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[This post was updated on 11/5/18] The Tax Cut and Jobs Act of 2017 (TCJA) puts stricter limits on what businesses can deduct for meals and entertainment expenses for amounts incurred or paid after December 31, 2017. As part of the new law, there has been a lot of discussion regarding the question of whether … Read more
Consider the following scenario: it’s October 10th, and you have just been notified by your third-party administrator that your retirement plan program has exceeded the maximum number of eligible participants to qualify for “small” plan status. Your program is now considered a “large” plan, and you have an annual audit due to the Department of … Read more
In addition to cash donations, nonprofit organizations receive non-cash gifts and donations, which must be recognized in the organization’s financial statements. Generally speaking, the criteria for recognizing and accounting for non-cash donations is the same as that for cash donations: non-cash donations are measured at fair value, recognized at the time they are received and … Read more
Following the signing of the Tax Cuts and Jobs Act, a question that has been raised quite frequently is whether partnerships or S corporations should convert to C corporations. This question needs to be answered with caution; as with many things related to the new tax reform, the answer is: it depends. Much has been said about the removal … Read more
The attached article, written by Ann Golden Egle, MCC, is a great, quick read on the realities of starting your own business and how to be successful at it. One of the many valuable takeaways from this piece is the advice to “relax and listen deeply”. Take a few moments to enjoy this article and the helpful guidance it offers…
If a construction business includes an engineering or architectural component, it may be eligible for the Research and Experimentation Tax Credit, also known as the federal R&D tax credit…
Tax reform, commonly referred to as the Tax Cut and Jobs Act, has many new provisions that became effective for tax years beginning January 1st, 2018. One provision in particular created a deduction up to 20% of “qualified business income” earned from pass-thru entities and sole proprietors…
The IRS requires nonprofit organizations to disclose whether the Form 990 was provided to all members of the Board of Directors prior to filing and to describe the review process used. Board review of the Form 990 is not statutorily required, but the IRS believes such review is important; it is certainly a best practice to have the Board, Finance Committee, or a subset thereof, review the Form 990 prior to filing…
The Charitable Activities Division of the Oregon Department of Justice provides valuable information regarding the rights, role, and responsibilities of nonprofit board members…
This excellent post is from Pacific Northwest Healthcare Practice Consultant Lonnie Hirsch of Hirsch Healthcare Consulting. Lonnie has identified top 10 challenges that face physician-owned independent practices. The list includes financial and profitability challenges, the emotional states of being overwhelmed and confused, time and resource constraints, physiological barriers to success, and more…