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Blog Month: August 2018

Back-to-school time means a tax break for teachers

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special

New Revenue Recognition Standard – Will it impact me?

On June 21, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2018-08: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.  This

Don’t Let Tax Reform Keep You from Major Donor Effectiveness

I was recently asked about the impact of the Tax Cuts and Jobs Act that went into effect on January 1, 2018 on major donor giving.  In that tax reform,
Lifeline

New Accounting for Debt Issuance Costs

When co-ops acquire new long-term debt, they often incur costs in conjunction with the process. These costs are commonly known as debt issuance costs. Such costs of obtaining financing –

Everything You Need to Know About Accounting Standard Update (ASU) 2018-08

What is ASU 2018-08 and will it Impact Me? On June 21, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2018-08:  Clarifying the Scope and the

Play your tax cards right with gambling wins and losses

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA)

The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible

Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes

Choosing the right accounting method for tax purposes

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method —

Do you still need to worry about the AMT?

There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax