Newsletters

Tax Filing Reminders

December 31st  Due date to complete 2019 tax-free gifts up to $15,000 per recipient Due date for paying expenses you want to deduct on your 2019 cash basis income tax return January 15th   2019 calendar-year fourth installment of individual estimated tax and trust estimated tax January 31st  Due date for employers to furnish W-2 statements to employees and to file Forms W-2 with the Social Security Administration (both paper and electronic forms) Due date for payers to provide most Forms 1099-MISC with non-employee compensation in box 7 to recipients and to…

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Finding the Right Buyer for Your Business

How do you determine the buyer or category of buyer that will lead to a successful sale of your business? Is your potential buyer likely to be a strategic buyer, a financial buyer, or a related buyer? Strategic Buyers are generally competitors, vendors, customers, or companies in a related industry.  Consequently they may have connections to your industry and may realize various synergies in acquiring your company. These synergies may enable them to pay a higher price than other buyers. Determining the right kind of strategic buyer helps you plan…

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Tax Implication of Receiving a Gift

In general, the receipt of a gift has no effect on your taxable income. Any income you receive from that property is taxable to you when you receive it. Your cost basis of the property you have received is the same as the donor’s cost basis. You will need to ask for that information, as you will need to know that if you sell the property. There are two exceptions to that rule: the first is that if the donor actually paid gift tax, you may be able to add…

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Adapt to DOL’s Final Overtime Exemption Provisions

On September 24, 2019, the U.S. Department of Labor issued the final version of its overtime rule. The new rule goes into effect on January 1, 2020, and is expected to provide overtime protection to 1.3 million American workers who are not currently eligible. Eligible workers are entitled to at least time and one-half their regular pay for all hours that they work over 40 in a work week. Nonprofit organizations are not excluded from the new law and its implications for them will be discussed below. What is new…

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