The IRS and the Treasury issued proposed regulations for tax-exempt organizations who are subject to the Unrelated Business Income Tax provisions of the TCJA. UBTI applies to any activities a nonprofit engages in that aren’t related to the tax-exempt purpose of the organization. We now have more clarity on how non-profits should calculate taxes owed...
The CARES Act made several important changes to the treatment of NOLs. First, for tax years beginning after December 31, 2017 and before January 1, 2021, losses can again be carried back, but now for up to 5 years. A taxpayer can elect to waive the carryback period, however, and instead carry the amounts forward....
They don’t go away, and the IRS will never forget if you owe them $$$. Penalties can easily spiral out of control and add thousands of dollars to your tax burden. Penalties can be the result of many things, so learn how to avoid them - the most common are below: • Individuals Failure to...
Remember way back when as you started your business? Like most entrepreneurs, you probably chose to form a sole proprietorship because it’s less paperwork and less costly. But as your business grows you might benefit from the protections provided by a Limited Liability Company (LLC) or C-Corporation. But if you are currently a C-Corp, does...
Are you ready? The IRS announced that tax season began on January 27, 2020. The tax agency is now accepting and processing 2019 tax year returns. The deadline to file 2019 individual tax returns and pay any tax owed is Wednesday, April 15, 2020. For sole proprietorships and LLCs taxed as a disregarded entity: File...
