Archives

Oct
19
2018

Volunteers are assets nonprofits must protect





One not-for-profit advocacy group estimates the value of the average volunteer at $24.69 an hour. Whether your entire workforce is unpaid or you rely on a few volunteers to support a paid staff, these assets must be safeguarded. Consider “professionalizing” your program with formal training, set schedules and performance reviews. To keep volunteers engaged, match their skills and interests with tasks. Also, make the work fun by facilitating friendships with other volunteers through mentoring and volunteer-only activities.

Oct
19
2018





HBL CPAs wears purple in support for survivors of domestic violence.

Oct
18
2018

HBL Wears Purple!

HBL CPAs wears purple in support for survivors of domestic violence.

Oct
17
2018

You might save tax if your vacation home qualifies as a rental property





If you own a vacation home and both rent it out and use it personally, classification as a rental property might save tax. Expenses attributable to a rental property aren’t subject to the TCJA’s tightened limits on itemized deductions for property tax and mortgage interest, and losses may be deductible. A rental property generally is one you use for 14 days or less, or under 10% of the days you rent it out,

Oct
15
2018

Fore!





Fore! An easement on a golf course fails to serve a conservation purpose. The U.S. Tax Court has ruled that a partnership that operated a golf club on its property wasn’t entitled to a conservation contribution deduction because it failed to satisfy the conservation requirements. The partnership argued that the easement area provided a habitat for several species of conservation concern. However, the court concluded there wasn’t a sufficient presence of rare or endangered species in the area to satisfy the conservation purpose requirement.

Oct
15
2018





Oct
12
2018

IRS Announcement – Employer Reimbursements





The IRS announces that employer reimbursements in 2018 for qualifying pre-2018 employee moves are tax-free. Clarifying the effects of the Tax Cuts and Jobs Act (TCJA), the IRS states that employer payments in 2018 for employee moving expenses incurred prior to 2018 are excluded from the employee’s wages for tax purposes. The IRS notes that, because the TCJA was passed at the end of 2017, individuals who relocated in 2017 but didn’t receive payment until 2018 wouldn’t have anticipated that the payments were taxable.

Oct
11
2018

Business Meals





Is that still deductible? The Tax Cuts and Jobs Act generally eliminated the business deduction for entertainment expenses but not meal expenses. As long as certain conditions are met, taxpayers can still deduct 50% of the cost of business meals. The IRS issued Notice 2018-76 spelling out the five conditions. The expense must be “ordinary and necessary;” the taxpayer (or an employee) must be present at the meal; the meal can’t be lavish;

Oct
10
2018

IRS2Go Mobile Phone App


Want to get tax information from the IRS on your mobile phone? The tax agency has a mobile app that is available for use on any iOS or Android device. The free app, called IRS2Go, allows taxpayers to make payments from their bank accounts or through credit or debit cards. You can also check the status of a refund and get tax tips and other information. Visit https://bit.ly/2BTAVhB  for more details.

Oct
09
2018

Baby Announcement!!





Please welcome the newest member to the HBL family……Lily!  Proud parents are Michael and Espy – Congratulations!