As the year draws to a close those of us in the accounting profession will start to bombard you with reminders and recommendations to prepare for the inevitably hectic tax season. These will all be very important items to consider but we wanted to make sure that you are thinking about more than just taxes when you are planning for the new year. Don’t forget to spend quality time with your family this holiday season, remember and help those less fortunate, give back a little to your community, and consider if it is time for you to enroll in Medicare.
Accounting for Your Brewery
Virginia Nonprofit Exemption for Retail Sales and Use Tax
The Commonwealth of Virginia Department of Taxation (the Department) has issued a policy change regarding meals and catering purchases made by nonprofit organizations. According to the notification issued by the Department, there has been some confusion regarding the application of the tax to purchases of prepared meals and catering by nonprofit organizations. The Department changed its policy effective April 22, 2016.