You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states.
But donating a vehicle may not result in a big tax deduction — or any deduction at all.
Following Up on FDII Changes from March 2019
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Frank Landreneau, one of our International Tax Directors. Frank, welcome back to The Playbook.
Frank: Thanks. It’s exciting to be back.
Jen: I know there’s been some new changes to the Foreign-Derived Intangible Income, or FDII, as we’ve been calling it, that released in early March. What do we need to know about the new changes?
Frank: That’s right. Even though it’s interesting about this new tax law is that, even though it was passed a little over a year ago, guidance is still trickling in. Even though a law has been on the books, usually you do planning on a go-forward basis. There is some planning to go back and see about opportunities you may not have had.
How Associations Can Preserve Tax-Exempt Status by Avoiding Certain Activities
Not-for-profit trade associations, or 501(c)(6) organizations, exist to promote their members’ common interests and improve business conditions or “one or more lines of interest.” Whether the association is a local chamber of commerce, a real estate board or a large professional group, associations’ tax-exempt status is contingent on their sponsoring certain types of activities — and avoiding others.
When they fail to do so, the IRS may take action.
Moving to Another State for Retirement? Consider the Taxes
For your retirement, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation.
Establishing residency for state tax purposes may be more complicated than it initially appears to be.
Chances of IRS Audit May be Down but Be Prepared
The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years.
However, even though a small percentage of tax returns are being chosen for audit these days, that will be little consolation if yours is one of them.
Cross-training Your Not-for-Profit Staff Can Protect You
It’s possible that your not-for-profit’s work could come to a standstill — unless you’re cross-training your employees.
What would happen if one of your managers was suddenly forced to take long-term disability leave? Or an accounting staffer quit without notice?
Opportunities and Traps in the International Business Space
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Frank Landreneau, one of our International Tax Directors. Frank, welcome back to The Playbook.
Frank: Thanks, Jen. It’s great to be back.
Jen: So, last time we talked about international tax baskets with the new tax reform. What are some issues that business owners are finding with that?
Why Your Not-for-Profit Might Need a CFO
Your not-for-profit’s ability to pursue its mission depends greatly on its financial health and integrity.
If your not-for-profit is growing and your executives are struggling to juggle financial responsibilities, it may be time to hire a chief financial officer (CFO).
The Tax and Non-Tax Benefits of Hiring Your Children This Summer
If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money.
And you may be able to:
- Shift your high-taxed income into tax-free or low-taxed income,
- Realize payroll tax savings (depending on the child’s age and how your business is organized), and
- Enable retirement plan contributions for the children.
How to Mentally Prepare for the Sale of Your Business
Russ: This is the PKF Texas Entrepreneur’s Playbook. I’m Russ Capper, this week’s guest host, and I’m here once again with Matt Goldston, an Entrepreneurial Advisory Services Director and one of the faces of PKF Texas’s Transaction Advisory Services Team. Matt, welcome back to The Playbook.
Matt: Thank you, Russ.
Russ: You bet. So, share with us, how do you mentally prepare a founder to be ready to really talk about and negotiate the sale of a company?
Matt: Early on, it’s important that a founder remove the emotion from the business and look at the business as though it’s an asset, one that can transact.
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