Archives

Oct
31
2018

HBL CPAs helping out with the United Way Days of Caring for the Backpack Project

HBL CPAs helping out at the United Way Days of Caring for the Backpack Project October 30, 2018. Thank you to all who came out to help. There was a lot of unwrapping, ripping boxes, and stuffing (5,500 backpacks worth). Good job team! To anyone who wasn’t a part of the event, the backpacks were used as part of an art installation at the U of A to raise awareness of the 21,000 opportunity youth in Pima County.

Oct
30
2018

Nonprofits: Here’s how to embrace accountability





Embracing accountability helps your nonprofit demonstrate openness and fulfill its fiduciary responsibility. Accountability starts with complying with applicable laws and rules and committing to using resources to support your mission. There can be no accountability without good governance, and that’s ultimately up to your board. Your board needs to understand the importance of its role and focus on big-picture items, not process-oriented details. Finally, communicate accountability with your annual report and Form 990.

Oct
29
2018

Innocent Spouse Relief





In general, married taxpayers who file joint tax returns are jointly and individually liable for the tax due on them. But spouses may be eligible for “innocent spouse” relief if they can prove they didn’t know about a tax understatement. In one new case, the U.S. Tax Court ruled that a disabled ex-wife qualified for relief because she showed that it would be inequitable to hold her liable. She had been living apart from her ex-husband,

Oct
27
2018

Consider all the tax consequences before making gifts to loved ones





Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can affect the tax consequences. For example, to minimize your heir’s income tax, gift property that hasn’t appreciated significantly while you’ve owned it.