Effects of Tax Reform on Taxation Related To Foreign Subsidiary Income
May 31, 2018 | BY Samuel Goldschmidt
Prior to the Tax Cuts and Jobs Act (TCJA), income earned by U.S. shareholders of a foreign corporation has generally not been subject to U.S. tax until the income is distributed as a dividend to U.S. shareholders.
The TCJA however, has introduced two significant changes to the taxation of income earned by a foreign corporation owned by U.S. shareholders.
tax - income tax - tax reform - foreign income
Financial sustainability and your nonprofit
May 29, 2018 | BY admin
If your not-for-profit relies heavily on a few funding sources — for example, an annual government or foundation grant — what happens if you suddenly lose that support? The risk may be compounded if you generally spend every penny that comes in the door and fail to build adequate reserves. Bottom line: If your nonprofit hopes to serve its community many years into the future, you need to think about financial sustainability now. (more…)
nonprofit - Funding - Financial Reporting
Sending your kids to day camp may provide a tax break
May 24, 2018 | BY admin
When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit! (more…)
tax - tax break - day camp
Procurement procedures: Is your nonprofit really in compliance?
May 23, 2018 | BY admin
The relatively new federal procurement standards significantly alter the way not-for-profits receiving federal funding handle purchasing. And while your organization may have changed its written policies to comply with the revised standards, it may be easier to follow the rules on paper than in practice. (more…)
nonprofit - law
The TCJA changes some rules for deducting pass-through business losses
May 22, 2018 | BY admin
It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct — beginning in 2018. This could negatively impact owners of start-ups and businesses facing adverse conditions. (more…)
tax - small business - business