Would you know what to do if you received a CP14 notice from the IRS informing you that a tax balance is due when, in fact, you’ve paid your tax bill? According to the Taxpayer Advocate Service, the first step is to verify that the taxes were paid. If you have documentation proving that you […]

The IRS has announced that it will issue proposed regulations addressing the excise tax on excessive compensation to employees of tax-exempt organizations. The tax generally applies to any applicable tax-exempt organization (ATEO) that pays a covered employee more than $1 million in a tax year or an excess parachute payment. Tax legislation signed into law […]

An F reorganization can help some companies restructure tax efficiently during succession planning or before a business sale. This type of restructuring is generally available only to businesses treated as corporations for federal income tax purposes, including C corporations and S corporations. F reorganizations may preserve tax attributes, support administrative continuity, and help balance buyer […]

Thinking about buying a home this summer? Some costs may be deductible while others aren’t. To claim homeownership tax benefits, you must itemize deductions — which will save tax only if your total itemized deductions exceed your standard deduction. Deductible expenses generally include state and local property taxes and qualified mortgage interest (both subject to […]

Religious organizations are generally exempt from federal income tax. However, like some other tax-exempt charities, these organizations can be subject to unrelated business income tax (UBIT). They usually can conduct income-producing activities that are related to their tax-exempt purpose (such as selling religious books) as long as the activities aren’t “substantial.” But income may be […]

In the U.S. House, a bipartisan group of legislators has proposed a new tax framework for digital assets. The Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields (PARITY) Act is intended to establish clear standards for taxing digital assets, maintaining market stability and preventing abuse. The bill’s main provision is a “deemed-basis rule” that […]