Organizational Structure: What’s Best for Your Business
One of the most important decisions you’ll make for your company is what form of business organization – or business entity – your organization will be. What are the advantages and disadvantages of your business being a C corporation? An S corp? A limited liability company? A partnership? Today’s business owners have many options when…
No Charitable Deduction if Value Received
Not everyone understands that if you receive something of value in return, you are not entitled to a charitable contribution deduction for that portion of the cost. For example, if you purchase tickets to a theater performance to support your favorite charity, your contribution deduction is limited to the amount the price you pay for…
Business Value: More Than How Much a Buyer Will Pay
Placing a monetary value on a company or business involves much more than simply determining what a potential buyer might pay for it. There are many factors that need to be taken into account – such as the type of company, market value, investment value, growth potential, tax laws and, of course, the individual circumstances…
How Do You Inform the IRS That You Suspect Tax Fraud?
What do you do if you suspect that someone is committing tax fraud? Who do you call at the IRS? Where do you report it? The Internal Revenue Service has specific procedures in place that involve filing a form to report the type of fraud you believe may be taking place. Print Form 3949-A and…
Do the Rich Give the Most to Charity?
How generous are Americans – and who gives most to charitable institutions? The Chronicle of Philanthropy set out to find out, compiling a comprehensive study “How America Gives” in 2012, examining charitable giving by ZIP code and income level in every city in the United States. The data came from charitable deductions listed on IRS forms…
When is a Business Valuation Needed?
The prospective sale of the company might seem to be the obvious reason for getting a business valuation, but there are many other reasons as well. Other reasons a business valuation is needed include: Estate, gift and trust planning – To determine estate taxes, a value must be placed on all assets, which include the…
Confidence in Comfortable Retirement at All-Time Low
Only half of American workers and retirees could come up with $2,000 if they needed it for an emergency, according to a new study that shows confidence by Americans to be able to retire comfortably is now at an all-time low. Saving for retirement continues to take a back seat as many Americans still struggling…
Five Tips for Choosing the Right Charity for your Donations
You want to give to a charitable cause, but you can’t decide which one because you receive so many solicitations. How do you know which one to give to – and where your hard-earned dollars will do the most good? GuideStar, a nonprofit group that helps donors investigate charitable groups, recommends the following five steps…
Online Fundraising Must Comply with Tax-Exempt Rules
Apologies for the incorrect link from our newsletter. If that’s how you got here, click here to read “Do the Rich Give the Most to Charity” Website or email solicitations should comply with the same rules that apply to other solicitations, and no prohibition exists against a charitable organization using an Internet fundraising platform to…
How to Nip Fraud in the Bud
By David Sawyer, CPA, CFE, licensed private investigator and partner with CPAmerica’s Atlanta affiliate Frazier & Deeter, LLC Among investigators and criminal profilers I work with, there is a common phrase that I hear over and over again: “To catch a crook, get inside the mind of a crook.” Make it your mission to know…