PBMares Accounting Blog

Increasing The Standard Deduction Will Decrease Charitable Giving

Posted by Nick Preusch, JD, LLM, MSA, CPA on Feb 1, 2017 8:23:00 AM

For tax year 2014, there were 43,965,083 individual tax returns filed that itemized deductions on Schedule A.  The total amount of itemized deductions in 2014 were $1,206,705,085.  Deductions relating to charitable cash contributions were $155,455,063 and other than cash contributions were $65,330,485.

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Topics: Not-for-Profits, Tax Updates, Path Act

The PATH Act Changes W2 and 1099-Misc Filing Deadlines

Posted by Edward T. Yoder, CPA, MSA on May 16, 2016 10:40:00 AM

On December 15, 2015, Congress passed the Protecting Americans from Tax Hikes Act (PATH Act) which extended several tax provisions. Enhancing Code Section 179 expensing rules and the five-year extension of first-year bonus depreciation have far reaching benefits impacting for-profit businesses.  But there were other provisions of the PATH Act that will directly impact nonprofit organizations as well.

To improve compliance, Section 201 of the PATH Act modifies the filing dates of returns and statements relating to employee wage information and nonemployee compensation.

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Topics: Not-for-Profits, Tax Updates, Path Act