Thinking About Forming a New Charity?

Thinking About Forming a New Charity?

We see a lot of interest in forming nonprofit organizations around our clients’ interests and favorite causes. Does your organization qualify as a charity? The IRS lays out specific stipulations for organizations that want 501(c)3 status in their latest Tax Tip.  If...
529 Distributions & College Refunds

529 Distributions & College Refunds

Important to remember as we try to get our college students back to school:  Distributions from 529 plans must be used to pay qualifying expenses incurred during the tax year. If you receive a refund of tuition, fees, or room and board paid from 529 plan funds, put...
Updates on the PPP Forgiveness Process

Updates on the PPP Forgiveness Process

Banks are beginning to offer portals for businesses to begin the PPP forgiveness process. We strongly encourage our clients to continue to work closely with their bank’s forgiveness process. If you find you need accounting assistance at any point during the process,...
Reminder: Social Security Benefits May Be Taxable

Reminder: Social Security Benefits May Be Taxable

Up to 50% or more of a taxpayer’s Social Security benefits may be taxable, depending on annual income. If you’d like to find out more about the details of the taxable portion of your benefits, please see this IRS brief. Please know N&Co always takes these formulas...
Major Changes to Retirement Plans Due to COVID-19

Major Changes to Retirement Plans Due to COVID-19

According to the IRS, qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between January 1 and December 30, 2020. These coronavirus-related distributions aren’t subject to the...