Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses aren’t deductible through 2025 if they’re considered investment expenses for the production of income.
The CPA Desk
A Thought Leader Production by PKFTexas
The CPA Desk, published by Pannell Kerr Forster of Texas PC, focuses on accounting and financial topics relevant to businesses and not-for-profit organizations. It covers fiduciary responsibilities and governance for nonprofit boards, tax considerations for individuals relocating or retiring, and best practices for financial due diligence in business transactions. The blog also addresses issues related to donation management and refund policies for nonprofits, as well as retirement planning topics such as participation in employer 401(k) plans. The content aims to provide practical guidance on financial management, tax planning, and compliance matters for organizations and individuals in Texas and beyond.
Latest from The CPA Desk - Page 6
Cryptocurrency donations: Will your nonprofit accept them?
By Emily Smikal
Cryptocurrency has gone mainstream, and if you’ve been sitting on the fence about accepting donations in virtual currency, it’s time to make a decision. But before your not-for-profit says “yes” to a Bitcoin (or other cryptocurrency) gift, make sure you…
IRS Audits may be Increasing, so be Prepared
By Jim Streets
The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that…
Considerations for Tackling Volunteer Liability
During the pandemic, your not-for-profit may have been forced to operate without your dedicated volunteers. It has probably come as a great relief to welcome them back in person. However, a volunteer, like an employee, could represent some risk to…
Claiming Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021.
Here’s a rundown of the rules.…
Writing Off Medicare Premiums on Seniors’ Tax Returns
By Grant Miller
Are you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be expensive, especially if you’re married and both you and your…
What You Need to Know about SECURE Act Section 112
By Kristin Ryan
SECURE Act Section 112 allows long-term, part-time employees special eligibility treatment.
If your retirement plan excludes part-time employees from participating, here are some things you need to know now.…
What to Know About the Uniform Guidance Updates
By Nicole Riley
“Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards” (Uniform Guidance) applies to all not-for-profits that accept federal funding. It has been updated and amended several times, most recently in 2020.
So if you haven’t reviewed your own…
Collaborating on Collective Impact Projects
By Emily Smikal
Collective impact projects are collaborations between not-for-profits, government, businesses and communities with the goal of achieving challenging and complicated social objectives. They can succeed in ways that simply aren’t available to individual organizations.
But they also require a level of…
Tax Options to Build Up a College Fund
If you’re a parent with a college-bound child, you may be concerned about a college fund, being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses.…