4 Tax Concerns for Nonprofits
Just because you run a nonprofit, it doesn’t mean you can completely ignore taxes. You still have to file. In fact, if your nonprofit fails to file its annual federal return (Form 990) for three consecutive years, its tax-exempt status will be revoked automatically. The law surrounding this is clear. There are other areas in […]
The Basics of FATCA and Form 8938
The Foreign Account Tax Compliance Act (FATCA) generally requires that foreign financial institutions and certain other nonfinancial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on relevant payments. Taxpayers must use Form 8938, Statement of Specified Foreign Financial Assets, to report specified foreign financial assets […]
What You Need to Know About FBAR
Do you have foreign assets? Each United States person—citizen, resident, corporation, partnership, limited liability company, trust and estate—must file a Report of Foreign Bank and Financial Accounts (FBAR) to report a financial interest in or signature or other authority over at least one financial account located outside the United States if the aggregate value of […]
FIFO or LIFO: Which Is Right for Your Business?
The way businesses value inventory can affect their taxes. It also affects the financial statements companies present to banks when they apply for loans. Businesses generally are allowed to use one method for their taxes and another for their financial statements. Although this can get complicated, choosing the best option for your business may allow […]
SSA Announces COLA and Max Earnings for 2021
The Social Security Administration typically updates key numbers for the upcoming year in the fall. One of the key numbers for retirees is the cost-of-living change: A 1.3% increase will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Increased payments to more than 8 million SSI beneficiaries will […]
Can You Take Advantage of the Research and Development Tax Credit?
Many manufacturing companies fail to take advantage of the generous research and development (R&D) tax credit simply because they don’t have staff working in a lab. The Internal Revenue Service’s (IRS) definition of R&D is codified at Internal Revenue Code Section 41 and its related regulations — and it may not be exactly what you […]
