Archive for the ‘LSWG FYI’ Category

Allocating Functional Expenses for Your Nonprofit

By Julissa Canas, LSWG Staff Accountant Thursday, January 7, 2021 – Are you properly allocating your nonprofit’s functional expenses? Before FASB’s Accounting Standards Update 2016-14*, voluntary health and welfare organizations were the… [more]

Can I Deduct That Business Meal?

The 2017 Tax Cuts and Jobs Act expressly repealed the deductions for entertainment, amusement, or recreation.  However, the Act did not specifically address the deductibility of expenses for business meals. On October… [more]

NEW Maryland Tax Credit on Student Loans

A tax credit has been made available for 2018 Maryland tax returns for individuals with student loan balances in excess of $20,000.  The catch:  The application is due by September… [more]

Check Your Withholding NOW

Congressional auditors are reporting that approximately 30 million taxpayers—21 percent of U.S. taxpayers—are likely to face a larger tax bill when they file in 2019 because too little was withheld… [more]

Can you deduct home office expenses?

Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers… [more]

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