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What Do Donors and Nonprofits Need to Know About Non-Cash Gifts? -

Looking to make a bigger impact with your charitable giving while maximizing tax benefits? Dive into the strategic world of non-cash contributions with Brooke Williams, Audit Manager at MP CPAs, as she unveils the powerful advantages of donating appreciated assets.

Most donors default to cash contributions, but those with appreciated stocks, real estate, artwork, or even cryptocurrency have access to a giving strategy that can significantly reduce tax burdens while potentially increasing charitable impact. Brooke expertly breaks down how donors can avoid capital gains taxes on appreciated assets held for more than a year while still receiving charitable deductions for the full fair market value—a double tax advantage that cash simply can't provide.

The conversation explores both donor and nonprofit perspectives, covering everything from the popularity of publicly traded securities as donation vehicles to the complexities of the "related use rule" for tangible property donations. Brooke walks listeners through critical IRS documentation requirements, including when qualified appraisals are necessary and which specific forms must be filed for different gift values. For nonprofits, she emphasizes the importance of developing comprehensive gift acceptance policies to handle these complex donations appropriately.

Whether you're a potential donor with appreciated assets or a nonprofit looking to expand your giving options, this episode provides essential guidance for navigating the complexities of non-cash charitable contributions. Remember that consultation with tax professionals is crucial in this space, as the rules are strict and the requirements precise. Subscribe to the Knowing What Counts Podcast for more expert insights on protecting and optimizing your wealth!

To learn more about MP CPAs visit:
https://thempgroupcpa.com/
MP CPAs
413-739-1800

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What IS Succession Planning?

Selling your business represents the culmination of years—sometimes decades—of hard work, risk-taking, and passionate dedication. Yet many business owners approach this critical transition without the preparation needed to maximize value and protect their legacy.

Patrick Leary, an experienced CPA specializing in privately held companies, takes us deep into the realities of business succession planning. He reveals why the process should start years before you intend to exit, beginning with a clear-eyed assessment of your true goals. Are you looking to maximize financial return? Transfer to family members? Ensure your company's continued presence in the community? These foundational questions shape every subsequent decision in your exit strategy.

Financial transparency emerges as perhaps the most crucial element of a successful sale. "Nothing will derail a transaction faster than not having good books and records," Patrick warns. Buyers require confidence in your financial reporting, making clean, reconciled accounts and organized documentation non-negotiable. The Letter of Intent (LOI) also demands careful attention, as its structure—particularly whether you're pursuing an asset or stock sale—carries enormous tax implications that could mean hundreds of thousands or even millions in difference to your after-tax proceeds.

Beyond the financial and legal aspects, Patrick addresses the emotional journey of selling a business that's been "part of the family" for decades. Many owners struggle to separate their emotional attachment from market realities during valuation discussions. Even after closing, the transition often requires sellers to remain involved for months, making the sale a process rather than an event.

Don't wait until you're ready to exit to begin planning. Connect with experienced advisors now to implement value-building strategies, optimize your tax position, and ensure you're fully prepared for the most significant financial transaction of your life. Your business legacy deserves nothing less.

To learn more about MP CPAs visit:
https://thempgroupcpa.com/
MP CPAs
413-739-1800

Send us a text

Let’s Talk IRAs: What They Are and Why They Matter- Kelly Braese Senior Tax Associate

Navigating the complex world of retirement planning can feel overwhelming, but understanding IRAs might be the key to unlocking your financial future. In this information-packed episode, Kelly Braese, Senior Tax Associate at MP CPAs, demystifies the power and potential of Individual Retirement Accounts as wealth-building tools that go far beyond basic retirement savings.

Kelly breaks down the fundamental differences between IRAs and employer-sponsored plans like 401(k)s, highlighting the greater flexibility, investment options, and portability that IRAs offer. The conversation explores the critical distinctions between traditional and Roth IRAs – from tax treatment and contribution limits to withdrawal rules and required minimum distributions. For those weighing their options, Kelly provides clear guidance on how each account type might benefit different financial situations and future goals.

The episode doesn't stop at basics. Kelly dives into specialized IRA options for self-employed individuals and small business owners, including SEP IRAs with their impressive $70,000 annual contribution limit and SIMPLE IRAs with employer matching requirements. She also reveals strategic planning techniques like the "backdoor Roth" conversion that allows high-income earners to access Roth benefits despite income limitations. Whether you're just starting your retirement planning journey or looking to optimize existing accounts, this episode delivers actionable insights to help maximize your long-term wealth while minimizing tax burdens.

Wondering which IRA is right for your specific financial situation? Connect with the expert team at MP CPAs by visiting TheMPGroupCPA.com or calling 413-739-1800 to develop a personalized strategy that aligns with your goals. After all, as we always say, success begins with Knowing What Counts.

To learn more about MP CPAs visit:
https://thempgroupcpa.com/
MP CPAs
413-739-1800