For investors, 2020 has been marked by volatility and uncertainty. As we approach the end of the year, it’s a good idea to review your portfolio and consider strategies for reducing your tax bill, improving your cash flow and positioning yourself for future growth. Let’s take a closer look at a few tax planning moves…Read More
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…Read More
It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has compensation. However, an exception involves a “spousal”…Read More
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return. Or you can contribute to a Roth IRA…Read More
After the Financial Accounting Standards Board’s (FASB’s) 2014 release of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, many nonprofits were confused about whether grants and similar contracts were covered by these new revenue recognition rules. The FASB’s subsequent issuance of ASU No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and…Read More
If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions…Read More
Sending thank-yous to your donors doesn’t just make sense in terms of building and maintaining relationships. The IRS mandates that taxpayers substantiate single contributions of $250 or more with contemporaneous written acknowledgments. Here’s what you should include in those acknowledgments. The essentials A written contribution acknowledgment should contain: The name of your organization, The amount…Read More
Since the Tax Cuts and Jobs Act (TCJA) was enacted in late 2017, some aspects of charitable giving have changed, but not exactly in the way some nonprofit watchers predicted. Because the TCJA widely reduced the motivation giving contributions to charity, many observers forecast that annual donations might plummet. But so far that hasn’t been…Read More
The Roth IRA is an attractive savings vehicle, offering tax-free retirement income and other significant benefits. Unfortunately, income limitations prevent many people from contributing to these accounts. But even if you can’t contribute directly, there’s no limit on converting a traditional IRA into a Roth. This “backdoor Roth IRA” strategy allows anyone, regardless of income,…Read More
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