Upcoming Speaking Engagements!
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How We Prepare Your Tax Return
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Why We Started
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IRS Crypto Memo for Deducting Cryptocurrency Donations
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Foreign Financial Accounts & FBAR Filing Requirements
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2023 First Quarter Newsletter
View the pdf version of TrimnerBeckham’s 2023 1st Quarter Newsletter DownloadFor more information, please reach out to us for a free initial consultation.
IRS Updates Revenue Procedures
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Taxable Tokens of Appreciation – From Gift Cards to $25 Holiday Hams
So you are feeling festive, and you want all your employees to know you appreciate their hard work in 2019. But before you dash to the Mall (or your favorite website), here are a few reminders:Cash Equivalents are Taxable to the Employee.Sad but true. Any gift card or certificate, whether redeemable at a restaurant, movie theater, store, or website, must be included in the employee’s taxable compensation. Cash equivalents are not considered “de minimis” in any amount and cannot be excluded. The only exception is small amounts of cash provided for an occasional meal or transportation to enable an employee...
Advertising vs. Sponsorships
Revenue from advertising the goods and services of another organization is generally unrelated business income (UBI) to a tax-exempt organization, reportable on Form 990 and Form 990-T. However, identifying and acknowledging a generous donor should not turn Contribution Revenue into Advertising Income as long as certain rules are followed. Where is the line between acknowledging a sponsor and promoting their products?AdvertisingAdvertising is a payment from an outsider in which the outsider receives a substantial return benefit. An advertisement:• Promotes or encourages the use of the trade, business, service, facility, or product of the payor• “Visit today and check out their...
Lobbying and Political Intervention for NONcharitable Nonprofits
Noncharitable nonprofits include all tax-exempt organizations that are not charities: trade associations, social welfare organizations, labor unions, fraternal organizations, title-holding companies, VEBAs, and a variety of others. Whereas a public charity, which is classified under Internal Revenue Code Section 501(c)(3), is forbidden from engaging in politics and is limited in the amount of lobbying it can do, a noncharitable tax-exempt organization may engage in political activity and unlimited lobbying.LobbyingGenerally, lobbying is a communication designed to influence the passage or defeat of a piece of legislation:Bills, acts, resolutions, Constitutional amendments, and similar items being considered by a legislative body at the...