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Filing for 501c (3) Tax Exempt Status: Easing the Burden on Smaller Nonprofit Organizations
Most organizations seeking 501c (3) tax exempt status must file an application with the IRS. Until 2014, the only means available to organizations was filing Form 1023: Application for Recognition of Exemption Under Section 501c (3) of the Internal Revenue Code....
Charitable Giving Strategies
While there may be a lot of wisdom in the proverb “May your charity increase as much as your wealth,” there can also be wealth in properly planning your charitable giving. This wealth is derived from the economic benefit that can result from tax savings achieved by...
New Status for Therese Connell
Therese Connell, one of the firm’s Partners and Director of its Estate and Trust department, marks 25 years with the firm this year. She has decided to move to part-time status at Capaldi Reynolds & Pelosi effective August 31, 2018. Therese has served in her...
Quickbooks Quick Tip
Have you ever posted to incorrect accounts or classes for a few months in Quickbooks? One way to resolve the problem is to go back to each transaction and change it manually. This is both tedious and time consuming. Fortunately, Quickbooks has an accountant’s tool...
Non-Grantor Trust: A Tool for Estate, Asset Protection and Income Tax Planning
While there are many forms and types of trust, this article highlights some of the various beneficial structures that encompass the use of non-grantor trusts. The use of non-grantor trusts to achieve estate, asset protection and income tax planning should be...
Ask an Accountant: What is Use Tax?
I file a Sales & Use Tax every month based on my taxable sales. I never remit Use Tax. What is it? Generally, Use Tax is due on out-of-state purchases of goods or services that would have been subject to sales tax had they been purchased New Jersey on which either...
Plan Now for New Due Dates
While due dates for individual income tax returns, Form 1040, and estimated tax payments will remain the same, there are new requirements that affect individuals. One of the most important new deadlines for individuals is the April 15 deadline to file the FinCen 114,...
Thinking of Making an IRA Contribution for 2016?
There are many types of IRAs. This article will discuss Traditional IRAs, Roth IRAs and non-deductible IRAs, available to individuals (or a spouse of an individual) with earned income or collecting alimony. The first criterion to consider is your age. If you are over...
Business Health Checkup: Current Ratio
Periodically we will highlight a ratio or benchmark and demonstrate how you can use it to better understand your business The disclaimer: Benchmarks and ratios, blindly applied, can be dangerous. Benchmarks can be useful in understanding areas to investigate, but it’s...