Mann Weitz & Associates

Mann Weitz & Associates MWA is a full service accounting firm providing audit, tax, accounting and business consulting services.

Specialties include working with nonprofits and high-net worth individuals.

Corporate sponsorships can provide essential funding to not-for-profits at a time when every dollar counts. But if you a...
05/29/2025

Corporate sponsorships can provide essential funding to not-for-profits at a time when every dollar counts. But if you aren’t careful, a sponsorship could result in UBIT liability. To avoid an unexpected tax bill, make sure you provide only acknowledgements to corporate sponsors, not “substantial returns,” such as those typically realized from advertising. For example, you can print a sponsor’s name, logo and website URL in a newsletter but must avoid including price information and qualitative descriptions of its products. Contact us for details on differentiating between qualified and nonqualified sponsorship payments.

Getting ready to file your 2024 return and finding your tax bill is higher than you’d like? There may still be an opport...
03/11/2025

Getting ready to file your 2024 return and finding your tax bill is higher than you’d like? There may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA up until this year’s April 15 filing deadline and benefit on your 2024 return. An eligible taxpayer can make a 2024 IRA contribution of up to $7,000 ($8,000 if you’re 50 or older). You must meet income requirements to qualify. Business owners can also set up and contribute to SEP plans up until the filing due date, including extensions. For 2024, the most you can contribute to a SEP is $69,000. Contact us for more information about growing your nest egg on a tax-favored basis.

Your not-for-profit may have installed cybersecurity software, but how effective is it? In recent years, countless nonpr...
03/11/2025

Your not-for-profit may have installed cybersecurity software, but how effective is it? In recent years, countless nonprofits have been hacked and lost sensitive data. This may be partly because charities tend to spend less on software and IT personnel. Pe*******on (pen) testing, which looks for exploitable cybersecurity gaps, can help. Although pen testing can be costly, you can typically reduce the expense by engaging a “white box” rather than a “black box” tester. But any testing cost is generally preferable to cyberattack losses related to identity theft, lawsuits, regulatory penalties, work downtime and reputational damage.

You can itemize deductions if the total of your allowable itemized write-offs for the year exceeds your standard deducti...
03/10/2025

You can itemize deductions if the total of your allowable itemized write-offs for the year exceeds your standard deduction allowance for the year. Otherwise, you must claim the standard deduction. The basic standard deduction allowances for 2024 are: $14,600 for single taxpayers, $29,200 for married joint filers and $21,900 for heads of households. Additional standard deduction allowances apply if you’re age 65 or older or blind. For 2025, the basic standard deduction allowances are $15,000, $30,000, and $22,500, respectively. Itemized deductions include charitable contributions, mortgage interest, state and local taxes, and medical expenses. Other rules and limits apply.

Business owners and managers often have questions about reporting subsequent events in financial statements. Accountants...
03/06/2025

Business owners and managers often have questions about reporting subsequent events in financial statements. Accountants use that term to refer to major events or transactions that happen after the reporting period ends but before financial statements are finalized. Examples are natural disasters and regulatory changes. A current project to update the auditing standards for subsequent events, if finalized, could indirectly affect financial reporting through increased auditor scrutiny. If you’re unsure when and how to report subsequent events, contact us to eliminate the guesswork and ensure compliance with the accounting rules.

What would happen if your nonprofit lost an important grant? If you have operating reserves, they can help prevent servi...
03/04/2025

What would happen if your nonprofit lost an important grant? If you have operating reserves, they can help prevent service disruptions and an urgent search for alternate funding. If you don’t have reserves, create a formal written reserves policy as soon as possible. First, determine how much you need. Six months of operating expenses is typical, but adjust for risk tolerance and your current financial situation. Include a line item for reserves contributions in your budget and direct any unexpected windfalls to your reserves fund. We can advise you on your policy.

This was truly a wonderful volunteer experience, serving an inspiring organization. Thank you Fill a Heart 4 Kids for le...
12/31/2024

This was truly a wonderful volunteer experience, serving an inspiring organization. Thank you Fill a Heart 4 Kids for letting us be part of it!

If you spend money in the course of doing business, you want to be able to deduct it on your tax return. But in order to...
03/01/2024

If you spend money in the course of doing business, you want to be able to deduct it on your tax return. But in order to write off expenses, they must meet certain requirements. Under tax law, you can deduct “ordinary and necessary” business expenses. In general, an expense is considered ordinary if it’s common or customary in your trade or business. A necessary expense is defined as being helpful or appropriate. In order to be deductible, an expense must also be reasonable in relation to the benefit expected. Proceed with caution if expenses are unusual or could be considered fun, personal or extravagant. And keep careful records to prove your expenses. Consult with us for guidance.

If your company or nonprofit is shorthanded, you may decide to engage independent contractors to pick up some of the sla...
03/01/2024

If your company or nonprofit is shorthanded, you may decide to engage independent contractors to pick up some of the slack. Just make sure you’re collecting the right information. Organizations need a completed Form W-9 for every nonemployee they pay for services. Obtain this information before you pay contractors’ invoices. If a contractor doesn’t provide you with a Tax Identification Number or the number is wrong, the IRS may require you to “backup withhold” a portion of payments. Regularly review your W-9s on file for accuracy so they’ll be ready to use when you issue Form 1099-NECs at the end of the year.

Many parents begin saving with 529 college savings plans when their children are young. Contributions aren’t tax deducti...
03/01/2024

Many parents begin saving with 529 college savings plans when their children are young. Contributions aren’t tax deductible, but they grow tax deferred. Earnings used to pay qualified education expenses can be withdrawn tax-free. Earnings used for other purposes may be subject to income tax plus a 10% penalty. What if you have a large 529 plan balance but your child doesn’t need all the money for college? There’s a new 529-to-Roth IRA transfer. Beginning in 2024, you can transfer unused funds in a 529 plan to a Roth IRA for the same beneficiary, without tax or penalties. These rollovers are subject to several rules and limits, including that the plan must have existed for at least 15 years.

If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash...
02/29/2024

If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend. However, keep in mind that a dividend distribution is taxable to you as a shareholder but it’s not deductible by the corporation. Thankfully, there are some alternatives that may allow you to withdraw cash from a corporation and avoid dividend treatment. For example, you might be able to receive capital repayments or obtain reasonable compensation for you (or family members), as well as certain fringe benefits. Contact us if you’re interested in discussing these or other ideas. We’ll help you get the maximum out of your corporation at a minimum tax cost.

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570 Lake Cook Road Suite 330
Deerfield, IL
60015

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Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

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