Sales Tax Holidays by State, 2024 https://bit.ly/4bY5zXB 

In recent years, many name, image and likeness (NIL) collectives have sought tax-exempt status from the IRS. These collectives are formed for the benefit of college student-athletes and solicit and provide financial support from business “boosters.” Some of the entities may qualify as tax exempt if their mission and activities can be shown to primarily […]

The IRS has released guidance for companies that want to claim a tax credit for the sequestration of carbon oxide (a greenhouse gas emission). Although the credit has been available since 2008, the Inflation Reduction Act amended it. Notice 2024-60 (https://bit.ly/3zWt6uW  ) explains what information taxpayers should include in written lifecycle analysis (LCA) reports submitted […]

When it comes to running a successful small business, there are numerous tasks owners must perform. One important job is to maintain tax and financial records. Granted, this can be overlooked in the day-to-day grind of running a business, but it’s vital when it comes time to prepare and file financial statements and tax returns. […]

Tax-exempt organizations are coming under increased scrutiny by members of the House Ways and Means Committee. Lawmakers are looking to boost transparency around tax-exempt organizations’ activities and funding mechanisms. There are also calls to revise Form 990 and proceed on legislation that limits 501(c)(3) status. Rep. David Schweikert (R-AZ) remarked at a recent meeting, “17% […]