Newsletters

Tax savings on charitable donations of appreciated stock over cash

If you are planning to make a relatively substantial contribution to a charity, college, etc., you should consider donating appreciated stock from your investment portfolio instead of cash. Your tax benefits from the donation can be increased and the organization will be just as happy to receive the stock. This tax planning tool is derived from the general rule that the deduction for a donation of property to charity is equal to the fair market value of the donated property. Where the donated property is “gain” property, the donor does…

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Cloud Computing: Handle with Care

As workforces become increasingly mobile, more and more businesses are taking advantage of cloud-based technology to help their employees manage information more effectively and cost-efficiently. The benefits of cloud computing are substantial, but it is also important to recognize the risks and take steps to mitigate them. What is it? The Cloud Security Alliance (CSA) defines cloud computing as “a model for enabling ubiquitous, convenient, on-demand network access to a shared pool of configurable computing resources (e.g., networks, servers, storage, applications, and services).” By pooling computing resources on shared servers…

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Pastor Appreciation Day – Are your “love offerings” taxable income to your pastors?

October is Clergy Appreciation month, with the second Sunday of October denoted as Pastor Appreciation Day (for 2019, Pastor Appreciation Day is October 13th).  This provides many church congregations the opportunity to show their appreciation to their pastors with financial gifts such as cash, often known as “love offerings.” Should the pastors treat these benefits as nontaxable gifts or taxable compensation? The answer depends on the donor’s intent. If a love offering is made to compensate a pastor for services previously performed, then it is taxable. If the love offering…

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Tax Filing Reminders

September 30th 2018 estate and trust income tax return (Form 1041) on extension October 15th 2018 calendar-year C corporation income tax return (Form 1120) on extension 2018 individual income tax return (Form 1040) on extension 2018 gift tax return (Form 709) on extension November 15th  2018 calendar-year exempt organizations (Form 990) on extension

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