Charitable Deduction Denied for Failing to Comply With Requirements
The U.S. Tax Court denied a charitable contribution deduction to a taxpayer for non-cash charitable contributions because the taxpayer did not comply with the reporting requirements. Background on the Deduction The Internal Revenue Code allows as a deduction any...
Don’t Jeopardize Your Nonprofit’s Tax-Exempt Status
The tax-exempt status of a 501(c)(3) organization is its lifeblood. Without it, most not-for-profits could not obtain the financial and other support they need to fulfill their mission. That is why you need to protect your exempt status at all costs. Six Violations...
Strategic Tax-Planning Q&As for Construction Businesses
To maximize their tax savings, construction business owners need to plan year-round. Strategic tax planning is about not only knowing which credits and deductions your company can claim, but also minding other important details. Here are some questions to ask yourself...
Poor Planning Can Lead to Double Taxation of Trusts
Different states have different rules for determining whether a trust is a “resident” for income tax purposes. State tax liability can depend on the location of settlors, trustees, or beneficiaries. In some situations, a trust could be liable for taxes in multiple...
Inflation Boosts Federal Gift and Estate Tax Breaks
Inflation is generally bad news. But a favorable side effect is bigger annual inflation adjustments to federal tax breaks. In fact, many federal tax parameters for the 2023 tax year are up about 7% over the amounts for 2022. Here are the details — plus...
Protect Estate Assets from Creditors with a DAPT Trust
When developing an estate plan, you may want to consider setting up trusts for various reasons, including protecting your assets from potential creditors. One way to accomplish this, depending on where you live, may be to set up a Domestic Asset Protection Trust...
Building a Compliance Culture
Ensuring compliance depends on the individual actions of employees. That is why businesses that want to comply with changing laws and regulations should focus on building a compliance culture, where employees understand why compliance matters as well as their roles in...
How to Establish a Whistleblower Hotline
According to the 2022 Report to the Nations, published by the Association of Certified Fraud Examiners (ACFE), the most common way that internal fraud is detected is via anonymous tips. These accounted for 42% of the frauds that were uncovered, compared to just 16% of...
Budgeting Guide for Nonprofits
One of the biggest keys to financial stability for nonprofit organizations is budgeting. Creating and approving an annual budget is fundamental to financially managing a nonprofit. The annual budget will serve as a blueprint for your organization’s financial activity...
Increase Your Board’s Diversity
The Nasdaq stock exchange will soon require all listed companies to publicly disclose board-level diversity statistics and have (or explain why they do not have) diverse directors. While this requirement only applies to Nasdaq-listed companies, it might be a good idea...