First the COVID-19 pandemic wreaked havoc on not-for-profit finances and operations. Now, many organizations are worried about how high inflation and a possible recession might interfere with their plans. To help prevent service disruptions and other negative outcomes, focus on building up operating reserves. Even if you can afford to divert only a small amount
Joan Ellenbogen
Nov 30, 2022
Operating reserves can help cushion financial blows
- By Joan Ellenbogen
- Non-Profit
- 0 Comments
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Oct 18, 2022
Investing in the future with a 529 education plan
- By Joan Ellenbogen
- Taxes
- 0 Comments
If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs on a tax-favored basis. There are two types of
Oct 11, 2022
Don’t let tax ID thieves steal your refund — or your peace of mind
- By Joan Ellenbogen
- Fraud
- 0 Comments
Any form of identity theft can be costly, unsettling, and take months — sometimes years — to fully recover from and repair. But tax-related identity theft can be particularly disturbing because it involves the IRS, about which many people already harbor suspicion and anxiety. Although the IRS has taken significant steps in recent years to
Oct 5, 2022
Year-end tax planning ideas for individuals
- By Joan Ellenbogen
- Taxes
- 0 Comments
Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2022. Many taxpayers won’t itemize because of the high 2022 standard
Sep 30, 2022
2022 Q4 tax calendar: Key deadlines for businesses and other employers
- By Joan Ellenbogen
- Taxes
- 0 Comments
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. 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. Note:
Sep 13, 2022
The Inflation Reduction Act: what’s in it for you?
- By Joan Ellenbogen
- Taxes
- 0 Comments
You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in the near future, it contains, extends and modifies many climate and energy-related tax credits that may be of interest to individuals. Nonbusiness energy property Before the IRA was
Aug 17, 2022
An “innocent spouse” may be able to escape tax liability
- By Joan Ellenbogen
- Taxes
- 0 Comments
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the other. This includes
Aug 10, 2022
Three tax breaks for small businesses
- By Joan Ellenbogen
- Business
- 0 Comments
Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. 1. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. But it’s not available to C corporations or
Aug 2, 2022
The tax obligations if your business closes its doors
- By Joan Ellenbogen
- Business
- 0 Comments
Sadly, many businesses have been forced to shut down due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of various tax obligations. A business must file a final income tax return and some other related forms for the year it closes. If you have employees,
Jul 27, 2022
Estates now have an additional three years to file for a portability election
- By Joan Ellenbogen
- Estate
- 0 Comments
Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. To secure these benefits, however, the deceased spouse’s executor must have made a portability election on a timely filed estate tax return. Unfortunately, estates that aren’t