  • Business Vaping Policies

    Business Vaping Policies

    Most employers try to strike a balance between encouraging healthy habits on the part of their employees, and acting as a surrogate nanny. The question of whether or not to allow vaping at work can be a thorny one to tackle. "As sales of e-cigarettes surge, the devices have joined polarizing workplace aggravations like microwaved fish, loud ringtones and reply-to-all messages," according to an article in the Wall Street Journal. Several large employers, including Wal-Mart, Target, Starbucks, UPS and CVS, have banned in-house vaping. In some states (including California, Massachusetts, New Jersey, New York and Vermont) along with dozens of municipalities, the issue has been settled by state legislatures and city councils, which have banned the practice.  Read More »
  • Part Time Employees and 403(b) Plans

    Part Time Employees and 403(b) Plans

    Does your 403(b) plan exclude part-time employees from eligibility to make employee contributions to the plan? If it does, you should be aware of a recent change as to how part-time employees are treated. In general, a 403(b) plan must allow all employees the opportunity to make employee contributions, this concept is known as "universal availability".  However, a plan may elect to exclude from participation part-time employees who normally work fewer than 20 hours per week.  Read More »
  • TCJA Impacts on the Affordable Care Act

    TCJA Impacts on the Affordable Care Act

    With the many changes in the tax laws over the past year, especially with the Tax Cuts and Jobs Act passed in December 2017, there have been questions about its impact on the Affordable Care Act for the 2018 year. Specifically, questions have arisen as to how these changes may affect the filing of forms 1095-C and 1095-B which are normally prepared and provided to taxpayers this time of the year. What follows is a quick summary of where things are at with the ACA, and the related filing requirements for 2018.  Read More »
  • Business Real Estate Depreciation-related Breaks

    Business Real Estate Depreciation-related Breaks

    Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments.  Read More »
  • Taking the CPA Exam

    Taking the CPA Exam

    When I graduated college, I knew I wanted to get my CPA license and that I had to pass the four sections of the CPA exam to get it. But what does obtaining your CPA license entail? Here is some information that I have collected that you may want to know before starting the process of getting your own CPA license  Read More »
  • Small Business Relief for Tax Accounting Methods

    Small Business Relief for Tax Accounting Methods

    The Tax Cuts & Jobs Act (TCJA) has provided relief to certain “small business taxpayers” with less than $25 million in average gross receipts (over the past three tax years) to utilize the cash method of accounting, to no longer account for inventories, and to be exempt from the uniform capitalization (UNICAP) provisions which require certain costs relating to inventories to be capitalized.  Read More »
  • Impacts of New Tax Laws for Individuals

    Impacts of New Tax Laws for Individuals

    Significant TCJA provisions impacting individual taxpayers - Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of 2017, likely will have a major impact on your 2018 taxes, it’s a good time to review the most significant provisions impacting individual taxpayers.  Read More »
  • A Letter from Matt Maloney

    A Letter from Matt Maloney

    More than fifteen years ago, I had the good fortune to be elected as Managing Shareholder of Hausser + Taylor, which we now all know as Maloney + Novotny. It has been my privilege to serve you for the past 15 years. I deeply appreciate the support I have received in this important role, and hope that I have been worthy of your trust.Read More »
  • Religious Congregation Financial Strategies

    Religious Congregation Financial Strategies

    Churches, synagogues, mosques and other religious congregations aren’t required to file tax returns, so they might not regularly hire independent accountants. But regardless of size, religious organizations often are subject to other requirements, such as paying unrelated business income tax (UBIT) and properly classifying employees.Read More »
  • Tax Planning for the End of the Year

    Tax Planning for the End of the Year

    Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider in order to keep your tax bill as low as possible.Read More »
  • Parking Costs as Benefits

    Parking Costs as Benefits

    On December 10, 2018, the IRS issued Notice 2018-99 which provides interim guidance to assist tax-exempt organizations in calculating unrelated business income (“UBI”) from providing parking and other qualified transportation benefits to employees.Read More »
  • Paid Family and Medical Leave

    Paid Family and Medical Leave

    There is a new tax credit called the Employer Credit for Paid Family and Medical Leave available to employers that has been established by the Tax Cuts and Jobs Acts (TCJA). This credit is available for the 2018 and 2019 tax years after which it will expire, absent any legislative action to extend it.Read More »
  • Qualified Charitable Distribution

    Qualified Charitable Distribution

    The basics of a Qualified Charitable Distribution are as follows: The distribution is made directly to a qualified charity on or after the individual has reached age 70 ½.  Up to $100,000 per year can be donated to a charity and be excluded from income. The QCD counts toward the individual’s annual RMD requirement.Read More »
  • Assessing Audit Risk

    Assessing Audit Risk

    How Auditors Assess Audit Risk When Preparing Financial Statements Every year, your audit firm will conduct a fresh audit risk assessment before the start of fieldwork. Why? Because your auditor wants to mitigate the risk of expressing an incorrect opinion regarding the accuracy and integrity of the company’s financial statements. Inadvertently signing off on financial statements that contain material misstatements can open a Pandora’s box of risks — from shareholder lawsuits to increased regulatory oversight  Read More »
  • Donating Appreciated Stock

    Donating Appreciated Stock

    Donate Stock Which Has Appreciated For Twice the Tax Benefits A tried-and-true year-end tax strategy is to make charitable donations. As long as you itemize, and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate appreciated stock instead of cash?  Read More »
  • Reviewing Business Expenses

    Reviewing Business Expenses

    End of Year is the time to review your business expenses As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be sure to evaluate the impact of the Tax Cuts and Jobs Act (TCJA), which reduces or eliminates many deductions. In some cases, it may be necessary or desirable to change your expense and reimbursement policies.  Read More »
  • Facing a Data Breach

    Facing a Data Breach

    We are undoubtedly living in an age of immense data. Our daily interactions have shifted online, business and personal, and leave behind a data trail wherever we go. The most common data left behind has the ability to compromise system security, confidentiality or integrity. If this information is obtained through an unlawful or unauthorized process it is often referred to as a “data breach”. Businesses must obtain a thorough understanding of how a breach can occur, the cost of a breach and how to prepare in order to ensure the overall information security framework addresses these issues.  Read More »
  • Notice 2018-67 Guidance On Code Section 512(a)(6)

    Notice 2018-67 Guidance On Code Section 512(a)(6)

    The IRS released Notice 2018-67 last week to provide interim guidance on newly-enacted Code Section 512(a)(6) which requires tax-exempt organizations to compute unrelated business income (UBI) separately for each unrelated trade or business.  This provision is generally effective for tax years beginning after December 31, 2017.  Previously, organizations were permitted to combine the income and loss from all unrelated activities and pay tax on the combined net income (or realize an overall loss) from all activities.  Read More »
  • Tax Filing Deadlines 3Q 2018

    Tax Filing Deadlines 3Q 2018

    Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional tax filing deadlines that apply to you.Read More »
  • Tax Law Changes and Your 401(k) Plan

    Tax Law Changes and Your 401(k) Plan

    When you think about recent tax law changes and your business, you’re probably thinking about the new 20% pass-through deduction for qualified business income or the enhancements to depreciation-related breaks. Or you may be contemplating the reduction or elimination of certain business expense deductions. But there are also a couple of recent tax law changes that you need to be aware of if your business sponsors a 401(k) plan.Read More »
  • Charitable Giving Post TCJA

    Charitable Giving Post TCJA

    Learn how the charitable deduction was affected by the new tax laws By Brianna Trivelli After the Tax Cuts and Jobs Act (TCJA) was passed, the charitable deduction was maintained with few changes. However, other provisions of the act affect the utilization of this deduction and changes tax planning for charitable giving. Standard Deduction vs. Itemized Deduction One of the ... Read MoreRead More »
  • Tax Withholding Strategies

    Tax Withholding Strategies

    If you received a large tax refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan.Read More »
  • Blockchain May Soon Drive Business Worldwide

    Blockchain May Soon Drive Business Worldwide

    What You Need To Know About Blockchain “Blockchain” may sound like something that goes on a vehicle’s tires in icy weather or that perhaps is part of that vehicle’s engine. Indeed, it is a type of technology that may help drive business worldwide at some point soon — but digitally, not physically. No matter what your industry, now’s a good ... Read MoreRead More »