New law allows early deduction for Haiti relief donations
A law signed by President Obama on January 22 lets you take an early tax deduction for contributions you make for earthquake relief to Haiti. And if you use your cell phone to donate via a text message, the new law gives you an easier method for substantiating your contribution. Read More
Posted on: 02/11/2010 11:29:01 by Maribel Torres-Piñero
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Tips for a “Pain Free” Annual Audit
The term “audit” almost invariably has a negative connotation to it. The bad reputation is probably due to the audit’s inconvenient and intrusive nature, the lack of internal rules, lack of planning, and lack of understanding of the audit process. A proper pre-audit preparation is the easiest way to guarantee a smoother process at the fiscal year-end. Read More
Posted on: 07/31/2009 01:49:16 by Maribel Torres Pinero
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Dos & Don’ts of the homebuyer credit
An economic downturn is never a welcomed part of our economic cycles. Nevertheless, today’s economic downturn can be advantageous to the qualifying first-time homebuyers. Read More
Posted on: 07/31/2009 01:32:41 by Maribel Torres Pinero
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Nonprofit Operational Analysis
When was the last time you performed a thorough analysis on your organization’s operation and financial data? Read More
Posted on: 07/31/2009 01:07:04 by Maribel Torres Pinero
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Employees vs. Independent Contractors: The Trap for Employers
Should individuals providing services to your organization be classified as employees, or as independent contractors? The answer to this question may appear a “no brainer” at first, but if the distinction is not clear, it could lead to serious tax and legal consequences. Read More
Posted on: 07/31/2009 12:10:57 by Maribel Torres Pinero
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What's News!
Maribel Torres-Pinero has been selected to serve as a peer-reviewer for the Maryland Nonprofits Standards of Excellence © Read More
Posted on: 06/24/2009 04:00:33 by Maribel Torres Pinero
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Changes to Federal Grants Financial Reporting
Federal grant recipients will soon be required to file a different form to report their use of federal funds. Read More
Posted on: 06/24/2009 03:36:41 by Maribel Torres Pinero
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Goodbye to GAAP?
GAAP, as we know, it may soon be a thing of the past. With capital markets becoming increasingly intertwined and the world becoming flatter each day, an international set of accounting rules is rapidly becoming an essential financial tool. Read More
Posted on: 06/24/2009 03:10:59 by Maribel Torres Pinero
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Filing Status for Non-Traditional Couples
For same-sex couples considering filing a joint state tax return in the states that permit it, the decision is not all that simple. Federal requirements, state requirements and a cost-benefit analysis will drive the decision. Read More
Posted on: 06/24/2009 02:48:22 by Maribel Torres Pinero
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Delegating so you can focus on your mission
Even though you have great talent as the leader of your organization, you may not be good at everything. If you only had the time, you could focus on what you do best and on pursuing immediate opportunities. Read More
Posted on: 06/24/2009 02:36:25 by Maribel Torres Pinero
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How do we save money by outsourcing?
Maintaining an in-house fully staffed accounting department weighs heavily on your overhead cost. MT Pinero can provide you all the layers of experience and expertise of a well functioning accounting department at a fraction of the cost. Read More
Posted on: 03/26/2009 01:40:31 by Maribel Torres Pinero
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Non-Cash Donations
Take photos of those used clothes and household items you plan to donate to charity if you want to comply with the recently changed laws. The IRS is not very clear but you can protect yourself with these simple steps. Read More
Posted on: 03/26/2009 01:30:37 by Maribel Torres Pinero
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Gifts to Employees
We all want to reward an employee’s hard work but we cannot always give them the cash bonus they deserve. Read More
Posted on: 03/26/2009 01:26:34 by Natalia Siegel
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Paperless Office
One of our goals for 2009 is to become a paperless office. We have introduced many changes in our office and one of them is this newsletter. Instead of mailing our newsletter as we have in the past, it will now be available only online. This saves paper, ink and reduces transportation cost. We also do not have firm brochures; our website should explain everything we do, and it can be accessed from anywhere. The benefits are not only seen in our green contribution to the environment our children will inherit but also in our ability to store documents needed at a click of a button. Try it, it is amazing! Read More
Posted on: 03/26/2009 01:15:35 by Maribel Torres Pinero
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IRS whistleblower program
The IRS’s whistleblower program was given a boost in 2006 by rewarding whistleblowers a higher percentage of the extra tax recovered from a resulting IRS investigation. Interestingly, many of the recent claims are coming from corporate insiders who are well-informed of the tax schemes their companies are employing. Read More
Posted on: 03/26/2009 01:10:12 by Maribel Torres Pinero
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Continuity as a benefit of outsourcing
Your organization has reached the desired level of financial stability. Any change in a key staff poses a threat to that stability and disrupts the continuity that allows you to remain solid. Read More
Posted on: 03/26/2009 10:57:25 by Maribel Torres Pinero
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Accounting Policies and Procedures Manual
A robust Accounting Policies and Procedures manual sets forth the Board’s directives to create an ethical and well run organization. Read More
Posted on: 03/26/2009 10:49:52 by Maribel Torres Pinero
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American Recovery and Reinvestment Act of 2009 is signed into law
On February 17, President Obama signed the American Recovery and Reinvestment Act of 2009, a $789 billion package of tax breaks and spending programs designed to stimulate the economy. The tax portion of the law makes over 300 changes to the tax code. Here is an overview of the major tax provisions. Read More
Posted on: 03/26/2009 10:43:18 by Maribel Torres Pinero
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Employees Expense Reimbursements: Beware of IRS’s accountable plan requirement!
Any expense reimbursement to employees that fails to qualify under the accountable plan rules under the IRS guidance could be subject to employment taxes. Read More
Posted on: 03/26/2009 10:25:06 by Madina Traore
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Feng Shui and your old documents
Are your tax records still cluttering your desk or dining room table, even though you filed your return? Read More
Posted on: 03/26/2009 10:02:09 by Maribel Torres Pinero
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Need to use retirement funds right away?
In today’s economic turmoil, many face hardship and need to pull funds out of their retirement account in order to make ends meet. Read More
Posted on: 03/26/2009 09:53:11 by Madina Traore
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