Bormel, Grice & Huyett, P.A. Presents Two Scholarships to Business-Focused Graduates

Congratulations to the 2017 recipients of the Bormel, Grice & Huyett Business Scholarship Award!  Mbongeh Bassah and Nicholas O’Connor of Laurel Senior High School were presented the award by Francesco Mazziotti.  Our best wishes for future success to the Class of 2017!

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Deducting and Capitalizing Business Expenses Under the Tangible Property Regs

Over the past few years new Tangible Property Regulations (TPRs) have phased in and effective in 2014 these rules apply to all taxpayers. The TPRs explain when you can deduct amounts paid to acquire, produce, or improve tangible property and when those amounts must be capitalized. 

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Maximize Your Car Donations

As another tax season approaches, taxpayers are always trying to maximize deductions. If you have an automobile that you are not currently using, you may want to consider donating it to a 501(c) (3) charitable organization.  A listing of 501(c) (3) organizations can be found on the IRS website (http://www.irs.gov/Charities-&Non-Profits/Exempt-Organizations-Select-Check). 

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2015 Year-End Tax Planning

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the challenge include turbulence in the stock market, overall economic uncertainty, and Congress’s failure to act on a number of important tax breaks that expired at the end of 2014. Some of these tax breaks ultimately may be retroactively reinstated and extended, as they were last year, but Congress may not decide the fate of these tax breaks until the very end of 2015 (or later).

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Understanding the Wynne Case

Taxing jurisdictions within the U.S. tax their residents on the resident’s total income.  Income is taxed by the resident state regardless of if it was earned within or out of state. If income is earned by the resident in another jurisdiction, the nonresident jurisdiction will tax the nonresident on income earned within their jurisdiction. Thus, the taxpayer that has income in two or more taxing jurisdictions could be taxed twice on the same income, once by their home/residence state and another by the state in which the income was earned.

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The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

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