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June 25, 2022

Help when needed: Apply the research credit against payroll taxes

Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits that you earn against your payroll taxes instead of your income tax. This payroll tax election may influence some businesses […]

Filed Under: Featured, Small Business Tax

June 24, 2022

Should the Advanced Premium Tax Credit be permanent?

The American Rescue Plan Act of 2021 expanded tax benefits to reduce the cost of health insurance premiums. But these benefits are scheduled to expire at the end of 2022. Colorado Democratic Senators Bennet and Hickenlooper have proposed that the advanced premium tax credit (APTC) be made permanent. According to the senators, the APTC helped […]

Filed Under: Federal Tax Posts

June 24, 2022

Partners may have to report more income on tax returns than they receive in cash

Are you a partner in a business? You may have come across a situation that’s puzzling. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why does this happen? It’s due to the way partnerships and partners are taxed. […]

Filed Under: Featured, Small Business Tax

June 23, 2022

EV Credit phasing out….but there is a push for more!

The electric vehicle (EV) tax credit begins to phase out when 200,000 of a manufacturer’s qualifying vehicles have been sold. But automakers are telling Congress, not so fast! In a letter, GM, Ford, Chrysler and Toyota asked Congressional leaders to give all electric car and light truck buyers a tax credit of up to $7,500. […]

Filed Under: Federal Tax Posts

June 23, 2022

Oversight and controls are key to limiting fraud in nonprofits

The 2022 Report to the Nations from the Association of Certified Fraud Examiners reports that not-for-profits are the least likely type of organization to experience occupational fraud. Sounds like good news, right? Unfortunately, the $60,000 median loss is more than most nonprofits can afford. Fewer financial and staff resources and less vigorous oversight and enforcement […]

Filed Under: Featured, Not for Profit

June 22, 2022

The Responsible Financial Innovation Act and what it means.

Congress is getting serious about addressing the confusion surrounding the tax treatment of digital assets such as cryptocurrencies. A bipartisan bill dubbed the Responsible Financial Innovation Act was recently introduced in the U.S. Senate. The bill would establish a regulatory framework for digital assets. The first-of-its-kind proposed legislation would attempt to validate the mainstream use […]

Filed Under: Federal Tax Posts

June 22, 2022

Find your nonprofit’s next leader with a team and a plan

If your not-for-profit hasn’t conducted an executive search since before the pandemic, anticipate an altered search landscape. For example, the job market now is tighter and, given the prevalence of working from home, candidates may not want to consider relocating. A search committee of board members should keep comprehensive, up-to-date job descriptions for executive positions […]

Filed Under: Featured, Not for Profit

June 21, 2022

The push for Social Security Expansion Act

“It is time to scrap the cap, expand benefits, and fully fund Social Security,” Independent Senator Bernie Sanders stated in a Senate Budget Committee hearing on June 9. With the support of seven Democratic co-sponsors, Sanders introduced the Social Security Expansion Act, which would increase Social Security benefits by $2,400 annually. This increase would be […]

Filed Under: Federal Tax Posts

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Recent News and Posts

Help when needed: Apply the research credit against payroll taxes

Should the Advanced Premium Tax Credit be permanent?

Partners may have to report more income on tax returns than they receive in cash

EV Credit phasing out….but there is a push for more!

Oversight and controls are key to limiting fraud in nonprofits

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Morison Cogen LLP is a full-service certified public accounting, tax, and business consulting firm serving private and public companies, not-for-profit organizations, and the personal accounting needs of individuals in the U.S. and around the world....read more

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