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Nonprofit Board Governance Best Practices
Nonprofit boards should focus on aligning their finance and strategic growth initiatives to create more cohesion and improve impact. Here are the top governance practices nonprofit boards should know.
Don’t Leave Charitable Deductions on the Table
High-earning families often give generously throughout the year, but poor documentation and incomplete tracking leave thousands in tax deductions unclaimed. From non-cash donations to appreciated securities, each type of gift has specific IRS requirements that must be met to maximize benefits and avoid audit risk. By building a simple tracking system and understanding the rules, you can ensure your generosity works as efficiently as possible.
Protecting Your Family’s Finances in an Economic Downturn
When the economy feels uncertain, families worry about job security and rising costs, but financial downturns don't require panic - they call for clarity and preparation. By focusing on building liquidity, reviewing spending priorities, ensuring proper insurance coverage, and avoiding fear-based decisions, you can create stability during volatile times.
Why estate taxes aren’t the only inheritance-related costs to consider
Estate planning discussions often focus on the federal estate tax exemption, but most families face different challenges when transferring wealth. Probate fees, state-level taxes, capital gains exposure, and administrative complexity can all erode inheritances - even for estates well below the federal threshold. A comprehensive estate plan addresses these hidden costs, not just headline tax numbers.
Real Estate and Cost Segregation
Learn more about cost segregation studies and found out if performing one is a smart next step for your real estate portfolio.
Healthcare costs for the self-employed in 2026: strategies for rising premiums
With the expiration of expanded ACA subsidies in 2026, self-employed professionals are facing significant premium increases with no employer to share the burden. While healthcare costs are rising, strategic planning can help reduce your total cost. The key is treating healthcare like any other business expense – strategically, proactively, and with tax efficiency in mind.
IRS Releases Final Form Instructions for Taxpayers Claiming the R&D Tax Credit
The revised instructions address changes to the treatment of §174A domestic research expenditures and align with prior IRS guidance and clarifications on reporting requirements.
Understanding the IRS’s new deduction for qualified overtime compensation
The IRS has introduced a new federal income tax deduction for qualified overtime compensation, effective for tax years 2025 through 2028. Eligible workers can deduct up to $12,500 (or $25,000 on joint returns) of the overtime premium they earn above their regular rate of pay. This deduction reduces is available to FLSA-covered employees who meet specific eligibility requirements, including valid Social Security numbers and certain filing status conditions.
Living trust myths vs. reality: what a revocable trust really does
Revocable living trusts are widely used and widely misunderstood. This article explains what revocable trusts actually do, what they don’t do, and why proper design, funding, and coordination matter. Understanding these nuances can help prevent surprises and improve estate planning outcomes.
IRS Notice 2026 5: Expanded HDHP definition in OBBBA broadens access to HSAs
In Notice 2026-5, the IRS issued guidance on the changes that the One Big Beautiful Bill Act (OBBBA) made to the high deductible health plans (HDHP). The OBBBA expanded the availability of HSAs by adding bronze and catastrophic health insurance plans to the definition of an HDHP. In addition, OBBBA made permanent the availability of first dollar coverage of telehealth services as well as providing that enrollment in a direct primary care arrangement does not disqualify an individual from HSA participation, aligning with OBBBA's expansion of HSA eligibility.
S-corporations 101: FAQs for business owners
S-corporations are one of the most frequently discussed (but often misunderstood) tax structures for small business owners. While they can offer real savings on self-employment taxes, the benefits aren't automatic - they depend on your income level, involvement in the business, and whether you're ready to manage the added compliance responsibilities. Here's what you need to know about how S-corps work, who they're right for, and what's required to maintain one.
Understanding the OBBBA car loan interest deduction
Car loan interest deduction, OBBBA and IRS proposed rules—learn who qualifies, income limits, vehicle requirements and what it means for taxpayers.
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Johnson & Sheldon, PLLC
Amarillo Location
500 S Taylor St Suite 200
Amarillo, TX 79101
Phone: 806-371-7661
Fax: 806-371-0529
Email: ebaten@amacpas.com
Johnson & Sheldon, PLLC
Pampa Location
2004 N. Hobart
Pampa, TX 79065
Johnson & Sheldon, PLLC
Hereford Location
119 E 4th St
Hereford TX 79045
Phone: 806-364-4686
Fax: 806-364-0826
Email: khollingsworth@amacpas.com
Johnson & Sheldon, PLLC, is proud to be part of Aprio Alliance — a national association created by accounting professionals to help collaborative, growth-minded CPA firms thrive. This affiliation gives us access to leading expertise, resources, and best practices, while preserving what matters most: the personalized service and local insight you expect from an independent firm. Joining Aprio Alliance reinforces our commitment to exceptional client service and staying ahead of industry trends. While we leverage the strength of a national firm, we remain fully independent—maintaining our name, client relationships, and service approach.