The TG Blog

Resources and articles to empower you and keep you up to date.

News for Nonprofits Fall 2021

September 22, 2021

Candid shares key nonprofit data for 2021 Candid, the information services organization formed by the merger of GuideStar and Foundation Center, has released its annual snapshot of the nonprofit sector. Among other things, Key Facts on U.S. Nonprofits and Foundations, 2021 reports that individuals still provide the majority (69%) of giving. Community and private foundation…

Read More

Year-End Tax Planning for Mutual Funds

September 21, 2021

As the end of the year approaches, it’s a good time to review your financial situation and consider strategies for lowering your tax bill. Following are a couple year-end tax planning tips for mutual fund investors. Harvest gains or losses One of the most powerful year-end strategies for investors is to “harvest” gains or losses.…

Read More

Do You Have Foreign Assets?

September 14, 2021

Proper planning is necessary to avoid unintended outcomes. You may live by the motto, “outta sight, outta mind,” but don’t apply that line of thinking when it comes to your assets. This is particularly true when accounting for foreign assets in your estate plan. Double taxation risk If you’re a U.S. citizen, you’re subject to…

Read More

Getting a divorce? Be aware of tax implications if you own a business

September 14, 2021

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Tax-free property transfers You can generally divide most assets, including cash and business ownership interests,…

Read More

Switch on Tax Savings

September 7, 2021

Claiming the energy-efficient commercial buildings deduction Businesses that have invested in energy efficiency — or are considering doing so — shouldn’t overlook the Section 179D deduction for energy-efficient commercial buildings. This tax break offers valuable deductions (up to $1.80 per square foot) for the cost of energy-efficient improvements to new or existing commercial and some…

Read More

Private companies: Are you on track to meet the 2022 deadline for the updated lease standard?

August 25, 2021

Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting in fiscal year 2022. The updated guidance requires these organizations to report — for the first time — the full magnitude…

Read More

CAMs: Thumbs up or thumbs down?

August 18, 2021

Auditors of public companies started reporting critical audit matters (CAMs) in their audit opinions in 2019. This represents a major change to the pass-fail auditors’ reports that had been in place for decades. Now, accounting rule makers are assessing how this project has fared over the last two years — and whether changes are needed…

Read More

Scholarships are usually tax free but they may result in taxable income

August 18, 2021

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It doesn’t matter if the scholarship makes a direct…

Read More

5 possible tax aspects of a parent moving into a nursing home

August 16, 2021

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical…

Read More

Ready to talk to one of our specialists?

Our specialists are all seasoned professionals who have years of experience working within your industry. Reach out to us today to schedule a consultation.