Charitable organizations can take advantage of provisions in the tax code that exempt them from federal income tax and other types of tax obligations. This leaves charitable organizations free to...
Nonprofit organizations must keep up with a rather large amount of paperwork to maintain their tax-exempt status with the IRS. This includes filing regular tax and information returns. New IRS...
The IRS recently released its annual list of the “worst of the worst” tax scams currently affecting U.S. taxpayers, which it calls the “Dirty Dozen.” The agency monitors tax scams throughout the...
If you received either an advance payment of the child tax credit or an economic impact payment (commonly referred to as a “stimulus check” or “recovery rebate”) during 2021, you should receive a...
One of the temporary changes created with the pandemic related legislation during 2020 was an increase to the deductible limits for cash contributions to qualifying public charities and limited types...
Virtual currencies such as Bitcoin, Ethereum, Litecoin, and Ripple are gaining traction as viable currencies for a wide range of transactions. However, their increasing acceptance by the public also...
Tax identity theft is a serious issue for the IRS as fraudsters continue to find new ways to steal taxpayers’ Social Security numbers and other personal information to file false tax returns....
Along with other changes, the recent $2.3 trillion Consolidated Appropriations Act (Act) made significant changes to the Employee Retention Credit (ERC) created earlier in 2020 by the CARES Act....
President-elect Joe Biden has publicized various aspects of his tax plan once he takes office in 2021. This article summarizes those proposals as they stood heading into the election and their impact...
The 2017 Tax Cuts Jobs Act (TCJA) essentially eliminated the business deduction for expenses related to entertainment, amusement, or recreational activities. On September 30, 2020, the IRS released...