The Internal Revenue Service (IRS) has not hidden the fact that it is backlogged in processing millions of tax returns, including payroll tax returns. Among the reasons for the backup is an unexpectedly high volume of Employee Retention Credit (ERC) refund requests. This has left many businesses waiting longer than expected for their refund. As […]
Where Is Your Employee Retention Credit Refund? Read More »
While the 2017 Federal Tax Cuts and Jobs Act lowered corporate tax rates and doubled the standard deduction, it also included a provision that limited annual itemized deductions for state and local taxes to $10,000. This cap on “SALT” deductions has prompted several states to introduce a “workaround” that allowed owners of pass-through businesses to offset
How Does the New Massachusetts Entity-Level Excise Tax Work? Read More »
Starting this summer the Internal Revenue Service (IRS) taxpayers who go online to access their accounts or pay taxes will be required to submit to facial recognition as a security precaution. The IRS has contracted with a third-party facial recognition company called ID.me to provide the service. Enrollment with ID.me will require submission of a
IRS to Require Facial Recognition for Online Payment Read More »
If certain IRS requirements are met, a not-for-profit organization is exempt from federal income tax. But that doesn’t mean it’s completely off the hook. Your nonprofit may still be liable for unrelated business income tax (UBIT). Here’s how you determine your organization’s exposure. One Time vs. Year Round Unrelated business income (UBI) is defined by the
Does Your Nonprofit Have UBIT Exposure? Read More »
Filing your tax return involves a lot of paperwork and documentation and keeping track of what is important can be a challenge. But it is essential that you hold on to one letter that you may receive from the Internal Revenue Service (IRS) this year. Letter 6419 is the official documentation containing the details you
Why You Should Keep IRS Letter 6419 Read More »
While most eligible people have already received their Economic Impact Payments from the federal government, not everybody got a stimulus check or did not receive the full Recovery Rebate amount. If you were eligible for an Economic Impact Payment and did not receive it, you may be able to claim a Recovery Rebate Credit to
Can You Claim a Recovery Rebate Credit on Your 2021 Taxes? Read More »
The last two years have been tough for most nonprofits. Now that there’s some light at the end of the tunnel, you may feel more optimistic and with a renewed dedication to your cause. How can you extend the concept of renewal to your organization’s operations and even grow in 2022? Here are seven ideas: 1.
7 Keys for Nonprofit Success in 2022 Read More »
Be prepared to wait for your tax refund again this year. The Internal Revenue Service (IRS) has issued a statement warning that, due to office closures, staffing shortages, and multiple new tax initiatives and programs, the backlog that built up during the pandemic will likely lead to delays in processing tax returns again this year.
IRS Backlog May Delay Returns Read More »
With travel for business purposes rebounding as pandemic restrictions are eased, it is good to know that you will be able to deduct a little more for your automobile mileage in 2022. The standard mileage rate for 2022 will be 58.5 cents per mile, an increase of 2.5 cents per mile over the 2021 rate.
Mileage Deduction Rates Rise for 2022 Read More »
Most not-for-profit executives are aware of the prohibition against private inurement. Generally, nonprofit directors and executives — and their family members — aren’t allowed to personally benefit from their positions while putting their organization at a disadvantage. Penalties for violating the private inurement mandate could include financial sanctions for violators and, in the rare worst-case scenario,
Don’t Run Afoul of Private Inurement Rules Read More »