The TG Blog

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

liabilities and equity

Simplifying the Accounting Rules for Convertible Debt and Equity

March 29, 2019

Distinguishing between liabilities and equity on a company’s balance sheet may seem straightforward. But difficulties arise when it comes to the terms of complex securities and financial contracts like redeemable equity instruments, equity-linked or indexed instruments, and convertible instruments. The good news is that the Financial Accounting Standards Board (FASB) is currently working on a…

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required minimum distributions RMDs age 70 1/2 business person

Still Working After Age 70½? You May Not Have to Begin 401(k) Withdrawals

March 28, 2019

If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an exception that applies to certain plan participants who are still working for the entire year in…

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shared space

Should Your Nonprofit Join the Shared Space Revolution?

March 27, 2019

If your nonprofit is still in its early stages and you can’t imagine renting — let alone buying — an office facility, consider space sharing. Also referred to as “co-working,” sharing space with other organizations is a major trend in the nonprofit sector. Even established charities can enjoy benefits such as lower costs, flexibility and…

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tax benefits tax tips

March/April 2019 Tax Tips

March 25, 2019

Exporters, does an IC-DISC still make sense? In recent years, the interest-charge domestic international sales corporation (IC-DISC) has been a popular tax-reduction tool for exporters. Without going into detail, one of the IC-DISC’s most powerful tax-saving tools is its ability to convert ordinary income into qualified dividends taxed at preferential rates. However, by lowering corporate…

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related-party transactions

Transparency is Key with Related-Party Transactions

March 22, 2019

In recent years, external auditors have focused more attention on related-party transactions. Although related-party transactions aren’t necessarily bad, they do raise some concerns about the risk of misstatement or omission in financial reporting. 3 focal points Issues with related parties played a prominent role in the scandals that surfaced nearly two decades ago at Enron,…

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cybercrime

Take Cybercrime Seriously: Your Donors’ Identities Depend On It

March 20, 2019

Financial transactions increasingly are being conducted online — and that includes charitable donations. The Blackbaud Institute for Philanthropic Impact reports that online giving grew more than 17% between 2016 and 2018. For nonprofits without the appropriate IT infrastructure and security policies, such increased online donations can also mean greater cybercrime risk. Many nonprofits blame budgetary…

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dependent tax credit

Stretch Your College Student’s Spending Money with the Dependent Tax Credit

March 19, 2019

If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a dependent tax credit that may be available to you. It’s not as valuable as…

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estate planning

Getting Your Affairs in Order When You’re Terminally Ill

March 18, 2019

If you receive the diagnosis of a terminal illness, likely the last thing on your mind is estate planning. But taking the time now to get your affairs in order can provide you and your family some peace of mind. What to do first Here are some (but by no means all) of the steps…

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gift tax return

The 2018 Gift Tax Return Deadline is Almost Here

March 12, 2019

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirements Generally, you must file a gift tax return for 2018…

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interest expense

Matters of Interest: When Are Interest Payments Deductible?

March 11, 2019

The Tax Cuts and Jobs Act (TCJA) has made a significant impact — both directly and indirectly — on the deductibility of interest expense. Here’s a quick review of where things now stand. 5 types of interest Interest expense generally falls within one of five categories: Business interest, Qualified residence interest, Investment interest, Qualified student…

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