Application to be tax-exempt is a process

Organizations that are considering applying for tax-exempt status should understand that it’s a process. For starters, according to the IRS, the organization must be operated exclusively for charitable, religious, educational, scientific or other similar purposes. Organizations applying for recognition of tax-exempt status under IRC Section 501(c)(3) must complete and file a Form 1023-series application. Some […]

When can you deduct business debt from income tax?

At 30%, Solar Panel Tax Credits Are at a High Point for Now

At 30%, Solar Panel Tax Credits Are at a High Point for Now – The New York Times https://bit.ly/47NGZrx

Do you owe the IRS but haven’t received a notice lately?

If an individual owes back taxes and thinks the IRS has forgotten about it, he or she should think again. Taxpayers with balances due may not have received collection notices for the last 18 months, National Taxpayer Advocate, Erin Collins said recently. Some processes, such as the sending of notices were put on hold due […]

CBO releases budget review

The Congressional Budget Office (CBO) has released its budget review for the first 10 months of fiscal year 2023. The federal budget deficit was $1.6 trillion, “more than twice the shortfall” for the same period in 2022. This is the result of a 10% drop in revenues, possibly due to smaller capital gains taxes. An […]

Biden Administration Unveils New Crypto Tax Reporting Rules

Biden Administration Unveils New Crypto Tax Reporting Rules – U.S. News & World Report https://bit.ly/3KVJQFe

IRS warns on ESOPs

The IRS is warning businesses to watch out for Employee Stock Ownership Plan (ESOP) compliance issues. ESOPs are complex arrangements that enable employees to purchase company stock. But they can also be abused, and some high-income individuals have been known to use them to hide earnings and evade taxes. The IRS says it has discovered […]

Nonprofit hospitals may incur additional oversight

A bipartisan group of U.S. senators is alleging that certain nonprofit hospitals may be acting in ways that aren’t in patients’ best interests. Tax-exempt hospitals are required to provide “community benefits,” but the lawmakers claim some hospitals are taking advantage of the term’s broad definition. One study found that 77% of nonprofit hospitals spent less […]

The IRS warns businesses about ERTC scams

The airwaves and internet are inundated these days with advertisements claiming that businesses are missing out on the lucrative Employee Retention Tax Credit (ERTC). While some employers do indeed remain eligible if they meet certain criteria, the IRS continues to caution businesses about third-party scams related to the credit. While there’s nothing wrong with claiming credits […]

Energy Tax Credits for your home

If you’ve been noticing your neighbors making energy related home improvements lately, such as installing solar panels on the roof, it may be thanks to the expanded home energy tax credits provided by the Inflation Reduction Act. You can claim either the Energy Efficient Home Improvement Credit or the Residential Clean Energy Credit for the […]