What you can deduct when volunteering
Donations of time or services aren’t deductible. However, you potentially can deduct out-of-pocket costs associated with your volunteer work. Read below and contact our tax advisors with questions about tax deductions.
Does your business have to begin collecting sales tax on all out-of-state online sales?
The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors. And state and local governments are pleased to potentially be able to collect more sales tax. But for businesses with out-of-state online sales that haven’t had to collect sales tax from out-of-state customers in the past, the decision brings many questions and concerns.
The pros and cons of a SCIN
A self-canceling installment note (SCIN) is an estate planning technique that eliminates mortality risk, so it may be appropriate for anyone in poor health who isn’t expecting to reach his or her actuarial life expectancy. But it has other potential downsides. Contact our estate planning advisors for guidance.
New 1099-MISC Requirements
Act 43 of 2017 created a withholding obligation for certain payors of Pennsylvania-source income and lessees of Pennsylvania real estate to non-residents.
The tax impact of the TCJA on estate planning
The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes.
Don't Let Collaborative Arrangements Cause Financial Reporting Headaches
Businesses often enter into so-called “collaborative arrangements” when they partner with another entity on a major project. Unfortunately, the current guidance for these types of arrangements under U.S. Generally Accepted Accounting Principles (GAAP) is somewhat vague.
Provide for your spouse, then your kids, with a QTIP trust
If you want to preserve as much wealth as possible for your children, but you leave property to your spouse outright, there’s no guarantee your objective will be met.
Saving tax on restricted stock awards with the Sec. 83(b) election
Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might have a tax-saving opportunity in the form of the Section 83(b) election. Contact our tax advisors with questions.
Profits: How Low Can You Go?
If your profits are falling compared to revenue and assets, your financial statements may provide insight into what’s happening and how to improve your performance.
Say, Just How Competitive is Your Business Anyway?
Every business owner launches his or her company wanting to be successful. But once you get out there, it usually becomes apparent that you’re not alone. To reach any level of success, you’ve got to be competitive with other similar businesses in your market.