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According to nonprofit consultant Double the Donation, almost 65% of U.S. companies offer matching gift programs to help boost their employees' charitable giving power. Sadly, billions of dollars in corporate matching gift funds go unclaimed every year. If your not-for-profit isn't actively pursuing these gifts, you may be leaving them on the table.

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years.

A Health Savings Account (HSA) can be a powerful tool for financing health care expenses while supplementing your other retirement savings vehicles. And it offers estate planning benefits to boot.

The IRS has begun mailing notices to payers that filed certain returns with information that doesn’t match the agency’s records. These notices are sent by the IRS twice a year to payers who filed information returns that are missing a Taxpayer Identification Number (TIN), have an incorrect name or have a combination of both.

There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more than a year.

Although most charitable donors aren’t primarily motivated by potential tax breaks, they still need to know how donations affect their taxes. It’s important for your not-for-profit to educate them — particularly as tax laws change. For example, in 2020 and 2021, even nonitemizers were allowed to deduct up to $300 and itemizers could deduct cash gifts up to 100% of their adjusted gross income (AGI).

Please join us for a FREE webinar from Kemper CPA Group as we will discuss what makes Kemper Capital Management unique and how KCM provides an exceptional planning and investing experience to the families and professionals they serve.

Many businesses and nonprofits have been required to write down the value of acquired goodwill on their balance sheets. Others are expected to follow suit — or report additional write-offs — in 2022. To the extent that goodwill is written off, it can’t be recovered in the future, even if the organization recovers. So, impairment testing is a serious endeavor that usually requires input from your CPA to ensure accuracy, transparency and timeliness.

Although the entry of a new partner appears to be a simple matter, it’s necessary to plan the new person’s entry properly in order to avoid various tax problems. Here are issues to consider:

In recent years, accounting rule makers have issued guidance that requires certain items on the balance sheet to be reported at “fair value.” Here are some answers to frequently asked questions about this standard of value and how it’s measured.

QuickBooks Desktop 2019 Products and QuickBooks Point of Sale version 18 are being discontinued. What does this mean for you? This may be a good time to consider moving to QuickBooks Online.

Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you should assess before making a decision to switch.