Language:

Blogging Beyond the Numbers

Posted by: Mike Scholz 1 day ago
If you own an interest in a family-owned or other closely held business, a buy-sell agreement is a valuable document to have in place. These agreements specify whether — and under what circumstances — owners’ interests may be transferred. Buy-sell agreements should be planned and drafted carefully to ensure that they meet your expectations and don’t trigger unwanted tax consequences or conflicts wit...
Q4
Posted by: Mike Scholz 1 week ago
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth 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. October 15 If a calendar-year C corporation that filed an auto...
Estimated tax deadline
Posted by: Mike Scholz 2 weeks ago
To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17. If you don’t have an employer withholding tax from your pay, you likely need to make estimated tax payments. But even if you do...
School supplies
Posted by: Mike Scholz 3 weeks ago
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 tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the Tax Cuts and Jobs Act (TCJA). The old miscellaneous itemized deduction Before 2018,...
Posted by: Dana Outhouse 3 weeks ago
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 ASU will impact all organizations that receive or make contributions of cash or other assets. This ASU includes specific criteria to consider when determining whether a contract or agreeme...
Posted by: Brent A. Hafele, M.A. 3 weeks ago
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, the standard deduction—the amount an individual or couple can claim without justifying it—essentially doubled. The fears of many is that having a higher deduction would limit giving because donors will not get a tax benefit if their deductions do not su...
Calculator
Posted by: Brian Dahlk 4 weeks ago
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 – such as bank fees, accounting fees to prepare prospective presentations, and legal fees to draft the necessary documents – should not be expensed. In the past, these costs have usually been capitalized as an asset accou...
Posted by: Dana Outhouse 4 weeks ago
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 Accounting Guidance for Contributions Received and Contributions Made.  This ASU will impact all organizations that receive or make contributions of cash or other assets.  The only transactions excluded from this ASU a...
poker
Posted by: Mike Scholz 4 weeks ago
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) could also have an impact. Wins and taxable income You must report 100% of your gambling winnings as taxable income. The value of complimentary goodies (“comps”) provided by gambling establishments must also be included in taxable income a...
Posted by: Mike Scholz 4 weeks ago
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 on all earnings and deductible contributions — and then discover you would have been better off if you hadn’t converted it? Before the Tax Cuts and Jobs Act (TCJA), you could undo a Roth IRA conversion using a “recha...