Charity Quid Pro Quos: What You Need To Know
Congress isn’t the only governing body that questions quid pro quos. The IRS considers it a big deal as well, particularly as it relates to charity quid pro quos. A quid pro quo translates from Latin as “something for something.” Anytime you receive a perceived benefit for a donation to charity, the IRS can question […]
National Demolition Association Annual Conference
What does retirement mean to you? Are you considering selling your business this year? What about in five years or in 10? Establishing a solid SUCCESSion plan can help you exit your business on top. In his presentation to National Demolition Association, Steven Bankler Shared tips to building a SUCCESSion strategy, and what you can […]
Feds Finalize Opportunity Zone Guidance
The IRS and U.S. Treasury have finalized regulations for those interested in investing in qualified opportunity zones (QOZs). QOZs were introduced as part of the 2017 tax reform as a way for taxpayers to temporarily defer income gains by investing corresponding amounts into certain development projects. The new guidelines, along with local incentives, have made […]
New Overtime Pay Rules Are In Place
About 1.3 million American workers are newly eligible for overtime pay. Are your employees among them? The U.S. Department of Labor (DOL) updated the earnings threshold necessary to exempt executive, administrative and professional employees from the Fair Labor Standards Act’s (FLSA) minimum wage and overtime pay requirements. The rule, which went into effect January 1, […]
How Sales Taxes Affect Your Bids: Loans Between Loved Ones
Loaning money to family and friends is tricky business for many reasons. Taxes are among them. Funds received as proceeds of a loan aren’t taxable if the borrower is expected to pay it back. However, the moment some or all of the debt is forgiven (doesn’t need to be paid back), the IRS will want […]
Loans Between Loved Ones
Loaning money to family and friends is a tricky business for many reasons. Taxes are among them. Funds received as proceeds of a loan aren’t taxable if the borrower is expected to pay it back. However, the moment some or all of the debt is forgiven (doesn’t need to be paid back), the IRS will […]