Tax

Tax Reform 2018 – Impact on Non-Profits

February 1, 2018

What you need to know: 6 Key Areas for Non-Profits Standard Deduction Standard vs. itemized deductions – Taxpayers have generally selected whichever method reduces their taxable income by the greatest amount. Under the new Act, the standard deduction has been increased from $6,350 to $12,000 for individuals and from $12,700 to $24,000 for couples. As…

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Tax Benefits for Organizations that Accommodate Individuals with Disabilities

January 30, 2018

Businesses that are “good citizens” by accommodating individuals with disabilities may qualify for a number of tax credits and/or deductions. These include: Work opportunity tax credit. By hiring qualified individuals from specific groups, including some with disabilities, employers may be eligible for the credit. Businesses use Form 8850, “Pre-Screening Notice and Certification Request for the…

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State Department Revocation or Denial of U.S. Passport for Taxpayer’s Unpaid Taxes Which Exceed $51,000

January 25, 2018

The State Department is responsible for granting, issuing and verifying passports for U.S. persons seeking travel abroad. Pursuant to the Fixing America’s Surface Transportation (“FAST”) Act (the “Act”) signed into law in December 2015, the State Department’s mandate now includes the revocation or denial of passports based upon outstanding federal tax obligations. The Internal Revenue…

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Tax Reform Roadmap

January 18, 2018

Click the link below for a comprehensive guide to the tax law – courtesy of Bloomberg. As you have questions and concerns, please reach out to one of our Partners. Tax Reform Roadmap 

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Fast Track Helps Small Businesses Resolve IRS Matters Swiftly

December 22, 2017

Small business owners and self-employed individuals who are looking to settle factual or legal issues between themselves and the IRS, can use the Fast Track Settlement (“FTS”) program made available by the IRS’s Small Business/Self-Employed Division. The program started as a pilot in 2006, and was made permanent in March 2017 through Revenue Procedure 2017-25.…

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President Signs Sweeping Tax Overhaul Bill into Law

December 22, 2017

On December 20th, 2017, Congress approved the final version of the “Tax Cuts and Jobs Act.” Earlier today, President Trump signed this bill into law. This is the first major tax overhaul since Ronald Reagan was president. It will have far-reaching effects on all individuals and businesses. Please click below for a special report on key…

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