Mcabee & Company, PC

Did you start a non-profit last year? In order to setup and maintain your tax exempt status, your organization must meet very specific expense and income classifications. The IRS determines your eligibility with the following: Yearly Income Statements categorizing specific expense and revenue details such as donations, salaries, postage, rent, etc.... A Yearly Balance Sheet including cash, accounts receivable and accounts payable. Individual Program Expense Statements detailing every expense for each program, service or seminar, including things like educational mailings. Revenue Support Schedules detailing charitable donations, membership fees, and investment interest. #nonprofit

It's not rocket science, but there is a precise art to applying financial strategies to preserve wealth and prevent families and entrepreneurs from forfeiting income. When was the last time you discussed tax strategies with your financial advisor?

There are so many ways to save money while running your business. But tax fraud is not one of them One Montana business man was able to sneak past the IRS for over ten years redirecting over 500k to other accounts as opposed to paying employment taxes. He now faces 5 years in prison. https://www.justice.gov//owner-plumbing-businesses-pleads-

Yes, the filing date for both Federal and Oklahoma State taxes were extended to June 15th 2021 due to the severe winter storms earlier this spring (that freezing rain though ). The full IRS announcements is in the comments!

We are excited to be starting a new video series answering some of the most commonly asked questions in regards to taxes, financial planning, and wealth strategies for families and business owners. What topics do YOU want to see addressed?