This article was published by the IRS. Criminals and fraudsters often see disasters as an opportunity to take advantage of victims when they are the most vulnerable, as well as the generous taxpayers who want to help with relief efforts. These disaster scams normally start with unsolicited contact. The scammer contacts their possible victim by telephone, [...]
This article was published by the IRS. The Internal Revenue Service is reminding tax-exempt organizations that many have a filing deadline of May 16, 2022. Those that operate on a calendar-year (CY) basis have certain annual information and tax returns they file with the IRS. These returns are: Form 990-series annual information returns (Forms 990, 990-EZ, [...]
This article was published by the IRS. The IRS reminds taxpayers there are things they should do before the current tax year ends on December 31. Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has a [...]
This article was published by the IRS. Organizations that meet specified requirements under Section 501(c) of the Internal Revenue Code may qualify for tax-exempt status. These include charities, social welfare organizations, civic leagues, social clubs, labor organizations and business leagues. Most organizations are required to apply for recognition as tax-exempt. Here are some key things that [...]
The TCJA temporarily increases the limit on cash contributions to public charities and certain private foundations from 50% to 60% of AGI. However, the standard deduction has almost doubled. Combined with the capping of the state and local tax deduction at $10,000 per year ($5,000 for a married taxpayer filing a separate return), changes to the [...]
