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Blogging Beyond the Numbers

Q3 Tax Calendar
Posted by: Mike Scholz 2 months 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 2 months 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 2 months 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 2 months 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 2 months 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 ...
Estate planning
Posted by: Mike Scholz 2 months ago
The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers who’ll be subject to them, at least for the next several years. Nevertheless, factoring taxes into your estate planning is still important...
Stock
Posted by: Mike Scholz 2 months ago
Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might have a tax-saving opportunity in the form of the Section 83(b) election. Convert ordinary income ...
Posted by: Bruce Mayer 2 months ago
The new tax law was amended in March 2018 to remove patronage dividends from the 20% pass through business deduction.  This is a tax disadvantage for worker co-ops taxed under Subchapter T. Co-ops where the recipients of patronage dividends are businesses, or are individuals not paying tax due to the personal use exemption, are not affected by this change.  I will explore what some of the tax advantages a...
Posted by: Bruce Mayer 2 months ago
On March 23, 2018 Congress passed an amendment to the new tax law that removed patronage dividends from being eligible for the 20% business pass through deduction. This was done to alleviate an issue they called the “Grain Glitch” where private grain elevators were significantly disadvantaged.  Using per unit retains, a form of patronage dividends, farmers could deduct 20% from the gross proceeds of...