The TG Blog

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

Watch out for Tax Consequences When Hiring Telecommuters outside Your State

June 3, 2015

If you allow employees to telecommute, be sure to consider the potential tax implications. Hiring someone in another state, for example, might create sufficient nexus to expose your company to that state’s income, sales and use, franchise, withholding, and/or unemployment taxes.

Read More

Tax Tips: Investors: Have Your Cake and Eat It Too

May 29, 2015

A good tax-planning technique is to sell a poor-performing security to “harvest” the loss and offset it against your capital gains. But what if you have high hopes for the security and would like to keep it in your portfolio? One strategy is to sell it at a loss and then buy it back at…

Read More

The IRS is Watching … Understanding the Difference between an Employee and an Independent Contractor

May 29, 2015

It’s an age-old conundrum: determining whether a worker is an employee or an independent contractor. While it might seem like a simple question, it’s not. And the IRS is hot on the heels of any contractor who doesn’t understand the difference.

Read More

How You Can Avoid a Huge Tax Trap: Beware of the Generation-Skipping Tax

May 29, 2015

As you plan your estate, don’t overlook the generation-skipping transfer (GST) tax. Despite a generous, $5.43 million GST exemption, complexities surrounding its allocation create several tax traps for the unwary.

Read More

Roth or Traditional: Which is Better?

May 29, 2015

Roth IRAs allow you to withdraw contributions and earnings tax-free, if you meet certain requirements, so it’s no surprise that their popularity has soared in recent years. But don’t write off traditional IRAs and 401(k) accounts just yet. Under certain circumstances, traditional accounts may generate more retirement income than their Roth counterparts.

Read More

3 Steps to Getting Top Dollar When Selling Your Company

May 29, 2015

Guest Article Written by: Derek Hoffman, Partner – Bellatoris Consulting We’re in a season of strong M&A activity and there aren’t any signs of a slowdown in the foreseeable future.  As such, companies with an immediate, or even short-term, interest in selling are in the process of making themselves look as attractive as possible to…

Read More

Taxpayer Data Stolen via IRS “Get Transcript” Application

May 28, 2015

The IRS recently announced that criminals used taxpayer-specific data acquired from non-IRS sources to gain unauthorized access to information on approximately 100,000 tax accounts through IRS’ “Get Transcript” application. This data included Social Security information, date of birth and street address.

Read More

Expect to Be Paying Elementary or Secondary School Costs in the Future? Consider an ESA

May 20, 2015

As the school year draws to a close, it’s a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if you have young children.

Read More

Forbes Names the Top 50 Charities in the United States

May 14, 2015

What are the largest charities in the United States? In one of its famous lists, Forbes magazine has listed the 50 largest U.S. charities based on private donations for 2013, the last year that complete figures are available. Donations can be cash, securities or goods.

Read More

Goal of Board: Fiscal Responsibility

May 14, 2015

Although each board’s involvement in its not-for-profit agency’s operations varies from situation to situation, all boards share a mandate to exercise fiscal responsibility. Certainly, complying with self-dealing rules and following the letter of the bylaws are requirements of fiscal responsibility. But they may be just the minimum requirements. Here are three ways for boards to further exercise…

Read More