The TG Blog

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

donation tax benefits

What Your Donors Need to Know About Taxes and Contributions

June 18, 2020

The heightened fundraising needs many nonprofits are feeling right now make it important that potential donors understand the tax benefits they stand to reap. Here are some of the advantages you should convey to encourage their support. Temporary incentives The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted in late March, expands the…

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keep good business records

Good Records are the Key to Tax Deductions and Trouble-Free IRS Audits

June 17, 2020

If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you…

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outsourcing

Is it Time to Outsource Finance and Accounting?

June 16, 2020

Outsourcing may appeal to organizations that are currently struggling with mounting overhead costs during the COVID-19 crisis. By outsourcing, you convert certain fixed overhead costs associated with compensating and supporting employees into variable costs that can be scaled back in an economic downturn — or dialed up in times of growth and transition. One department…

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qualified disaster payments

Qualified Disaster Relief Payments Can Include Payments to an Employee

June 16, 2020

Are your employees struggling to pay everyday items due to COVID-19? There is a way you can help them by providing tax-free payments for assistance and still take a deduction as an ordinary and necessary business expenses.  On March 13, 2020, the president declared the COVID-19 pandemic a national emergency effective March 1, 2020.  This…

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construction industry labor shortage

Labor Shortages: Where Are the Potential Employees?

June 12, 2020

Labor shortages are a universal hurdle facing the construction industry. High demand for construction creates a high demand for workers to carry out these projects. In the current environment most construction companies are struggling to find these workers. The current situation is most often attributed to what can be summarized as the 4 R’s –…

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Medicare premiums

Seniors: Can You Deduct Medicare Premiums?

June 10, 2020

If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional Medicare premiums to get the level of coverage you want. The premiums can be costly, especially if you’re married and both you and your spouse are paying them. But there may be a silver lining: You may…

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month-end close

5 Steps to Streamline the Month-End Close

June 8, 2020

Many companies struggle to close the books at the end of the month. The month-end close requires accounting personnel to round up data from across the organization. Under normal conditions, this process can strain internal resources. However, in recent years the accounting and tax rules have undergone major changes — many of which your personnel…

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Senate Approves Changes to the Paycheck Protection Program

June 4, 2020

The U.S. Senate approved changes to the SBA’s Paycheck Protection Program (PPP) Wednesday evening, making the program’s lending terms more favorable.  The bill now heads to President Donald Trump for his signature.  If signed into law by Trump, the PPP Flexibility Act would: Extend the “covered period” under which small businesses can spend the loan…

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remote auditing

Overcoming the Challenges of Remote Auditing during the COVID-19 Crisis

May 28, 2020

Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years, most audit firms have been investing in technology and training to facilitate remote auditing procedures. These efforts have helped lower audit costs, enhance flexibility and minimize disruptions to…

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