Archive for August 2018
Are Charitable Contributions Deductible on Form 1041?
Every time a testator decides to make a charitable organization a beneficiary in either their will or trust, the question arises: “Are charitable contributions deductible on Form 1041?” Many people assume that since a charitable deduction is allowed for individual Form 1040 returns, any amount distributed to a charity from an estate or trust is…
Read MoreHow to Account for Debt Securities
US Treasury bills are short-term obligations sold at a price less than their face value. Treasury notes and bonds are long-term obligations that make semi-annual coupon interest payments. What is the proper way to record activity on these investments? On a non-interest-bearing note, such as a Treasury bill, the difference between the face value and…
Read MoreFive Key Changes to Tax Law That Will Affect Colleges and Universities
Colleges, universities and other nonprofits have plenty to digest when it comes to last year’s massive tax overhaul. Many of the details remain unclear as regulators work out the rules for implementing the law passed in late December. But the broad outlines are concrete and will lead to changes in how colleges, universities and other…
Read MoreDepartment of Labor’s New Focus During Retirement Plan Audits
Most employers are terrified at the thought of being audited by a regulatory agency. Retirement plan audits in particular cause high levels of anxiety given their complex nature and because they hold employees’ retirement assets. Retirement plans are generally policed by two federal agencies, Employee Benefits Security Administration (EBSA) through the Department of Labor and…
Read MorePrepare for Scrutiny of Information Risk Management with SOC for Cybersecurity
Businesses today face unprecedented challenges when it comes to protecting sensitive digital information and programs. Unfortunately for many companies, the only feedback they get on the effectiveness of their information risk management systems comes after some form of cyber event, such as ransomware, data loss, a fraudulent wire transfer, or a system outage. The challenge…
Read MoreGeorgia Music Investment Act Provides Tax Credits to Boost State Music Industry
People around the world tap their feet, clap their hands and nod their heads to the beat of Georgia musicians. Composers and performers with roots in the Peach State span genres, from hip-hop artists such as Outkast, Ludacris and Young Jeezy to country performers like Sugarland, Lady Antebellum and the Zac Brown Band. Georgia gave…
Read MoreTop Tax Question for Law Firm Partners: Should I Participate in State Composite Filings?
Many law firms operate in more than one state. Oftentimes, this requires partners or shareholders to file income tax returns in states where they do not live. This can complicate tax filing requirements for each partner or shareholder and drive up the cost of their individual tax preparation costs. The good news A number of…
Read More401(k) Auto Enrollment Trends
Hardly a day goes by when we don’t hear about the retirement crisis in America. In response to this crisis, many employers automatically enroll employees in their 401(k) retirement plans. Automatic enrollment allows an employer to automatically withhold contributions from an employee’s wages and increase that withholding amount each year. Download our “401(k) Auto Enrollment…
Read MoreDental Practice Lifecycle: Start Up & Acquisition
Every dental Practice follows its own unique lifecycle, however, there are a few main phases it will pass through as it continues to grow and evolve that we’d like to focus on: Start-Up & Acquisition Growth & Maintenance Sale of Practice & Retirement Before you enter any phase, we highly encourage any future Practice owner…
Read MoreAprio Announces New Partner: Rob Shirley, CPA
Aprio, LLP, a full service, CPA-led business advisory firm, is pleased to announce that Rob Shirley has joined the firm as Partner. Shirley will be located in Aprio’s Birmingham office and in his role will be responsible for expanding Aprio’s presence in the Alabama market. “We are very excited to have Rob join our team,…
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