For nonprofit organizations, no income tax may be due, but an annual return must be provided by certain exempt organizations in order to maintain tax-exempt status. Tax-exempt organizations typically file a Form 990, but depending on the amount of gross receipts or the total value of assets, the organization may have options for filing a more simplified form. Below we have outlined the requirements for each form: (more…)
By Julie Malekhedayat, CPA, Principal
ASL Family Wealth & Individual Tax Group
Estate tax repeal is on the wish list of both the Republican party and the new President and is an idea that is generally popular with voters. However, a repeal of the existing transfer tax system would likely impact taxpayers in ways they are not aware of. In 2015, only 4,918 estates paid estate taxes, but the beneficiaries of all estates benefited from the income tax savings of a higher tax basis for the assets they inherited. Historically the repeal of an estate tax has been accompanied by changes in income tax rules that could reach far more taxpayers than the estate tax itself. (more…)
Late last year, we wrote a few times about the looming regulations affecting valuation discounts under the IRS Proposed Section 2704 Regulations.
The comment period ended on November 1st and the public hearing in Washington D.C. was held on December 1st to a capacity crowd. Here are some quick highlights from the hearing that were published by BV Wire: (more…)
By Mark Sheffield, CPA, Principal
ASL Emerging Business Group
In a previous Emerging Business Group seminar, we talked about the importance of diligent learning. In case you missed it, here is a snapshot:
Some experts on learning say the world is changing so rapidly that only fifteen percent of what we know today is likely to be relevant in five years. So, in five years our knowledge will be 85% irrelevant unless we are diligent learners. Diligent learners are not necessarily the smartest people, but they usually surpass the smartest people, like the tortoise and the hare, in their accomplishments. They know how to persistently learn. Diligent learners are on a constant trajectory in gaining relevant knowledge; while the relevant knowledge of average learners decreases over time. Here are two attributes of diligent learners: (more…)
By Tony Dai, CPA, Senior Tax Manager
ASL Technology Group
The combination of a Republican president and Republican majorities in both the House and Senate significantly increases the prospects for enactment of comprehensive tax reform, including legislation to repeal the Affordable Care Act (commonly known as ObamaCare). Below is a chart comparing the current law to the various proposals.
Overview of various proposals: (more…)
When surety underwriters review your financial statements, they are looking for evidence of sound financial condition. Every underwriter has its own standards and expectations, but here are five key performance indicators (KPIs) many bonding companies look at closely: (more…)