Nonprofit Organizations

Final regulations regarding substantiation for charitable contributions

On July 30th 2018 the IRS issued final regulations relating to the substantiation and reporting requirements for charitable contributions which address substantiation requirements for contributions of more than $500 and of clothing and household items.

In order to substantiate a charitable contribution the following substantiation requirements must be met:

Cash Contributions

Under $250

  • Bank record or written communication from the charity
    • Blank pledge cards provided by the donee organization are not sufficient substantiation

$250 or more

  • Obtain contemporaneous written acknowledgement from the donee organization

 Non-cash Contributions

Donated property must be in good condition or better.

Under $250

  • Obtain a receipt or keep reliable records
    • Reliable records must show the following information:
      • Name and address of the donee
      • Date of the contribution
      • Description of the property in sufficient detail including the condition
      • Fair market value on the […]
By |August 10th, 2018|Categories: Accounting & Bookkeeping, Individual Tax, IRS, Nonprofit Organizations|Comments Off on Final regulations regarding substantiation for charitable contributions

2017 Tax Planning Guide

With the end of the year rapidly approaching, we are once again reaching out to share our annual Tax Planning Guide with you.  The 2017/2018 Tax Planning Guide is available here www.webtaxguide.net/Bregante.

Sweeping tax law changes that will impact individuals and businesses are outlined in the proposed Tax Plan released by the House Republicans on November 2, 2017 including:

  • Proposed decreases to certain individual and most business income tax rates
  • Repeal of a number of personal tax breaks including the deduction for state income taxes which can be significant for most California residents, reduction in the amount of new acquisition debt for principal residences that qualifies for the mortgage interest deduction, elimination of the mortgage interest deduction for […]

Another Successful Bregante + Company LLP Golf Tournament Supporting Agape Villages Foster Family Agency

bco-golf-2016

Thank you to all our clients and friends who participated in our 15th Annual Bregante + Company LLP Fundraising Golf Tournament benefiting Agape Villages Foster Family Agency.

At the risk of rain, 55 golfers began their 27-hole round at Poppy Ridge Golf Course in Livermore, California at 8 a.m. yesterday, October 25th.  Luckily, 15 minutes of light showers turned into a beautiful and fun day of golf.  We look forward to seeing everyone again at next year’s tournament.

Agape Villages is a licensed foster family agency placing children in foster homes in communities throughout Northern California.  They provide needed services to foster families and disadvantaged youth.  We are proud to support their efforts for the fifth consecutive year.

By |October 26th, 2016|Categories: Announcements, BCo Community News, Nonprofit Organizations|Tags: , |Comments Off on Another Successful Bregante + Company LLP Golf Tournament Supporting Agape Villages Foster Family Agency

CalNonprofits Convention 2016

calnonprofits-conventions-2016-100316We are proud to sponsor the good works of CalNonprofits at its 2016 Convention on Thursday, October 6th in Los Angeles, CA.  This annual meeting sets the focus for California non-profits for the coming year.  Among this year’s full agenda are discussions regarding predictions for the November elections’ impact on non-profits, funding and the privacy of donors.

By |October 4th, 2016|Categories: Announcements, BCo Community News, Nonprofit Organizations|Tags: , , |Comments Off on CalNonprofits Convention 2016

2015 Tax Planning Guide

New Year 2015 And Clock

 

Our 2015 Tax Planning Guide is now available. This online guide will give you access to updated tax and financial planning information throughout the year. Feel free to forward it to friends and family who you think might find it interesting or helpful. We hope this guide will prove to be a convenient resource for you throughout the year. Just a few of the topics covered in the guide are:

 

  • Roth IRA conversions
  • Bunching income and expenses as a year-end planning strategy
  • Planning for restricted stock and stock options
  • Planning for real estate investments
  • Succession and retirement planning for business owners
  • Charitable giving strategies

 

If you have any questions after reviewing the information presented, please do not hesitate to […]