Charitable contributions aren’t always eligible for tax deductions — even when the not-for-profit recipient is tax exempt and the donor itemizes. Take “quid pro quo” donations. These transactions occur when your organization receives a payment that includes a contribution and you provide the donor with goods or services valued for less than the total payment. […]
When nonprofit contributions are quid pro quo Read More »
Many businesses are donating to charity in light of the pandemic. In order to encourage giving, the CARES Act made some changes to the rules. Under one change, the limit on charitable deductions for corporations (generally 10% of modified taxable income) doesn’t apply to qualifying contributions made in 2020. Instead, a corporation’s contributions, reduced
Business charitable contribution rules have changed under the CARES Act Read More »
Did you recently file your tax return and receive a refund that was smaller than you were expecting? Or did you wind up owing additional tax when you filed your return? That might mean it’s time to check and adjust your withholding. This might be necessary due to changes in the Tax Cuts and
Conduct a “Paycheck Checkup” to Make Sure Your Withholding is Adequate Read More »
If your business got a Paycheck Protection Program (PPP) loan taken out due to the COVID-19 crisis, there are potential tax implications. The PPP allows eligible businesses to receive loans that will be forgiven if they spend the proceeds on certain items within a certain period of time. In general, the reduction or cancellation of
The Possible Tax Consequences of PPP Loans Read More »
