Between the Lines Blog

Is Your Nonprofit Considering Holding a Raffle? Think Twice.
Category: Business, Community, Tax
Raffles can be a profitable and exciting fundraiser for nonprofits seeking to raise money for their cause. Raffles are considered games of chance, meaning participants pay money for a chance to win a prize. Games of chance can be considered lotteries and are heavily regulated in many states as a…
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Solar Projects? It's Time for Governmental and Tax-Exempt Entities to File for Applicable Tax Credits
Category: Municipal and Public Finance, Tax
As provided for in the 2022 Inflation Reduction Act (or IRA), entities not subject to taxation such as cities, counties, municipal utilities, school districts and 501(c)(3) organizations (or tax-exempt entities) can now take direct advantage of tax credits (including the investment tax credit (or…
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WHY ADDING A CHILD AS A JOINT OWNER MAY NOT BE A GOOD IDEA
Category: Tax
Individuals are often interested in ways to transfer their assets at death without having those assets go through a probate proceeding. Those same individuals are also often interested in accomplishing this without having to visit an attorney or execute a Will or a Trust. Thus, this leads many…
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Business Owner Alert: Corporate Transparency Act Requires New Ownership Reporting in 2024 and Beyond
Category: Business, Tax
It has been many years in the making, but the effective date of the Corporate Transparency Act (the “CTA”) is finally here. The CTA, enacted in 2021, is designed to prevent money laundering and other unlawful activity through the use of business entities to conceal identities. As of January 1…
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Value of Stock Included Life Insurance Proceeds Intended for Redemption of Stock
Category: Tax
The Eighth Circuit Court of Appeals recently affirmed the decision in Connelly vs. United States,[1] holding that the fair market value of stock in a closely-held corporation, for purposes of valuing that stock held by a deceased shareholder’s estate, included life insurance proceeds intended for…
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