IRS Increases Enforcement Activity for Non-Profits; Congress Examines Exempt Hospitals.The article reports on the U.S. Internal Revenue Service's (IRS) examination of tax-exempt compensation. The IRS launched the Tax-Exempt Compensation Enforcement Project wherein they will commence audits of selected...
Small business owners and self-employed individuals can use a Schedule C form to report profits or losses from a business. When you file your taxes, you can attach Schedule C to your regular 1040 form. If you recently became self-employed or started a bu
Spotlight on Non-Profits: IRS Eliminates Donor Reporting Requirements for Certain Tax-Exempt OrganizationsAugust 13, 2018ShareThe IRS recently released Revenue Procedure 2018-38 (the "Revenue Procedure"), which exempts certain tax-exempt organizations from the requirement of reportin...
Forming certain Trusts, Pension Plans, or Non-Profits: Certain entity types that aren't necessarily traditional businesses also often need an EIN. These can include trusts, pension plans, and non-profit organizations. Required Information on the SS-4 Form The SS-4...
Although it may seem bizarre for an organization dedicated to upholding tax laws to be involved in drug and terrorism investigations, it’s simply a matter of pragmatism. As page 19 of their annual report states, CI agents help “reduce or eliminate the profits and financial gains of individual...
Tags:charitable mission, corporation, federal tax exempt status, federal taxes, irs, Non-Profits, profit company, Robyn Guilliams, tax exempt organizations, tax exempt status Posted in Arts Management, For Profits, Law and Disorder: Performing Arts Division, Non-Profits, Presenters, Taxes, Venues ...
“Once again, I will confidently predict that the Service will be forced to back off,” I wrote last year, after the targeted non-profits complained about intrusive and irrelevant IRS questioning. “But at the rate things are going, it may not happen before the agency’s professional reputati...
Screenshots iPad iPhone Description E-file Form 8868 and get a 6-month extension to file your nonprofit’s 990 return Breathe easier! Tax extension for non-profits in minutes with TaxZerone’s mobile app by filing Form 8868. Need more time to file your non-profit's annual return? Avoid sc...
The term “digital asset” is new to the 2022 tax year. In previous years, the IRS called the category “virtual currency” and did not explicitly discuss non-fungible tokens, mining profits, or most other details seen in this year’s form. ...
1099-DIVs report distributions in the form of dividend earnings, which are funds paid to a company’s shareholders out of its profits. Dividend earnings are a type of investment income. 1099-G Form 1099-G reports distributions received from local, state, or federal governments. This can inclu...