Showing 16 posts from 2014.
If You’re Claiming a Charitable Deduction, Make Sure You Follow the Rules
Tax season is over for most individual taxpayers. But it is not too early to start planning your 2014 deductions.
One way to lower your tax liability is to deduct charitable contributions made during 2014. However, to defend your charitable deduction before the IRS, you must retain documentation that supports it. Read More ›
Categories: Tax
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Your 501(c)(3) Status Has Been Revoked – What Now?
Many nonprofit corporations are exempt from federal income tax pursuant to Section 501(c)(3) of the Internal Revenue Code. Until relatively recently, many of those tax-exempt nonprofits were not required to file annual Form 990 series returns. That all changed with the Pension Protection Act of 2006. Now, all tax-exempt nonprofits are required to file an annual Form 990 series return. If a tax-exempt organization fails to do so for three consecutive years, then its federal income tax exemption is automatically revoked - - no questions asked.
How Do You Know If Your Tax-Exempt Organization Has Lost Its
501(c)(3) Status?
The IRS maintains a list of organizations that have had their 501(c)(3) status revoked. Read More ›
IRS: Bitcoins Are Property, Not Currency
In guidance issued on Tuesday, March 25, 2014, the IRS warned that virtual currencies, such as Bitcoin, are to be treated as property and not as currency for tax purposes.
"General tax principles that apply to property transactions apply to transactions using virtual currency," the IRS said in the guidance statement. Read More ›
Categories: News & Events, Tax
Corporate Sponsorships for Your 501(c)(3) Organization
Tax-exempt 501(c)(3) charitable organizations can raise money by asking businesses to "sponsor" an event or initiative. These sponsorships can provide much needed revenue to the charity and can help to support an event that allows the charity to raise even more money.
The business that sponsors the event or initiative benefits from the public recognition and from the deduction that it receives for the sponsorship amount, either as a charitable contribution under Internal Revenue Code ("IRC") Section 170 or as an advertising expense under IRC Section 162. Read More ›
Avoid Potential Tax Penalties on Foreign Bank Accounts and Investments
U.S. investors and businesses can be subject to severe tax penalties for failing to properly report their foreign bank accounts, investments and subsidiaries to the Internal Revenue Service (IRS). The potential penalties can be more than $10,000 per year, and can be assessed in addition to taxes and interest! Read More ›
Categories: Tax
Are you missing out on these exemptions?
There have been several recent tax changes to Michigan tax law. New exemptions may be valuable to you. Consult a tax professional for advice as to how to make the most of available tax benefits.
Sales Tax Exemption for Vehicle Trade-Ins
Starting Dec. 15, 2013, up to $2,000 of the value of a motor vehicle or recreational vehicle traded-in to pay for a new or used motor or recreational vehicle may be exempt from sales tax. The agreed-upon value must be separately stated. Starting Jan. 1, 2015, the exemption limit is increased by an additional $500 per year.
Use Tax Exemption for Vehicle Trade-Ins
Also starting Dec. 15, 2013, up to $2,000 of the value of a motor vehicle or recreational vehicle traded-in to pay for a new or used motor or recreational vehicle may be exempt from use tax.
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