Tax Services

Protect Your Tax Exemption

By |2017-04-21T12:42:44+00:00April 13th, 2017|Exempt, Nonprofit, TAX, Tax Services|

Charities that conduct vehicle donation programs may jeopardize their tax-exempt status by operating the program in a manner that improperly benefits private parties. Generally, a charity’s tax-exempt status won’t be affected if it does any of the following with donated vehicles: Sells the donated cars and uses the proceeds exclusively to fund its charitable programs [...]

Telling Your Story With Form 990

By |2017-04-21T12:43:02+00:00April 13th, 2017|IRS, Nonprofit, TAX, Tax Services|

Attracting and retaining donors can be among the more challenging tasks for your nonprofit organization. So you’ll want to take every opportunity to help potential supporters recognize the value of your mission. IRS Form 990, Return of Organization Exempt From Income Tax, offers a convenient vehicle for getting your story out. The Internal Revenue Code [...]

Work Opportunity Tax Credit: Good for your Business and Good for the Nation

By |2018-11-28T15:07:03+00:00March 1st, 2017|Employment, TAX, Tax Services, WOTC|

A lot of employers overlook this important tax credit. Lyndi DeVries, Business Services Manager at TD&T, provides some background on this potentially valuable opportunity for your business. When your business looks to hire employees, you may inadvertently overlook some specific groups who sometimes face barriers to employment. Enacted in 2015, the Protecting Americans from [...]

Estate Basis Reporting – Getting it Wrong Can Increase Your Taxes

By |2017-04-24T09:26:53+00:00March 1st, 2017|Advisory, Estate Planning, Executor, Gifts, TAX, Tax Services|

Vicki Beckey, CPA, CFF, CSEP and head of TD&T’s estate department, provides some thoughts on understanding estate and gift taxes. The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 requires consistent basis reporting between a decedent’s estate and the beneficiary who inherits property from a decedent. The IRS defines basis as [...]

Potential Tax Reform Expected in 2017

By |2017-04-21T12:49:02+00:00March 1st, 2017|Change, Government, TAX, Tax Services|

What can you expect regarding changes to the tax system in 2017? Amie Kuntz and Monica Sullivan of TD&T’s Tax Department provide some thoughts on what to look for from Congress and the Trump Administration this year. Many Americans have had tax reform on their minds. Both major Presidential candidates made tax reform part [...]

Acting on a Charity’s Behalf

By |2017-04-21T12:49:15+00:00January 1st, 2017|Deductions, Nonprofit, TAX, Tax Services|

If a for-profit business collects donations on behalf of a charity, are the contributions tax deductible for the donors? If the business is acting as an agent for the charity, the donations may be tax deductible. The agent can also provide contemporaneous written documentation to donors to substantiate their income tax deductions. The agent should [...]

Three of the Best Tax Planning Strategies Explained

By |2017-04-24T09:24:54+00:00December 12th, 2016|Agriculture, TAX, Tax Services|

Susan Voss, CPA, one of the heads of the TD&T Ag team, provides the next installment in her series on helping farm families understand and respond to changes in agribusiness. During tax planning season at most CPA firms, three basic strategies allow a tremendous amount of flexibility to the agricultural clients we serve: defer, prepay, [...]

Tax Opportunities to Close Out 2016

By |2017-04-21T12:50:43+00:00December 12th, 2016|Healthcare, PATH, TAX, Tax Services|

In recent weeks, Congress has passed some key legislation that will affect taxes for 2016.  Most of these provide opportunities that may benefit you.  Here’s a summary from Brian K. Isom, CPA, Principal in our Burlington office. Health Reimbursement Arrangements for "Small Employers" Congress passed and President Obama signed into law the 21st Century [...]

Know the Difference Between Independent Contractors and Employees

By |2018-11-28T15:07:11+00:00December 1st, 2016|Employment, TAX, Tax Services|

This quarter’s article from TD&T Business Services Manager Lyndi DeVries provides a refresher on the employee vs. subcontractor classification as defined by the IRS. When you hire someone for a long-term, full-time project or a series of projects that last for an extended period, you need to understand the difference between independent contractors and employees.  [...]

Tax Planning Ideas for 2016

By |2017-04-21T12:53:14+00:00July 1st, 2016|Healthcare, Lease, TAX, Tax Planning, Tax Services|

Various factors influence the amount of income tax you will pay for the 2016 tax year.  Many taxpayers wait until late in the year or even after the end of the year before thinking about the tax ramifications of their actions in a given tax year.  If you have not already considered these issues, you [...]