Category Archives: Tax Services

Obama Administration Delays Part of Health Law’s Employer Mandate

More Delays to Obama Care Personal MandateThe U.S. Government announced an additional delay of the employer mandate associated with the Affordable Care Act (“ACA”) for certain medium sized employers. ACA is intended to extend health coverage to uninsured Americans, partly by imposing penalties on individuals and businesses not seeking coverage. Most individuals face a tax penalty for not having healthcare coverage in 2014. Continue reading Obama Administration Delays Part of Health Law’s Employer Mandate

Special Rules Regarding Gifts In Kind

Non ProfitThere are special IRS rules pertaining to gifts in kind for the recipient nonprofit and the donor.

The  recipient nonprofit organization can only acknowledge the date of receipt, description of the property, and its standing as a public charity eligible to receive donations from the public.  The assertion of the value of the property rests entirely on the donor.

The donor claiming a charitable deduction must comply with several steps. For any property donated with a purported value > $5,000, certain formalities must be followed in order to support the claiming of the charitable deduction by the donor.  These formalities fall to the donor to ensure full compliance and are summarized in the following steps: Continue reading Special Rules Regarding Gifts In Kind

Common Considerations for IRA Rollover

Common Considerations for a IRAIf you’ve been thinking about rolling over your traditional IRA from one financial institution to another, there are a number of things you should think about when doing so. There are a number of mistakes that occur here, which can incur unnecessary taxes and penalties, that you will definitely want to avoid. Check out some of the most important things to know about IRA rollovers, below. Continue reading Common Considerations for IRA Rollover

Three Ways to Know the Difference Between an Employee and Contractor

Employee vs. ContractorIn order to tell the difference between a part or full time employee and independent contractor, it is important to consider the three main factors listed below. These factors will determine the responsibilities a business has towards a person who may be providing a service to the business, as well as the rights of both parties involved.

Continue reading Three Ways to Know the Difference Between an Employee and Contractor

Why a Non-Profit Should Hire a CPA Firm?

The provisions of the Internal Revenue Code are complex regarding the tax treatment of non-profit donations, transactions and other recognizable events. An experienced Certified Public Accountant (CPA) is trained in the nuances of non-profit accounting and tax returns, and is capable of assisting management with recordkeeping and tax return preparation.

Utilizing a Raleigh CPA allows management to focus on day-to-day operations, and generate additional streams of income.

Continue reading Why a Non-Profit Should Hire a CPA Firm?