BLS Insights

Discover the depth of BLS knowledge and information.

Year: 2019

Are Qualified Charitable Distributions an Underused Tax Planning Tool?

December 11, 2019

Although Congress incentivizes individuals to save for retirement by allowing various tax-free savings vehicles, they do eventually require taxpayers to dig into their nest eggs. When taxpayers reach age 70 ½ they must withdraw at least a specified minimum amount of funds from their retirement accounts each year. These required minimum distributions (RMDs) are generally … Continued

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Tax Exempt & Government Entities Fiscal Year 2020 Compliance Program

December 10, 2019

In October of 2019 the IRS Tax Exempt & Government Entities (TE/GE) division issued its Fiscal Year 2020 Program Letter. The Program Letter discusses the TE/GE’s priorities and key areas of focus for the upcoming year. It is also meant to aid in TE/GE’s mission of providing their customers (you!) top quality service by helping … Continued

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Is Venmo Fundraising the Next Big Thing for Nonprofits?

November 26, 2019

In a world of constantly changing donor demographics, nonprofit organizations need to be innovative when it comes to fundraising. According to a research study done by the Pew Research Center, millennials surpassed both boomers and gen-x’ers in 2016 to become the largest generational cohort in the U.S. workforce; this makes a societal wealth shift to … Continued

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Reasonable Compensation for S-Corporation Shareholders

November 25, 2019

For S-Corporation owners, complex regulatory environments and constantly changing tax laws make deciding upon the correct method and amount to pay yourself a burdensome endeavor. S-Corporation owners have an incentive to characterize income taken out of their business as owner distributions instead of wages to avoid payroll taxes and create potential Qualified Business Income (“QBI”) … Continued

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Essential Resources for Delaware Nonprofits

November 19, 2019

Managing a nonprofit organization can be a challenging task. It takes passion and drive to create, refine, and implement programs that serve the community or members. Whether it’s a trade association of Delaware dentists or an organization that delivers supplemental educational services to Wilmington’s youth, the challenges are many. For example, managing volunteers, attracting members, … Continued

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Form 1099 and W-9 Reporting Requirements

September 19, 2019

Due to increased enforcement and related assessment of penalties for failing to timely and accurately file Forms 1099, we felt it was important to share the following requirement and due date information specifically associated with Forms 1099. Important Form 1099 Due Dates January 31, 2020 Form 1099-MISC information returns, used to report Nonemployee Compensation (NEC) … Continued

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Bunching Charitable Contributions Using a Donor Advised Fund

August 29, 2019

Posted by Jordon N. Rosen, CPA, AEP In the aftermath of the Tax Cuts and Jobs Act (TCJA), many taxpayers who used to be able to itemize deductions prior to 2018, now find themselves not being able to itemize and claiming the standard deduction. For 2019, the standard deduction is $24,400 for a married couple … Continued

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Board Size: Achieving the Right Number of Directors

August 07, 2019

Of the many decisions that a nonprofit organization needs to make, setting standards for board-member size may not be at the top of the priority list; yet this decision is critical for the health and competence of the entire organization. Bylaws specifying an ideal range for board size, rather than establishing a fixed number of … Continued

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Casualty & Disaster Losses Tax Treatment

July 30, 2019

Prior to 2018, taxpayers could take a deduction for personal casualty losses experienced during the tax year.

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What are the Effects of Marriage on Taxes Post-TCJA?

July 23, 2019

The marriage tax penalty or benefit occurs from a change in a couple’s tax liability as a result of marriage and subsequently filing jointly. The marriage tax penalty results when the tax burden of a married couple filing jointly is greater than that of an unmarried couple filing separately. This penalty has impacted married taxpayers … Continued

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