Thompson Greenspon

The Office of Management and Budget (OMB) last fall released the details on what it terms a “fundamental rewrite” of the Uniform Guidance, the rules and requirements for federal awards. Ringing in at nearly 500 pages, the proposed changes would affect numerous recipients and subrecipients of federal grants. Read on to learn about some wide-ranging areas that would be affected.

What to Know about Proposed OMB Uniform Guidance Changes The Office of Management and Budget (OMB) last fall released the details on what it terms a “fundamental rewrite” of the Uniform Guidance, the rules and requirements for federal awards.

Not only must your nonprofit avoid excess benefit transactions, but it also must prevent the appearance of private inurement to insiders. The repercussions can be serious. Learn more:

Nonprofit Refresher Course: Excess Benefit Transactions Not only must your nonprofit avoid excess benefit transactions, but it also must prevent the appearance of private inurement to insiders. The repercussions can be serious.

🌟 Week 6 Intern Activities Update! 🌟

Our talented interns are diving deep into the world of tax this week! Here's what they've been up to in Week 2 of their Tax Department journey:

📊 Introduction to Business Returns
📚 Learning Methods of Accounting
💡 Accrual to Cash Conversions
🏢 Introduction to Fixed Assets
🔍 Financial Statement to Income Tax Reconciliations
📝 Mastering Journal Entries
🎓 Ending the week with an insightful panel on the CPA Exam!

We're so proud of their progress, and we can't wait to see them continue to excel!

For most business co-owners, the value of their business shares comprises a big percentage of their estates. Having a buy-sell agreement protects co-owners and their heirs and helps avoid hassles with the IRS.

If Your Business Has Co-owners, You Probably Need a Buy-Sell Agreement Having a buy-sell agreement protects co-owners and their heirs and helps avoid hassles with the IRS.

What has your organization done to minimize the risk of financial misstatement? Audits can be an effective antifraud control. Here’s one hot spot auditors often target to unearth financial statement fraud.

Why Auditors Monitor Journal Entries Audits can be an effective antifraud control measure. Here’s one hot spot auditors often target to unearth financial statement fraud.

The U.S. Department of Labor (DOL) has, once again, updated its test for determining whether a worker is an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA). The new test took effect in March 2024 and rescinds the more employer-friendly test put in place by the Trump administration. If your nonprofit organization uses what it believes to be independent contractors, you need to bone up on the new DOL requirements.

Are Your Independent Contractors Actually Employees? DOL Updates Test for Worker Status The U.S. Department of Labor (DOL) has updated its test for determining whether a worker is an independent contractor or an employee for purposes of the federal Fair Labor Standards Act.

CICPAC has finalized the Q2 2024 economic report that targets the construction sector. This report offers a comprehensive analysis of various factors that affect the construction industry on a macro level, including regional construction spending, raw materials, supply chain, banking and financing matters, and the overall construction industry outlook. Download it here! https://hubs.la/Q02FBClt0

What factors should your nonprofit consider when outsourcing HR work? We look at the benefits and drawbacks of outsourcing, as well as what you need to do to make it successful.

Outsourcing HR Tasks Can Help Understaffed, Overworked Nonprofits What factors should your nonprofit consider when outsourcing HR work? We look at the benefits and drawbacks of outsourcing.

Construction business owners: Do you have a viable succession plan in place for your company? Here are some ways to get started and make the process easier.

How Construction Business Owners Can Make Succession Planning Easier Construction business owners: Do you have a viable succession plan in place for your company? Here are some ways to get started and make the process easier.

Week 5 of our intern program provided our participants with an introduction to the world of tax, gaining insights into individual tax, tax research, and state and local tax implications. They also had the opportunity to engage with our tax department through an interactive panel discussion and a group lunch.

But it wasn't all about taxes! Our interns and panelists also had some fun debating a critical topic: naming the hypothetical TG mascot! After much discussion, the group settled on the Fighting Tenkeys!

Stay tuned for more exciting updates from our intern program!

What are the tax consequences of selling business assets? They can be complex.

Be Aware of the Tax Consequences of Selling Business Property If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply.

Thompson Greenspon is proud to announce we've been named to the 2024 list. We're thrilled to have been included and thankful to our employees, who made this happen! Read more at: https://hubs.la/Q02FVbct0

Retention Engagement.

Owners of construction companies structured as partnerships, limited liability companies or S corporations may not be fully aware of the pass-through entity taxes (PTETs) available in states in which their businesses operate. The various iterations of PTETs are essentially workarounds for the $10,000 federal limit on deductions of state and local taxes. Electing a PTET isn’t an easy decision, but doing so could save tax dollars under the right circumstances. Read more here:

Could Your Construction Company Benefit From a PTET? Owners of construction companies structured as partnerships, LLCs or S corps may not be fully aware of the pass-through entity taxes (PTETs).

Closely held corporation owners: If you need money for personal expenses like a new car or home improvements, consider borrowing from the business. But follow these tips to avoid adverse tax consequences:

Consider Borrowing From Your Corporation, but Structure the Deal Carefully Closely held corporation owners: If you need money for personal expenses like a new car or home improvements, consider borrowing from the business. But follow these tips to avoid adverse tax consequences.

Happy 4th of July! Let’s celebrate our nation's freedom and the endless opportunities it brings us. Wishing everyone a safe and joyous Independence Day!

Looking for a recruiting (and retention) edge? Consider spiffing up your employee benefits menu. Many benefits valued by nonprofit staffers are surprisingly low-cost.

Even a Lower-Cost Benefits Menu Can Help You Attract Talent Looking for a recruiting (and retention) edge? Consider spiffing up your employee benefits menu. Many benefits valued by nonprofit staffers are surprisingly low-cost.

Construction business owners: Are your estimating and cost-control processes as good as they could be? If not, profit fade can strike and strike hard. Here are some ways to prevent it.

Profit Fade Is a Persistent Threat to Construction Companies Construction business owners: Are your estimating and cost-control processes as good as they could be? If not, profit fade can strike. Here are ways to prevent it.

Summer is here and tax deadlines are probably the last thing on your mind. But there are some important third-quarter deadlines that businesses can’t afford to forget about.

2024 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers Summer is here and tax deadlines are probably the last thing on your mind. But there are some important third-quarter deadlines that businesses can’t afford to forget about.

Week 4 of our Summer Internship Program continued to focus on our A&A department! Our interns gained hands-on experience and expanded their knowledge by shadowing professionals and participating in group and independent work. They also joined the A&A team for a group lunch and panel discussion. We're immensely proud of their dedication and progress, and we're excited to share more updates as the program continues!

The tax code allows an individual to claim a deduction for business debts that have become worthless. But qualifying for the deduction may be more complicated than one would think. In a recent case, the IRS denied more than $17 million in bad debt deductions on the grounds that the advances in question represented equity rather than debt, hitting the taxpayer with millions of dollars in taxes and penalties. This article recounts the U.S. Tax Court case Allen v. Commissioner (T.C. Memo 2023-86).

Bad Debt Deduction: When Debt Is Really Equity This article recounts the U.S. Tax Court case Allen v. Commissioner.

Cross-training staffers to do one another’s jobs isn’t a new idea. But it can be a simple and effective way to boost your nonprofit’s resilience to unplanned and potentially harmful events.

Cross-Training Initiatives Can Get Your Whole Organization in Shape Cross-training staffers to do one another’s jobs can be an effective way to boost your nonprofit’s resilience to unplanned and potentially harmful events.

Week 3 of our intern program was a whirlwind of learning and hands-on experience! Interns immersed themselves in the role of an audit staff, mastering the intricacies of auditing accounts payable, cash, and fixed assets. As they gear up for next week's hands-on 401(k) audit training, they also tackled participant testing for employee benefit plans.

The highlight of the week? A fantastic site visit and tour with the incredible team at Insul-Stud! 🙌

Stay tuned for more updates as our interns continue their journey.

Hiring your child at your business this summer? It can be a tax-smart idea. Here are the benefits.

Hiring Your Child to Work at Your Business This Summer Hiring your child at your business this summer? It can be a tax-smart idea. Here are the benefits.

Thank you to everyone who supported our diaper drive for HomeAid's Builders for Babies program! Your generosity makes a real difference. A special kudos to our amazing interns for their hard work in loading and dropping off the donations. It feels great to give back to our community and make a positive impact!

Charitably inclined individuals can use a charitable gift annuity to donate to charity while enjoying significant tax breaks and a lifetime income stream. And if they’re age 70½ or older, they can now transfer up to $53,000 ($106,000 for married couples) to a charitable gift annuity directly from an IRA and apply the gift toward their required minimum distributions (RMDs) for the year. This article explains the benefits of this technique and why it’s important to properly evaluate the charities receiving gifts.

Charitable Gift Annuities: A Versatile Planning Tool Charitably inclined individuals can use a charitable gift annuity to donate to charity while enjoying significant tax breaks and a lifetime income stream.

If your private foundation violates IRS rules against self-dealing transactions with disqualified people, they and your organization could face stiff financial consequences. Here’s what to avoid.

Why Private Foundations Need to Avoid Self-Dealing If your private foundation violates IRS rules against self-dealing transactions with disqualified people, you could face stiff financial consequences.

Celebrating freedom and equality on Juneteenth! Today reflects our ongoing journey towards a more inclusive society.

Are you curious about a career in public accounting? Join us on August 8, 2024, to dive into the dynamic world of public accounting, uncover the unique opportunities our firm offers, and explore our internship program. This event is a perfect gateway for students eager to learn about the accounting profession, connect with experienced professionals, and discover how an internship at Thompson Greenspon can pave the way for future success in the field. To register, visit: https://hubs.la/Q02CgD9F0

Construction businesses face many distinctive tax issues. Complicating matters, some key provisions of the Tax Cuts and Jobs Act are scheduled to expire after 2025. Read more here:

Construction Business Owners: Prepare Now for Possible Tax Law Changes Construction businesses face many distinctive tax issues. Complicating matters, some key provisions of the Tax Cuts and Jobs Act are set to expire after 2025.

Week 2 of our intern program has been an absolute blast! 🌟 Our incredible interns learned about the roles of our administrative team, explored the essentials of marketing and building a personal brand, and also got a firsthand introduction to the exciting world of audit. They participated in hands-on seminars about effective communication and time management and even lent a hand with our Adopt-a-Highway commitment. To top it all off, they enjoyed some fun and bonding time together with an afternoon of bowling! 🎳🎳

Stay tuned as we continue to grow and learn together in the coming weeks!