PBMares Accounting Blog

Six Strategies For Your Tax Playbook

Posted by Louise Clayton-Kastenholz on May 23, 2017 10:59:42 AM

I’m looking forward to tax day. No, I’m not in a time warp.  I do know that April 15th is behind us, and most people I talk to are relieved that they don’t have to think about taxes for another year (or in the case of those who extended their returns, until that last piece of paperwork shows up).  Often that sense of relief is due not just to the sense of getting through the process of the paperwork, but the whole thought process of dealing with the topic. 

But right now, now that it’s all over, is the best time to think about taxes, while the effects of this last filing season are fresh in the mind.  In sports, the coach looks at the team’s performance after each game and studies the strategies for weaknesses while the results are still fresh and the team has time to prepare for the next game.  Here we are with almost eight months left in 2017 to improve our game. 

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Topics: Tax Planning, Estate Planning

Turning next year’s tax refund into cash in your pocket now

Posted by Nick Preusch, JD, LLM, MSA, CPA on May 19, 2017 10:19:56 AM

Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money.

Fortunately, there is a way to begin collecting your 2017 refund now: You can review the amounts you’re having withheld and/or what estimated tax payments you’re making, and adjust them to keep more money in your pocket during the year.

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Topics: Tax Bites, Tax Planning

Real estate investor vs. professional: Why it matters

Posted by J. Denise Short on May 18, 2017 2:07:30 PM

Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the excess being carried forward.

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Topics: Tax Bites, Tax Planning

What really motivates nonprofit donors

Posted by Edward T. Yoder, CPA, MSA on May 18, 2017 11:33:34 AM

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Topics: Not-for-Profits, NFP Bites

Private Clubs: The Pressure Is On To Raise Dues

Posted by Todd Swisher, CPA CGMA on May 15, 2017 9:01:28 AM

Clubs are in the dues business.  They are the key to a private club’s success. Dues represent approximately 50 percent of the operating revenue of country clubs and approximately 40 percent of operating revenue for city clubs. When you factor in that no direct expenses are allocated to dues, 100 percent of every dues dollar goes to the bottom line.  However, clubs were reluctant to raise dues for several years – at least not enough to adequately fund club operations.  Boards were reluctant to address the issue because they did not want to deal with any potential controversy surrounding it.  Instead, they chose to pass the problem to their successors.  And while some clubs have rebounded nicely from the economic down turn, especially the “A” level exclusive clubs, a combination of pressures on clubs has made it more important than ever to address the issue now:

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Topics: Club Industry, hospitality

Executive Order Changes For the IRS Will Enforce Political Speech Made by 501(c)(3)s

Posted by Nick Preusch, JD, LLM, MSA, CPA on May 11, 2017 8:30:00 AM

President Trump signed the Promoting Free Speech and Religious Liberty Executive Order on May 4, 2017. This Executive Order requests that the Treasury and IRS no longer enforce the Johnson Amendment, which does not allow 501(c)(3) tax exempt organizations to engage in certain types of political activities.

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Topics: Not-for-Profits, Tax Updates

Nonprofits: Don’t gamble with gaming fundraisers

Posted by Bo Garner, CPA, MBA on May 10, 2017 1:35:36 PM

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Topics: Not-for-Profits, NFP Bites

Operating across state lines presents tax risks — or possibly rewards

Posted by Lori Roberts, CPA on May 9, 2017 3:43:52 PM

It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so has become so much more feasible that many businesses quickly find themselves crossing state lines.

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Topics: Tax Bites, Tax Planning

TDR Accounting: How to get it right

Posted by Harvey Johnson, CPA, CGMA on May 8, 2017 10:53:38 AM

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Topics: Financial Institutions, Cybersecurity Threat

Labor Floor Checks and Labor Interviews – Labor Recording Up Close and Personal

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on May 4, 2017 9:34:55 AM

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Topics: Government Contracts