One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end. Because of […]
One health care arrangement that has been soaring in popularity in recent years has been the pairing of a high-deductible health plan (HDHP) with a Health Savings Account (HSA). The good news is that not only does an HSA provide a tax-advantaged way to pay for health care costs, but it also can help you […]
The third major change that is a part of ASU 2014-16 relates to expense reporting. The new standard will require all organizations to report expenses by both functional and natural classification in the same place on the financial statements. The standard provides a few options for the presentation: 1. Present a statement of functional expenses […]
The second major change in ASU 2016-14 relates to investment return. The new standard will standardize the reporting of investment return across all nonprofit entities. 1. All external and direct internal investment expenses will now be required to be netted against investment return on the statement of activities. 2. There will no longer be a […]
There is a major change on the horizon for nonprofit financial statements, are you ready? Last August, the Financial Accounting Standards Board (FASB) issued ASU 2016-14, Not-for-Profit Entities (Topic 958) – Presentation of Financial Statements of Not-for-Profit Entities. This is the first major change to the nonprofit financial statement model in over 20 years. It […]
With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until they’ll be starting their higher education, is a Section 529 plan. Tax-deferred compounding 529 plans are generally state-sponsored, and the […]
Charity Navigator is the nation’s largest and most utilized evaluator of charities. They have developed a numbers-based rating system that assesses over 8,000 of the nation’s charities. Is your non-profit organization rated by Charity Navigator? Have you ever looked at your score? The score is based on two broad areas of your non-profit organization’s performance: […]
If a substantial portion of your wealth is tied up in a family or closely held business, you may be concerned that your estate will lack sufficient liquid assets to pay federal estate taxes. If that’s the case, your heirs may be forced to borrow funds or, in a worst-case scenario, sell the business in […]
If your estate plan includes a revocable trust — also known as a “living” trust — it’s critical to ensure that the trust is properly funded. Revocable trusts offer significant benefits, including asset management (in the event you become incapacitated) and probate avoidance. But these benefits aren’t available if you don’t fund the trust. The […]
Among the taxes that are being considered for repeal as part of tax reform legislation is the estate tax. This tax applies to transfers of wealth at death, hence why it’s commonly referred to as the “death tax.” Its sibling, the gift tax — also being considered for repeal — applies to transfers during life. […]
Squire, Lemkin + Company, LLP is a Rockville, MD accounting firm providing audit, tax, accounting and not-for-profit consulting services to companies across the East Coast. Our firm has expertise in not-for-profit Organizations, Entrepreneurial Businesses, Professional Service Firms, High Net Worth Individuals, Estates and Trusts, Employee Benefit Plans and Individual Tax Returns.
We serve clients from our office Rockville, MD. We serve the Maryland, Virginia and Washington, D.C. metropolitan area.