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06 Nov

A Fresh Look at Donor-Advised Funds: What Every Nonprofit Should Know

Nonprofits and Donor-Advised Funds | Spire Group, PC Donor-advised funds (DAFs) are growing in popularity, so it’s important that nonprofit leaders familiarize themselves with how to use DAFs as a funding source. A recent report from the National Philanthropic Trust (NPT) estimates that nonprofit contributions from DAFs increased nearly 10 percent between 2015 and 2016. […]

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25 Oct

IRS Clarifies Rules for Business Meal Deductions

IRS Clarifies Rules for Business Meal Deductions | Spire Group, PC No two ways about it, the Tax Cuts and Jobs Act of 2017 eliminated the deduction for business entertainment expenses. What wasn’t as clear was the fate of business meal deductions associated with that entertainment. Now, in Notice 2018-76, the IRS has weighed in […]

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23 Oct

Passive Activity Losses – What Are They, and When Are They Deductible?

Not all income is treated equally under the U.S. tax code. Nonpassive income gets taxed differently from portfolio income, which gets taxed differently from passive income. For example, losses from a nonpassive business are typically fully deductible, while losses from a passive business can be limited. This limitation, called the passive activity loss (PAL) limitation, […]

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18 Oct

5 Ways Nonprofits Can Offset Loss of Deductions

5 Ways Nonprofits Can Offset Loss of Deductions | Spire Group, PC Because of the enactment of last year’s Tax Cuts and Jobs Act, fewer taxpayers will use itemized deductions on future tax returns. Although this could mean a reduction in charitable giving, your nonprofit may have options for mitigating any potential revenue loss from […]

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11 Oct

What Should Business Owners Know About the Section 199A Deduction?

What Business Owners Should Understand About the Section 199A Deduction | Spire Group, PC The Tax Cuts and Jobs Act of 2017 (TCJA) made comprehensive changes to the tax code. It’s not surprising that the IRS is in the process of making clarifications to these changes, including proposed regulations for the complex Section 199A deduction. […]

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04 Oct

Deadline Looming for New Nonprofit Revenue Recognition Standards

The New Nonprofit Revenue Recognition Standards | Spire Group, PC Updated Financial Accounting Standards Board (FASB) revenue recognition guidelines will go into effect for most nonprofits beginning December 15, 2018. These new standards will require nonprofits to adjust their accounting procedures for certain transactions with their customers. FASB’s updated standards deal with reciprocal or “exchange” […]

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27 Sep

Tax Considerations for a New Franchisee

Opening your first franchise can feel a lot like hitting the jackpot. Not only do franchised businesses provide you with well-tested operating procedures and a reliable support system, but they actually allow for quite a bit of flexibility – perhaps more than you think. Depending on your franchise, you may be free to make decisions […]

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25 Sep

Want to Use Regulation Crowdfunding for Financing? Here’s What You Need to Know

Regulation Crowdfunding | Spire Group, PC For many businesspeople who own or operate startups, a key challenge is planning for growth. Your business may be based around idea for which you’re passionate. You may have identified a quantifiable market need. Maybe you’ve even attracted raving fans for your product or service. What’s next? In many […]

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20 Sep

IRS Responds to States’ Workarounds on New SALT Deduction Limitations

IRS Responds to States’ Efforts to Counter SALT Deduction Limitations | Spire Group, PC Can states issue tax credits through taxpayers’ charitable contributions to offset new state and local tax (SALT) limitations under tax reform? Several states have been creative in finding ways to work around the new limitation. Specifically, the question is whether the […]

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18 Sep

Discussing the Estate, Gift, and Generation-Skipping Transfer Taxes

How Are They Different? Discussing the Estate, Gift, and Generation-Skipping Transfer Taxes The estate tax, popularly referred to as the “death tax,” is much less of a concern for most Americans than the political rhetoric makes it out to be. The Tax Policy Center estimates that only 1,700 estates will owe taxes this year, which […]

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