IRS News Alert

April 26, 2018

Warning! The Internal Revenue Service recently announced that criminals are using telephone numbers that mimic IRS Taxpayer Assistance Centers (TACs) to trick individuals into paying non-existent bills. Follow the link below to learn more. IRS News Alert

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non profit accounting

Nonprofits Get a Bag of New Rules from Tax Overhaul

April 17, 2018

On December 22, 2017, President Trump signed the massive federal income tax overhaul into law. With this, a higher standard deduction was realized. Much was made of the concern of nonprofits that this would lessen incentives for charitable giving. While this is important, the new law also includes a number of other provisions that could…

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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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