News and Alerts

//News and Alerts

Stay up to date with latest accounting, tax, and consulting news! Dean Dorton's experts let you know the latest industry and emerging accounting and tax information and most importantly how it will affect you and your business.

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Get Two Tax Benefits From One Donation: Give Appreciated Stock Instead of Cash

September 28th, 2016|

If you’re charitably inclined, making donations is probably one of your key year-end tax planning strategies. But if you typically give cash, you may want to consider another option that provides not just one but [...]

Why ITT Tech Closed its Doors

September 26th, 2016|

By: Crissy Fiscus ITT Technical Institute is the latest school to close its doors after significant sanctions were placed upon the institution by the Department of Education (ED). ITT received a letter from the Department [...]

Tax Impact of Investor vs. Trader Status

September 23rd, 2016|

If you invest, whether you’re considered an investor or a trader can have a significant impact on your tax bill. Do you know the difference? Investors Most people who trade stocks are classified as investors [...]

Prepaid Tuition vs. College Savings: Which Type of 529 Plan is Better?

September 20th, 2016|

Section 529 plans provide a tax-advantaged way to help pay for college expenses. Here are just a few of the benefits: Although contributions aren’t deductible for federal purposes, plan assets can grow tax-deferred. Some states [...]

Webinar: Avoiding Pitfalls in Federal Student Aid

September 16th, 2016|

Colleges and universities across the nation are being monitored closely amidst closings of high-profile institutions such as ITT Technical Institute and St. Catharine College, to name a few. Join us for a webinar in [...]

MACRA: New Flexibility Announced by CMS

September 15th, 2016|

With MACRA set to begin on January 1, 2017, the Centers for Medicare & Medicaid Services (CMS) announced this week more flexibility for physicians as it relates to complying with the physician quality payment [...]

Documentation is the Key to Business Expense Deductions

September 14th, 2016|

If you have incomplete or missing records and get audited by the IRS, your business will likely lose out on valuable deductions. Here are two recent U.S. Tax Court cases that help illustrate the rules [...]

Team Member Spotlight: David Richard

September 14th, 2016|

Industry Team: I lead our nonprofit and government industry team, and am also a member of the firm's equine, healthcare, and college/university industry teams. Years with Dean Dorton: 17 years Years in the Nonprofit Industry: 29 years [...]

Top 20 U.S. Coal Producers

September 13th, 2016|

The complexion of the top 20 U.S. coal producers in the last five years has dramatically changed with the loss of eight companies from the list due to bankruptcies or sales. The drop in spot [...]

Are Frequent Flyer Miles Ever Taxable?

September 7th, 2016|

If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to take your spouse on a romantic getaway, you might assume that there are no tax implications involved. [...]

Dean Dorton Launches State-of-the-Art Outsourced Accounting Service

August 30th, 2016|

We're excited to announce a new service line, Dean Dorton accounting and financial outsourcing (Dean Dorton AFO) for back office and accounting solutions. We recognize the increase in demand for collaborative cloud-based applications for both business [...]

Now’s the Time to Start Thinking About “Bunching” — Miscellaneous Itemized Deductions, That Is

August 29th, 2016|

Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow [...]

Changes to Nonprofit Accounting and Reporting

August 24th, 2016|

As a result of FASB’s project to enhance the usability of Not-for-Profit (NFP) entities financial statements and the associated notes to those financial statements, FASB released ASU 2016-14, Not-for-Profit Entities (Topic 958): Presentation [...]

Combining Business and Vacation Travel: What Can You Deduct?

August 17th, 2016|

If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can you write off? Transportation expenses Transportation costs [...]

Kentucky Sales Tax Exemption for Nonprofit LLCs

August 17th, 2016|

The Kentucky General Assembly recently passed legislation, in effect August 1, 2016, to exempt disregarded single-member limited liability companies wholly-owned by IRC 501(c)(3) organizations from Kentucky sales and use tax on their purchases. Prior to [...]