Form 990-N (e-Postcard) is supposed to be filed with the IRS by tax-exempt organizations with annual gross receipts of $50,000 or less. If a nonprofit files its 990-N improperly, the IRS may consider the organization as having not filed. And nonprofits that don’t file for three consecutive years automatically lose their exempt status. The IRS […]

State Sales Tax Breadth and Reliance, Fiscal Year 2021 https://bit.ly/3KXzimd 

If you recently filed your tax return and then receive a letter from the IRS, don’t panic. The letter was most likely sent because your return contained an error, the IRS has made a change to your return or the agency needs more information. Simply follow instructions and promptly return any forms included in the […]

Best wishes on Mother’s Day to you…. May you spend this special day with your kids to make it a memorable day as a mom.

The Joint Chiefs of Global Tax Enforcement (J5) has issued a bulletin containing best practices for taxpayers who’ve purchased, or are planning to purchase, non-fungible tokens (NFTs). The J5 is a grouping of the tax agencies of the U.S., Canada, U.K., Netherlands and Australia. NFTs can be anything digital, including music, that can be considered […]

Health Savings Accounts (HSAs) are tax-advantaged savings accounts funded with pretax dollars. Funds can be withdrawn tax-free to pay for qualified medical expenses. An HSA must be coupled with a high-deductible health plan (HDHP). The IRS annually adjusts HSA and HDHP amounts based on inflation. For 2023, the HSA contribution amount for individuals is $3,850 […]

Does your business qualify for the Work Opportunity Tax Credit (WOTC)? The IRS answered that question in a recently released one-page publication. The WOTC is a one-time credit for each new hire who faces employment barriers. To claim the credit, employers must file a form with their state’s workforce agency. The employer must also obtain […]