Business Administration

Tag: Trust Instrument

Phantom Income

Oct 27, 2014

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by

David J Hoare MSA

in Income Taxes, Terminology

Those small businesses using partnership or S-Corporation formats issue Form K-1 to the respective owners. When income is assigned to the owner and there is no corresponding cash related to that income, then this income is referred to as ‘Phantom Income’. In effect, it is assigned income for tax purposes without the corresponding cash to pay…
Public Charity – Getting Started with the Proper Documents

Jan 5, 2014

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by

David J Hoare MSA

in Non Profit Organizations

A public charity is another term for the coveted Internal Revenue Code Section 501(c)3 status. This designation allows all donations made to the charity to be tax deductible for taxpayers. To obtain this designation, the organization must have the proper provisions within the organizing documents.