Nonprofit checklist for IRS exam
This comes from a fantastic presentation today to the NJCPA by Parag P. Patel, Esq. Tax Attorney in New Jersey: We expect to see more audits of nonprofit organizations in the next few years. Not-for-profits preparing for a potential IRS audit are advised to keep records for open tax years—meaning those that haven’t surpassed the statute of limitations, generally 10 years. These records include: ● List of names, addresses, and compensation details for officers, directors, and trustees● Board and committee meeting minutes● Copies of the organization’s publications, newsletters, brochures, pamphlets, and other literature related to the organization’s activities ● Copies
Accounting procedures for New Jersey candidates for public office
This is the general procedure required by the New Jersey Election Enforcement Commission. There are deviations from this procedure; check with your adviser or the NJELEC web site directly. File a D-1 Form: This appointment a campaign Treasurer and depository. Do this as soon as any money is received and before any money is spent in relation to the campaign. Open a Campaign bank account: Once a campaign treasurer and depository are appointed, a separate bank account should be opened in the name of the campaign. All campaign-related transactions should flow through this account. File Campaign Finance Reports (Form R-1):
How to allow TD Bank to send us accounting data
We have a number of small business clients that use TD Bank. We use various accounting tools that access bank data. To allow us to link bank data to the accounting program, follow these steps: If you have any difficulties, contact us or your bank’s customer service department.
What do we know about the Wildwood mayor’s tax fraud case?
A number of oddities and inconsistencies in the news reporting of this case prompted this article. This post is formatted in short bullet points meant to distinguish what we know from reliable sources (fact) and what we don’t know (commentary). I highlighted the words “tax preparer” and “attorney” because these are of particular personal interest.
How to work with a remote accountant
Even though it’s been more than 25 years since I moved from a physical office to an online service business, some new clients are just considering the possibilities and advantages of remote accounting now. This 14-minute video is meant to introduce six key concepts if you have not worked with a remote accountant before.
Agents of Change
This is the outline of a recent presentation to a small business group. 1. We live in an exciting timeof discovery and advancement in our relationship with money,The advancements over our lifetimes are amazing. At the time I began studying finance in the early 80s, it was generally believed that fundamental analysis was the way to build fortunes. Facts and data. Cash flow analysis. By the time I finished studying taxation in law school in the 90s, it was widely known that financial structuring and program trading were far more powerful. An example: Today less than 10% of trading is
How your small business can easily adopt powerful decision-making tools
Large companies and organizations with staff and budgets use sophisticated tools to analyze business risks and opportunities. But that doesn’t mean that your small business without these resources cannot benefit from the basic value of these same tools. Consider these three tools that might start with a simple entry in your journal and pick up later with as a conversation with your business coach or advisors. First, ask your business coach or do your own online search for much more information about using each of these tools. You will find plenty of simple useful help. All of these are commonly
Six common tax accounting risks of virtual currencies:
These are common tax issues for taxpayers who have exposure to virtual currencies:1. Switching accounting methods or using different accounting methods for different wallets.2. Blockchain technology is expected to lead to eventual higher tax audit rates than would exist otherwise.3. John Doe summons being used by government, matching with disclosure question on form 1040.4. Loss deduction only after sale, not because it is worthless. (Theft loss or worthless securities deductions do not apply).5. Incomplete reporting: not reporting all wallets.6. No deduction of charitable donation without independent appraisal.
Confused over Section 199A business earned income deduction for multi-entity businesses?
(Note this post raises questions but provides no substantive advice or conclusions. My focus in this and most blog posts is the practical effect on my target client group rather than an academic assessment of the law). I gave myself a personal ‘refresher course’ yesterday in re-reading parts of 1.199A-5 and REG-107892-18 , two of the applicable but difficult tax regulations related to the 20% business income deduction. My focus was a situation when a non-incorporated person’s business generates income from both a ‘specified service trade or business’ (SSTBs) and not SSTBs, then: 1) What are the accounting/reporting requirements, and
You and Your Money: The CPA as an Agent of Change in Your Relationship
These are the slides for a presentation on 2/28/2023 stepping though our adult relationship with money, the dominant external influences on out finances, and the evolution of my own practice model.