Moving You Forward
As you navigate this new business environment, leaders need the right guidance and direction to move forward. Tap into our customized tax, audit, accounting and business advisory solutions to help you recover from disruption and grow stronger. Contact a PBMares advisor today.
RECENT INSIGHTS:
Recording Contributions with Donor-Imposed Restrictions
Donor contributions make up a lot of Virginia’s nonprofits’ annual revenue. Even though the organizations are not relying only on these contributions, nonprofit management has to understand how to account for these contributions in one of two ways.
Government Contractors-Protect Against Unallowable Subcontractor Costs
The Defense Contract Audit Agency recently questioned the allowance of subcontractor costs, not based on their reasonableness, but on the contractor’s lack of supporting documentation as defined in the cost principle. Government contractors can protect themselves and recover the costs they are owed, but there are steps to follow and documents to submit.
Strategies for Managing Concentrated Stock
Managing a concentrated stock position involves more than just knowing a little about stocks and trying to predict the market. Concentrated stock can be accumulated in many ways and can bring with it risk hurtful to your portfolio, and to your pride. Having a plan in place customized to your unique stock concentration issues can help achieve your financial goals.
Business Interest Limitation Affects More Businesses
One recently overlooked item of the Tax Cuts and Jobs Act for companies involved with a syndicate or tax shelter is business interest expense limitation. Don’t be caught off guard. Proper planning and reporting can help preserve your current year deduction.
We Are All Ethical, Until We Are Unethical
For government contractors, it is important to recognize your ethics and business conduct program must be tailored to your company’s specific risk profile. This is a dynamic compliance process and has to be monitored and revised accordingly to keep it relevant and effective. Does your company’s business conduct and ethics program meet the necessary requirements?
Tax Consequences for Tax-Exempt Social Clubs
While a club may be tax-exempt, it may be subject to tax on its unrelated business activities. Read on to learn more as well as to download PBMares' “Member Function Questionnaire” for help in gathering the information required by the IRS.
