Filing the the nonprofit e-Postcard

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

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

Receive a letter from the IRS?

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 […]

Happy Mother’s Day!

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.

Non-fungible tokens

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

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 Funds can be withdrawn tax-free to pay for qualified medical expenses.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 […]

Work Opportunity Tax Credits

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 […]

Qualified Opportunity Zones and cryptocurrency

U.S. Senate Finance Committee Chairman Ron Wyden (D-OR) has expanded a probe into cryptocurrency links to qualified opportunity zones (QOZ). The QOZ program allows investors who recognize capital gains to reinvest those gains, tax-deferred, in QOZ-related funds that then invest in QOZs throughout the country. Wyden is “concerned by recent reports that companies involved in […]

Defined benefit plan updates

If your company offers employees a single-employer defined benefit plan, take note: In Notice 2022-22, the IRS has released 2023 mortality improvement rates and static mortality tables. These rates and tables are used to determine present value and make other calculations for valuation dates that occur during calendar year 2023. For example, they prescribe funding […]

HSA amounts rise for 2023

Inflation boosts HSA amounts for 2023 https://bit.ly/3KCiqBl