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Reilly Nonprofit Advisor

Are you ready for the Omni Circular?

Jul 26, 2016

The federal government's "Omni Circular" streamlined requirements from eight existing circulars that applied to federal awards. Its provisions are now affecting most nonprofits that receive federal funds.

Reilly Nonprofit Advisor

Benchmarking can provide crucial insights for nonprofits

Jan 06, 2016

Nonprofits that don’t benchmark their data against themselves and other organizations are at a disadvantage. They miss out on financial insights and potential donations.

Reilly Nonprofit Advisor

How should your nonprofit value donated property?

Jan 06, 2016

With less cash in people’s pockets, your nonprofit may see an increase in noncash donations. Whether you receive used computers, office furniture, or even a building, the fair market value (FMV) of donated property needs to be recorded on your Form 990 and financial statements.

Reilly Nonprofit Advisor

The Season of Giving – Substantiation requirements for charities

Jan 06, 2016

Many charities receive a substantial part of their support during the holiday season. In order to assist donors in steering clear of difficulties with the IRS, you want to make sure the supporting documentation your charity provides will meet the requirements for a valid charitable deduction.

Reilly Tax Advisor

What you need to know before donating collectibles

Aug 19, 2015

If you’re a collector, donating from your collection instead of your bank account can be tax-smart. When you donate appreciated property rather than selling it, you avoid the capital gains tax you would have incurred on a sale. And long-term gains on collectibles are subject to a higher maximum rate (28%) than long-term gains on most long-term property (15% or 20%, depending on your tax bracket) — so you can save even more taxes. But choose the charity wisely.

Reilly Nonprofit Advisor

Follow these do’s and don’ts to maintain your 501(c)(3) status

Jul 17, 2015

Your status with the IRS as a tax-exempt “public charity” gives you significant benefits — paying no federal, state or local income taxes is the most obvious advantage. But keeping your 501(c)(3) status isn’t automatic

Reilly Tax Advisor

Before donating a vehicle find out the charity’s intent

May 26, 2015

If you donate your vehicle, the value of your deduction can vary greatly depending on what the charity does with it.

Reilly Nonprofit Advisor

A-133 Audit threshold raised for small nonprofits

Feb 04, 2015

The federal government has made life a little easier for small nonprofits that receive federal funds.

Reilly Tax Advisor

Three tax traps when donating real estate to charity

May 22, 2014

If you’re considering donating a property to charity, here are three potential tax traps you need to be aware of.

Reilly Tax Advisor

Taking tax deductions for 2013 charitable donations? Get proof

Feb 12, 2014

To support a charitable deduction, you need to comply with IRS substantiation requirements. This generally includes obtaining a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the donation, and the value of any such goods or services.

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