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Blogging Beyond the Numbers

Posted by: Katy Mering 1 day ago
To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act eases the rules for claiming certain tax losses. Here’s a look at the — mostly temporary — modifications. Liberalized rules for NOL carryforwards The CARES Act includes favorable changes to the rules for deducting net operating...
Posted by: Kate Serpe 2 days ago
For your business, you want the very best, but you can’t do everything alone. Still, you don’t always have to put top-class talent directly on the company payroll. Instead, you can make your business stronger by outsourcing jobs that require specific skill sets. Here are five ways you can build a better business with outsourcing:  Outsourcing helps stretch your budget. When you outsource,...
Posted by: David Odahl 1 week ago
Many not-for-profit organizations rely on contributions of nonfinancial assets, commonly referred to as gifts-in-kind, to help achieve their missions. A new Accounting Standards Update issued by the Financial Accounting Standards Board (FASB) will require not-for-profit organizations to provide additional information about gifts-in-kind they receive. Examples of gifts-in-kind include contributions of lo...
Posted by: Mike Scholz 1 week ago
If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences — such as unexpected taxable income, gift tax or both. Here are five tips to help avoid any unwelcome tax surprises: Create a paper trail In general, to avoid undesirable tax consequences, you need to be able to show that the loan...
Posted by: Kent Collier 2 weeks ago
What are the tax implications of these common COVID-19 related situations? COVID-19 has certainly changed our lives in many ways:  many people are either working remotely or have been furloughed or newly unemployed. Here is the tax treatment information about these two common situations: 1. Working from home Many offices are closed and, as a result, many office workers are currently working from ...
Posted by: Tony Jaynes 2 weeks ago
To provide tax relief to businesses suffering during the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily relaxes the limitation on deductions for business interest expense. Here’s the story. TCJA created new limitation Before the Tax Cuts and Jobs Act (TCJA), some corporations were subject to the so-called “earnings stripping” rules. Those rules att...
Posted by: Nolan Breunig 3 weeks ago
Are you close to retirement? In planning for retirement, an important question to consider: Are my social security benefits going to be taxable?  The short answer is, it depends. To determine what percentage of your benefits are taxable we need to take a closer look at your other income, including income of your spouse and also tax exempt interest income.  The general rule in is to add half of your so...
Posted by: Sara Brown 3 weeks ago
Despite being in the middle of the COVID-19 pandemic, students are going back to school this fall, either remotely or in-person. This means parents may still be eligible for certain tax breaks to help defray the cost of education. Before we take a look at the 3 opportunities below, it is important to note: you can receive benefits from all three listed below on the same return BUT not for the same stude...
Posted by: Jamie Landsinger 4 weeks ago
This is a follow up from our previous blog post here. On August 8th, President Trump issued a memorandum calling for a temporary payroll tax deferral for the collection of employees’ Social Security payroll tax (6.2%) from September 1 to December 31, 2020. On August 28th, the IRS issued guidance on how and when the deferred taxes would need to be repaid. The deferral is optional to employers and a...
Posted by: Collin Alexander 4 weeks ago
Does your employer provide you with group term life insurance? Is the coverage higher than $50,000? If you answered yes to both of these questions then this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life coverage provided by your employer is tax free to you and will not have an effect on your tax bill. With that said,...