Albert Yang, CPA Tax Director Charitable giving is an effective way to align philanthropic goals with tax planning, particularly when donating appreciated property. Generally, contributions of long-term capital gain property to qualified charities are deductible at fair market value (FMV), subject to AGI limitations. When the donated property is encumbered by debt, transferring the liability to the charity can be difficult. In these cases, a bargain sale may be a practical alternative. A bargain sale occurs when property is transferred to a charity for less than FMV, creating both: a sale component, and a charitable gift component Importantly, any
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Posts by Stephen Gregg
Why a Review Engagement Might Be Exactly What Your Business Needs
Cyndi LeBerthon, CPA Partner in Charge – Audit Department When your business is growing, it is normal to need financing from a bank. Prior to providing lending to your business, your banker may want added confidence in your internal financial statements by an independent CPA. While the highest level of assurance is an audit, you may not always need or want to pay for an audit. That’s where a review engagement can be a great fit. A review engagement is a service provided by an independent CPA where we take a high-level look at your financial statements and perform certain procedures to determine
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