It’s the time of year when we are all so busy with holidays and family, yet we must continue to run our businesses and have everything done by the end of the year. Here are some tips to help you make it through this stressful time.
Year-End W-2 Addbacks:
Not-for-profit organizations (NFPs) can find it difficult to differentiate a promise to give (often called a pledge receivable) from an intention to give. An intention to give typically does not have written evidence and, even if it is in writing, it usually contains words such as “intend”, “plan”, “hope”, or “may”. An intention to give is not as certain as a promise, and because of the higher degree of uncertainty, NFPs cannot record intentions to give in their books.
FEDERAL EMPLOYMENT TAX AND TRUST FUND PENALTIES ARE COMMON
According to the 2013 Internal Revenue Service Data Book, the IRS issued 6.8 million penalties related to employment taxes from 10/1/2012 to 9/30/2013 totaling $4.5 billion dollars—an amount equal to the cost to construct the Naval aircraft carrier, U.S.S. Ronald Reagan!
These penalties can hurt—especially small employers:
For example,
HBL CPAs is a full-service Certified Public Accounting firm based in Tucson, Arizona. HBL has been providing tax services, accounting services, auditing and attestation services, consulting services, and various other services since 1973.
© HBL CPA 2017 | All Rights Reserved
