Nonprofit Organizations – Bregante+Company LLP

Non-Profits and the Employee Retention Credit

The employee retention credit (ERC) is a form of government assistance created under the Coronavirus Aid, Relief and Economic Security (CARES) Act to help businesses and organizations keep employees on their payroll during the pandemic. While the credit provided an opportunity for substantial savings for non-profit organizations, these organizations now need to properly account for this credit.

A non-profit employer is eligible if the organization:

Experienced a full or partial suspension of operations because of a government-ordered shutdown during 2020 or 2021.
Experienced a decline in revenue of more than 50% during 2020 or 2021 compared to the same quarter of the year prior.

Cumulatively, eligible employers could receive a refund of up to $5,000 in 2020 and up to $7,000 in 2021, per employee per quarter.

While the ERTC was initially set […]

By Tonia Wasley|June 16th, 2022|Categories: Accounting & Bookkeeping, Nonprofit Organizations|Comments Off

2018 – 2019 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 2018/2019 Tax Planning Guide is available here www.webtaxguide.net/Bregante.

The Tax Cuts and Jobs Act (TCJA), passed in December 2017, included sweeping tax law changes that will impact individuals and businesses including:

Small decreases in most individual income tax rates, elimination of personal exemptions but increased standard deductions depending on filing status, higher exemptions for alternative minimum tax (AMT) which should significantly decrease the number of individuals subject to AMT, increase in the child tax credit and special federal tax breaks for income individuals receive from pass-through entities such as partnerships, limited liability companies and S corporations.
Elimination of or limitations to several personal tax breaks […]

By Jeff Belingheri|December 6th, 2018|Categories: Announcements, Business Tax, Individual Tax, Nonprofit Organizations, Real Estate|Comments Off

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 Daniel Novak|August 10th, 2018|Categories: Accounting & Bookkeeping, Individual Tax, IRS, Nonprofit Organizations|Comments Off

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 […]

By Jeff Belingheri|November 13th, 2017|Categories: Accounting & Bookkeeping, Announcements, BCo Community News, Business Operations, Business Tax, Individual Tax, Nonprofit Organizations, Retirement Planning|Tags: tax planning guide|Comments Off

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

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 Ronda Lawson|October 26th, 2016|Categories: Announcements, BCo Community News, Nonprofit Organizations|Tags: agape villages, Golf Tournament|Comments Off