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CM Blog

Student Loan Forgiveness Plan 

Student Loan Forgiveness Plan 

August 28, 2022

Last week the White House announced the Tuition Debt Relief Program to cheers and jeers, depending on your viewpoint.

According to the fact sheet provided, tuition debt relief will not be treated as taxable income for federal tax purposes.

This new program will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education and up to $10,000 in debt cancellation to non-Pell Grant recipients. 

Eliminating Single Audit Stress

Eliminating Single Audit Stress

August 25, 2022

Let's face it; the word audit instantly sends a message to your brain that you have entered into a stressful situation. Many non-profit organizations are accustomed to the yearly Single Audit process. They have worked with their CPA to understand the process and requirements involved. For these groups, conducting a Single Audit is the "price you pay" for receiving federal funds.

Country Clubs Are Facing Financial Struggles

Country Clubs Are Facing Financial Struggles

August 18, 2022

The pandemic may be turning into an endemic, but for specific non-profits, the struggle remains. While country club living may seem like a dream to some, running a country club can be a financial challenge, especially if your country club is classified as a non-profit organization.

Significant Tax Changes for 2022 …What We Know So Far

Significant Tax Changes for 2022 …What We Know So Far

August 11, 2022

Each year there are changes to the tax code, and during the last two tax years, Congress voted to create new tax credits and extend several tax credits to help Americans with the economic impact of COVID. Many of those tax credits have expired for the 2022 tax filing. Understanding what has changed in the tax code is essential to working with your CPA to ensure you receive the appropriate deductions.

2022 Tax Planning: Basis of Property Acquired Under Code Section 1031

2022 Tax Planning: Basis of Property Acquired Under Code Section 1031

July 22, 2022

The real estate market has long been attractive for people and businesses looking to increase their net wealth. Additionally, savvy investors who work with their CPA may afford some tax advantages. In certain types of transactions, taxpayers have opportunities to defer gain on the exchange of property, including like-kind exchanges. Like-kind exchanges offer tax planning opportunities to defer gain on the exchange of real property held for business use or for investment in exchange for similar replacement property. 

Transaction Planning- Sale of Home

Transaction Planning- Sale of Home

July 18, 2022

2022 Transaction Planning: Sale of Residence

The hot housing market may be cooling slightly, but there are still many buyers looking to make a move now due to rising interest rates. Some homeowners are concerned that selling their homes now may significantly impact their taxes next year. Old news but good news nonetheless is homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home.