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Blogging Beyond the Numbers

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Posted by: Kyle Ager 1 day ago
Nonprofits CAN legally engage in lobbying activity to influence legislation. However, the extent to which nonprofits can lobby without endangering their exempt status has caused many to shy away from lobbying activity altogether. The Internal Revenue Code states that no substantial part of the activities of a nonprofit can be to influence legislation. Therefore, a nonprofit can engage in a non-substantia...
Charitable Giving
Posted by: Mike Scholz 2 days ago
Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in mind this year to ensure you receive the tax benefits you desire. Delivery date To be deductible on your 2017 return, a charitable donation must be made by Dec. 31, 2017. Ac...
UW Madison
Posted by: Mike Scholz 3 days ago
If Tax Reform passes, there is a very good chance that 2017 will be the last year Badger fans can take a tax deduction for a portion of their ticket purchase that includes a contribution towards the University of Wisconsin Foundation. Currently, 80% of the amount a donor pays in order to purchase preferred seating at UW game tickets is deductible for income tax purposes, according to IRS Code Section 170 (I...
Posted by: Mike Scholz 4 days ago
Determined to get something passed before the holidays, the House and Senate are working feverishly on tax reform bills. Any final legislation will no doubt contain elements of both the House and Senate versions, but for now, let’s take a look at the similarities and differences of the major provisions of the bills. Notable differences between the two bills include the proposed individual and pass-thro...
Q1 Tax Calendar
Posted by: Mike Scholz 1 week ago
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January 31 File 2017 Forms W-2, “Wage and Tax Statement,” w...
capital gains tax
Posted by: Mike Scholz 2 weeks ago
We’re entering the giving season, and if making financial gifts to your loved ones is part of your plans — or if you’d simply like to reduce your capital gains tax — consider giving appreciated stock instead of cash this year. Doing so might allow you to eliminate all federal tax liability on the appreciation, or at least significantly reduce it. Leveraging lower rates Investors g...
RMDs
Posted by: Mike Scholz 4 weeks ago
As the end of the year approaches, most of us have a lot of things on our to-do lists, from gift shopping to donating to our favorite charities to making New Year’s Eve plans. For taxpayers “of a certain age” with a tax-advantaged retirement account, as well as younger taxpayers who’ve inherited such an account, there may be one more thing that’s critical to check off the to-do list before year en...
Budget
Posted by: Hannah Lanser 1 month ago
Budget season. Two words that you'll be hearing a lot in the upcoming months. Have you considered budgeting for an accountable plan as an alternative for expense reimbursements for your pastoral staff? Why reimburse under an accountable plan Under regular employee reimbursement, expenses reimbursed to an employee are considered income and must be accounted for in the employee’s gross income. This causes...
Cash Gift
Posted by: Melodi Bunting 1 month ago
As individuals begin to finalize their year-end giving, it is important to consider the deductibility of contributions. According to IRS Publication 526, Charitable Contributions, deductible contributions must be made to a qualifying organization.  Qualified organizations include nonprofits, churches, synagogues, temples, and mosques.  Gifts to a nonqualified organization or individual are not tax deducti...
Property Tax
Posted by: Mike Scholz 1 month ago
Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property tax may be especially beneficial this year, because proposed tax legislation might reduce or eliminate the benefit of the property tax deduction beginning in 2018. Proposed property tax deduction changes The initial ver...