The CPA Desk

A Thought Leader Production by PKFTexas

Tag Archives: IRS

Best Practices – Financials for Religious Congregations

Churches, synagogues, mosques and other religious congregations aren’t required to file tax returns, so they might not regularly hire independent accountants. But regardless of size, religious organizations often are subject to other requirements, such as paying unrelated business income tax (UBIT) and properly classifying employees. Without the oversight of tax authorities or outside accountants, religious… Continue Reading

The Differences Between Public Charities and Private Foundations

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Annjeanette Yglesias, one of our tax managers and a member of our not-for-profit team. Annjeanette, welcome back to the Playbook. Annjeanette: Thanks, Jen. It’s good to be here. Jen: So, not-for-profit… you work with different organizations, and I think… Continue Reading

How Private Foundations Can Avoid Costly IRS Attention

IRS rules governing private foundations are complex and include many exceptions, which is why your foundation needs to write and follow a detailed conflict-of-interest policy. Taking this proactive step can help you avoid potentially costly public and IRS attention. Casting a Wide Net Conflict-of-interest policies are critical for all not-for-profits. But foundations are subject to… Continue Reading

What Can Be Deductible When Volunteering

Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case. Donations of time or services aren’t deductible. It doesn’t matter if it’s simple… Continue Reading

Year-End Giving: What You Need to Know

Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in mind this year to ensure you receive the tax benefits you desire. Delivery date To be deductible on your… Continue Reading

The Rules for Documenting Deductions

If you have incomplete or missing records and get audited by the IRS, your business will likely lose out on valuable deductions. Here are two recent U.S. Tax Court cases that help illustrate the rules for documenting deductions. Case 1: Insufficient records In the first case, the court found that a taxpayer with a consulting… Continue Reading

Protect Your Deduction: Verify That a Charity is Eligible to Receive Tax-Deductible Contributions Before You Donate

Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. But before you donate, it’s critical to make sure the charity you’re considering is indeed a qualified charity — that it’s eligible… Continue Reading

IRS creates “Healthcare Law Online Resources” site and Publication

IRS creates “Healthcare Law Online Resources” site and Publication The IRS has posted Publication 5093, Healthcare Law Online Resources, on its website. The page has a section for employers as well as individuals that has links to employer resources for information on health insurance, tax/legal responsibilities, and small business resources. The link to health insurance… Continue Reading