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10.26.2020

Simple End of Year Tax Planning and Wealth Transfer Tips

Believe it or not, the end of 2020 is quickly approaching (insert collective sigh of relief). While I think most of us are ready to start looking forward to 2021 and would prefer to not even have to utter the words 2020 anymore, now is the time to finish off the year strong by reviewing simple, yet important, year-end tax planning and wealth transfer tips.  When most people think of tax planning and wealth transfer, they may have in mind complex estate planning documents and an overload of legal and accounting advice.  But that doesn’t have to be the case.  Here are three simple tips that you can implement with relative ease, though you will want to consult your tax advisor first. Read More

08.12.2019

Nonprofits and Sales Tax: Is your organization still affected?

Nonprofits are still subjected to the extended sales and use tax laws if they conduct sales outside of admissions and fundraising events sales. Read More

04.05.2017

Doing good does a business well, too

By Nathan Vinson, Attorney English, Lucas, Priest and Owsley, LLP This is that time of year when we all start thinking about taxes – and how to pay less. We’ve often gotten the news from our accountants that perhaps our refunds won’t be as large as we’d like or that we owe. Ugh to both. This is a good time to consider if your business can be more charitably minded, and perhaps help you pare back the tax burden next year. Read More

01.12.2016

The IRA gift provision is now permanent

By Nathan Vinson, Attorney English, Lucas, Priest and Owsley, LLP Over the past decade, Congress has passed a law – usually at the last minute – that allows for gifts directly from Individual Retirement Accounts to charitable organizations with favorable tax treatment. The gifts can be up to $100,000 to qualifying organizations, but it has to be made directly to the charity. The IRA gift provision has been a popular way for some to give to their favorite organizations, for two key reasons: The gift counts towards your required minimum distribution from your IRA for the year. As you may know, seniors ages 70.5 and up are required to take a minimum distribution from their IRA each year. The gift is excluded from taxable income. The money won’t be included in your taxable income (as it would otherwise) if the money is paid directly to the qualifying charity. Only those who are 70.5 or older can take advantage of it. Read More