All posts by Mike Sperling


Dear Clients,

BJHC is committed to providing exceptional accounting and tax services while keeping you and our staff safe.  We continue to closely monitor the COVID-19 situation with the guidance and advice from relevant authorities, including the Federal and State government entities, the Centers for Disease Control and Prevention, and the World Health Organization.

The safety and health of our clients and staff (and their families) is at the forefront of our decision making.  Last week we made the firm decision to eliminate all face-to-face client appointments and meetings.  Beginning today, we have decided to temporarily close our Topsfield office.  This temporary closure will assist in the recommended social distancing.

Our office staff will remotely continue to work during this office closure.  Our staff have remote access to our secure Client Portal, SmartVault, as well as email and USPS communication.  Income tax preparation and accounting work will continue throughout this closure; though only on a remote basis.  Voicemail messaging will be monitored frequently.

We encourage our clients to use electronic means to transfer data – email, SmartVault, and DropBox.  We will also continue to receive mail; though not on a daily basis.  USPS method of communication and transfer of your tax documents should always be done using certified mail, return receipt.  Both SmartVault and DropBox have an extreme level of safety and encryption.

If you wish to transmit your information through SmartVault, but do not have instructions on that process, please contact us and we will forward you instructions.  Your completed tax filings will be uploaded to SmartVault, as well as mailed directly to you.

Though there has been no official word yet, we anticipate the Federal and state filing season will be extended for a period of time this year.  As that extended date is made available to us, we will inform our clients.

This was a challenging decision for our office however, we believe it is in the best interest of all our clients and staff.  We will continue to monitor the situation with guidance from authorities.  We will contact you when the decision has been made to resume normal business office hours.

The Partners and staff at BJHC, PC.


Giving to donor-advised funds jumps

The National Philanthropic Trust (NPT), the largest U.S. donor-advised fund (DAF) sponsor, has some good news about grants to nonprofits from DAFs. It reports a 39% increase in the dollar amount of such grants made from its sponsored funds in fiscal year 2019, for a total of $1.39 billion. That represents a 28% increase in the number of grants made over the previous year. The jump aligns with reports from other DAF sponsors. Fidelity, for example, reported a 48% increase in grantmaking from DAFs in the first half of 2019. And Schwab said it experienced a 33% increase in the dollars granted from DAFs in fiscal 2018.
Continue reading Newsbits

The tax side of transportation benefits: Are you up to speed?

The Tax Cuts and Jobs Act (TCJA) included several provisions of interest to nonprofits, including one that dramatically altered the treatment of so-called “qualified transportation fringes” (QTFs). With the new rules now in place for a full tax year and IRS guidance issued, some organizations may need to learn how the latest revisions are likely to affect their bottom lines.
Continue reading The tax side of transportation benefits: Are you up to speed?


up arrow with money patternGiving study yields disappointing results

A new study based on data gathered over 15 years from more than 9,000 U.S. families offers an in-depth look into charitable giving during that period — and it includes some discouraging data. The Philanthropy Panel Study is conducted every two years by the Indiana University Lilly Family School of Philanthropy and the University of Michigan Institute for Social Research. Continue reading Newsbits

Raffles: Follow the rules of the game

up arrow with money patternIf your organization anticipates raising big amounts with a raffle at your next fundraising event, you might want to step back and revisit your assumptions. State laws vary, but the IRS has rules related to unrelated business income (UBI) that need to be followed, and raffle income may be subject to UBI tax. Here’s what you need to know before you place all your bets on this event. Continue reading Raffles: Follow the rules of the game

Will the TCJA make your UBIT jump?

up arrow with money patternAs the new tax bill worked its way through Congress last fall, nonprofits across the country raised their voices high to share concerns about its disincentives for charitable donations — as well as the proposed repeal of the Johnson Amendment. Little was heard, though, about changes to the rules for unrelated business income tax (UBIT). And it turns out that the final law, the Tax Cuts and Jobs Act (TCJA), includes several provisions that could boost your organization’s liability for the tax, regardless of whether you operate an unrelated business.

Continue reading Will the TCJA make your UBIT jump?