Berkowitz Pollack Brant
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2024-05-16
Podcast – BPB Knows Getting Started with Estate Planning
In this episode Director of Tax Services Sarah Gaymon shares some reasons why everyone needs an estate plan and how to get started. The post Podcast – BPB Knows Getting Started with Estate Planning appeared first on Berkowitz Pollack Brant Advisors + CPAs.
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Berkowitz Pollack Brant
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2024-05-14
IRS Makes changes to EO Determination Letters for 501(c)(3)s by Adam Cohen, CPA
Earlier this year, the IRS introduced Rev. Proc. 2024-5, which requires public charities organized as 501(c)(3)s to follow new procedures when requesting IRS reclassification as a different tax-exempt entity. Nonprofit entities seeking tax-exempt status generally must file Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, within 27 months […] The post IRS Makes changes to EO Determination Letters for 501(c)(3)s by Adam Cohen, CPA appeared first on Berkowitz Pollack Brant Advisors + CPAs.
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JLK Rosenberger LLP
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2024-05-14
2024 Presidential Tax Plans Reveal Vastly Different Priorities Between the Frontrunners
Presidential candidates typically formulate their tax plans in bits and pieces throughout the long campaign season, with the proposals coalescing into a comprehensive plan sometime in the early fall before the general election. So far in 2024, frontrunners President Joe Biden (D) and Donald Trump (R) have publicly discussed several tax proposals they hope to … Continued The post 2024 Presidential Tax Plans Reveal Vastly Different Priorities Between the Frontrunners first appeared on JLK Rosenberger.
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PKF Texas
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2024-05-13
Revitalizing Nonprofits: Essential Guidelines for Restructuring Success
There are many reasons why a 501(c) tax-exempt organization might consider restructuring. For example, a financially struggling nonprofit might decide to join forces with another organization to cut costs and […]
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PKF Texas
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2024-05-10
Tax Considerations When Transitioning Your Hobby into a Business
Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn […]
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PKF Texas
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2024-05-09
Protecting Nonprofit Integrity: Strategies to Safeguard Against Fraud Risks
According to the Association of Certified Fraud Examiners’ (ACFE’s) Occupational Fraud 2024: A Report to the Nations, not-for-profits suffer roughly half the median loss per fraud scheme of for-profit businesses […]
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JLK Rosenberger LLP
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2024-05-09
IRS Extends Relief for Required Minimum Distributions
Reading Time: 3 minutes 15 seconds Required Minimum Distributions (RMDs) are essential in retirement planning, mandating that retirees withdraw and utilize savings from tax-advantaged accounts like IRAs and 401(k)s throughout retirement years. Recently, IRS Notice 2024-35 has introduced significant adjustments to these distributions, focusing on beneficiaries who manage inherited retirement accounts. The notice also announces … Continued The post IRS Extends Relief for Required Minimum Distributions first appeared on JLK Rosenberger.
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PKF Texas
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2024-05-07
Taxes When You Sell an Appreciated Vacation Home
Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income […]
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Berkowitz Pollack Brant
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2024-05-07
Tax Return Filing Extension for U.S. Taxpayers Living, Working Abroad by Tomoko Shoji, CPA/PFS, CFP
If you are a U.S. citizen or resident alien residing or working outside the U.S., you may be eligible for a two-month extension of time to file your federal tax return and pay the related tax liabilities without penalties. Included in this relief are expatriates and members of the U.S. military on active duty. Under […] The post Tax Return Filing Extension for U.S. Taxpayers Living, Working Abroad by Tomoko Shoji, CPA/PFS, CFP appeared first on Berkowitz Pollack Brant Advisors + CPAs.
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JLK Rosenberger LLP
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2024-05-06
Corruption: Top Fraud Threat to Construction Companies
Reading time: 2 minutes 20 seconds Fraud is a persistent concern amongst construction companies due to the opportunities for illegal behavior to occur undetected. The size and scope of many projects make it nearly impossible to implement adequate protections. Concerns about bid rigging, billing schemes, equipment/asset theft, larceny, and skimming are just a few ways … Continued The post Corruption: Top Fraud Threat to Construction Companies first appeared on JLK Rosenberger.
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