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Blogging Beyond the Numbers

business plan
Posted by: Mike Scholz 7 hours ago
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of QBI. But once taxable income exceeds $315,000 for m...
Posted by: Mike Scholz 1 week ago
Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case. Donations of time or services aren’t deductible. It doesn’t matter if it’s simple administrative work, such as checking in attendees at a fundra...
Green Home
Posted by: Mike Scholz 2 weeks ago
“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the home. Invest in green and save green For 2018 and 2019, you may be eligible for a tax credit ...
alphabet soup
Posted by: Mike Scholz 3 weeks ago
There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs. Here’s how to make sense of this alphabet soup of health care accounts. HSAs If you’re covered by a qualified high-deductible health plan (HDHP), you can contribute pre...
Ecommerce
Posted by: Cam Brawley 3 weeks ago
The US Supreme Court just handed down their decision on the Wayfair case.  This case sets a precedence for major changes in sales & use tax filing requirements by retailers.  Based on several previous court decisions, retailers had to have physical presence (employees or other agents, property owned or leased in the state, or other factors) in a state to be required to register and collect that state ...
Q3 Tax Calendar
Posted by: Mike Scholz 4 weeks ago
Here are some of the key tax-related deadlines affecting businesses and other employers during the third 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. July 31 Report income tax withholding and FICA taxes for second...
Posted by: Derek Hilst 4 weeks ago
All recipients of federal awards should familiarize themselves with the changes in the Uniform Guidance.  Even if your federal awards are passed through the state or another organization, Uniform Guidance applies to goods and services charged directly to federal awards.  It does not apply to goods and services charged to indirect costs. General procurement standards Every non-federal entity receiving fe...
safeguard
Posted by: Mike Hablewitz 1 month ago
As church members, we probably do not want to entertain the idea that the people handling the church finances could be dishonest. But, the truth is that fraud is a serious problem in all types of organizations, and churches are certainly not immune.  In fact, churches often have limited resources and staff, which makes it difficult to establish adequate internal controls. This creates an opportunity for fr...
offertory
Posted by: Hannah Lanser 1 month ago
“We have such wonderful staff. They would never do anything.” “Oh, he’s been a volunteer counter for years. We trust Bill.” “Our staff is so small. Thankfully, Jill is able to handle everything.” How many times have you heard statements like these? No matter the person, trust is unfortunately not an internal control. Too many times, fraud occurs with the person most trusted. The perso...
FMLA
Posted by: Swati Jain 1 month ago
Question: What is the new Family and Medical Leave tax credit and how does it benefit my business? Answer: The 2017 Tax Cuts and Jobs Act recently introduced a new credit for employers who provide paid family and medical leave to their employees. Eligible employers can claim a general business credit equal to 12.5% to 25% of the wages paid to qualifying employees on paid leave. The credit is available for ...