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Blogging Beyond the Numbers

Posted by: Kyle Schaaf 1 week ago
The Solar Investment Tax Credit (ITC) was established as part of the Energy Policy Act of 2005 with the goal of increasing the US renewable energy market. Many cooperatives are interested in using renewable energy.  There are some important things to know about how a co-op corporation can use solar credits that may change how you structure the installation of a solar array.  Contractors and other...
Posted by: Sara Brown 2 weeks ago
Are you an investor in mutual funds or have you recently been thinking of putting some money into them? You’re not alone. The Investment Company Institute estimates that 56.2 million households owned mutual funds in mid-2017.  The current number of individual investors is estimated at around 100.0 million.   Despite their rising popularity, the tax rules involved in selling mutual fund sha...
Posted by: Lisa Lang 2 weeks ago
According to the Association of Certified Fraud Examiners’ 2018 report, when looking at 2,690 cases of occupational fraud across 125 countries, there were $7 billion in total losses with a median loss of $130,000 per case. The two largest categories of fraud are asset misappropriation (i.e. theft) and financial statement fraud (i.e. lying). Asset misappropriation is the more common type, accounting for 8...
Posted by: Cam Brawley 3 weeks ago
Just like the lyrics to Auld Lang Syne: Should auld acquaintance be forgot, And never brought to mind? Should auld acquaintance be forgot, And auld lang syne? Let’s not forget the new tax rates/limitations that became effective January 1, 2020 as many of these new limits affect your businesses.  Let’s take a look at a few that have been indexed for inflation.  Note these are only som...
Posted by: Cam Brawley 4 weeks ago
In May 2019, Oregon created a new .57% gross receipts tax that went into effect on January 1, 2020.  This adoption of a new “Commercial Activity Tax” (“CAT”) is imposed on all types of business entities.  The CAT is in addition to the state’s current corporate income tax.  Oregon’s CAT is measured on a business’s commercial activity–the total amount a business realized fr...
Posted by: Amanda VanNatta 1 month ago
Legislation signed December 20, 2019 retroactively repealed Internal Revenue Code Section 512(a)(7), which increased unrelated business taxable income by amounts paid or incurred for qualified transportation fringes.  The IRS released guidance this week on how to go about obtaining refunds if an organization incurred any tax related to qualified transportation fringes. Internal Revenue Code Section...
Posted by: Mike Scholz 1 month ago
One of the changes made to the tax laws by the Tax Cuts and Jobs Act (TCJA) was to disallow a tax deduction for qualified transportation fringe benefits businesses provide to their employees.  This nondeductible expense has been dubbed the “Parking Lot Tax”. Items subject to disallowance as a Qualified Transportation Fringe benefits (QTFs) include: Parking expensesCommuter vehicle transport...
Posted by: Katy Mering 2 months ago
Download a pdf of the articleDownload Congress recently passed - and the President signed into law - the SECURE Act, landmark legislation that may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means now is the time to consider how these new rules may affect your tax and retirement-planning situation. Here is a look at some of the more important elements...
Posted by: Jessica Grant 2 months ago
On December 20, 2019 the President signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) into law.  This law made a lot of positive changes in IRAs and retirement plans.  Below are a couple key tax law provisions impacting retirement plans effective as of January 1, 2020 New Plans Can be Adopted AFTER the Close of Year  Under the old rule, for a qualifie...
Posted by: Jessica Grant 2 months ago
On December 20, 2019 the President signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) into law.  This law made a lot of positive changes in IRAs and retirement plans.  Below is a summary of the major items that you may want to consider when discussing your taxes with your tax adviser between now and April 15th, 2020. The following changes are effective as of Janu...
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