The TG Blog

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

Is Your Nonprofit Making Use of Legacy Funds?

September 10, 2015

Most nonprofits struggle with maintaining sufficient ongoing funds for operations. Donations and grants go up and down annually, often influenced by factors outside the organization’s control. Nonprofits of all sizes are realizing that they are leaving a source of funding on the table, one that maximizes the loyalty and goodwill they’ve so diligently created. That funding…

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Nonprofits Should Beware of Internal Fraud

September 10, 2015

Nonprofit organizations are not immune to theft by their employees or volunteers. In fact, sometimes they are more vulnerable because charitable organizations tend to place more faith in the individuals in their organizations, perhaps wrongly assuming that everyone is there for the good of the charity.

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When Will Congress Pass “Extenders” Legislation to Revive Expired Tax Breaks for 2015?

September 9, 2015

With Congress returning from its August recess, this is the question on tax-savvy Americans’ minds. Many valuable tax breaks aren’t permanent, so Congress has to pass legislation extending them to keep them in effect. Unfortunately, Congress often waits until the last minute to do so.

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IRS Issues Guidance: Value of Identity Theft Monitoring Services Won’t Be Taxable to Victims

September 4, 2015

Identity theft has impacted millions of individuals in the past year, with hacks of sensitive information held by stores, insurers, and government offices – including the IRS. Corporations and agencies often offer free credit monitoring services to those customers or employees who have had their personal data exposed.  There is a value associated with those…

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What You Need to Know before Donating Collectibles

August 26, 2015

If you’re a collector, donating from your collection instead of your bank account or investment portfolio can be tax-smart. When you donate appreciated property rather than selling it, you avoid the capital gains tax you would have incurred on a sale.

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Billing Requirements in Federal Contracts: Are You Compliant?

August 21, 2015

Are you compliant with your billing requirements under your U.S. government cost-reimbursable contracts? Federal Acquisition Regulations (FARs) provide for inclusion of the contract clause in FAR 52.216-7, entitled Allowable Cost and Payment, in cost-reimbursement contracts. This clause provides for the government to make payments to you when requested as the work progresses.

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What You Can Include in Your Indirect Expense Pool

August 21, 2015

Are travel and attendance costs to conventions an allowable claim? Can your business include the expense of sponsoring a conference in its claimed indirect expense pool? It all depends on the nature and purpose of the event.

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Teens in your family with summer jobs? Set up IRAs for them!

August 12, 2015

Teenagers’ retirement may seem too far off to warrant saving now, but IRAs can be perfect for teens precisely because they’ll likely have many years to let their accounts grow tax-deferred or tax-free.

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New Tax Due Dates & Extension Periods for Most Entities for Tax Year 2016

August 11, 2015

Looking for 2020 Tax Filing Due Dates? Click Here for the newest list. Many bills that Congress passes contain provisions that affect items that aren’t related to the main bill. The “Surface Transportation and Veteran’s Health Care Choice Improvement Act of 2015” is one such bill. Primarily a stopgap extension of the Highway Trust Fund,…

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Tax Tips

August 6, 2015

Reporting Capital Gains Is Easier Than It Used to Be Until recently, investors had to report details about capital gains and losses on IRS Form 8949. For heavy traders, this potentially meant a lot of work. In 2013, the IRS quietly changed the rules, although many people remain unaware of the change.

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