During 2013 the IRS finalized new regulations that govern the decision regarding whether a cost may be expensed in the current tax year or must be capitalized and the depreciation rules then applied. The overall concepts have not changed drastically but there are significantly more details in the new…
If you are confused as where you stand as an individual or employer when it comes to the Affordable Care Act (ACA) you have plenty of company. In an effort to ease some of your anxiety or perhaps clarify some issues, please read on. INDIVIDUAL MANDATE The individual mandate…
Farmers and ranchers have had another difficult year with concerns of continuing drought conditions and the devastation of the early blizzard over western South Dakota. In preparation for a shortage of grass some ranchers sold portions of their herd earlier in the year. A big increase in rain started to…
The 1040 form has become very comprehensive over time. Almost everything that happens in your life can have an effect on your tax return, from a new child, or getting married to a death in the family, major illness, becoming a volunteer for a charitable organization or any number…
As described in our previous articles, 14 different compliance requirements could have a direct and material effect on federal grants received by governmental or nonprofit organizations. One of the 14 compliance requirements includes 3 separate and unique requirements: matching, level of effort, and earmarking.  These may require that recipients…
Individuals typically provide donations in the form of monetary or donated property. These contributions benefit the charitable organization and also provide a tax deduction to the donor. In order for this tax deduction to be allowed, the IRS has specific requirements for the charitable organization to follow. Do you…
FORM 1099 REQUIREMENTS: When Do You Need to File Form 1099? The following are the most common situations requiring filing of Form 1099: You paid more than $600 for services, rents, director fees, prizes, or awards to nonemployees You paid more than $10 in royalties You paid dividends…
As described in Part I through V of our previous articles, 14 different compliance requirements could have a direct and material effect on federal grants received by governmental or nonprofit organizations. Organizations that utilize Federal programs to purchase capital assets must comply with two requirements, Equipment and…
As a not for profit entity, you may be wondering how the Affordable Care Act (ACA) affects you and what you do. All aspects of the act still apply to you. What are some of the key provisions you need to know and understand? Following is a…
