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What’s this Virginia Tax Relief Refund all about?

If you live in Virginia, chances are you’ve heard about the 2019 Virginia Tax Relief Refund. If you’re not aware of it yet, you’ve come to the right place. On February 15, 2019, Virginia Governor Ralph Northam signed tax legislation that allocates $420 million in refunds to compensate taxpayers for higher state taxes that resulted from the federal Tax Cuts and Jobs Act (TCJA) of 2017. These refunds were scheduled for October, and many Virginia residents have already begun receiving them in the mail. So who gets these refunds? How much will you receive? Read below for everything you need to know.

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If your 2018 tax bill made you feel sick, it could be time for a Paycheck Checkup

Filing season for the 2018 tax year brought unwelcome surprises for many taxpayers. Following a major tax code overhaul at the end of 2017, it was reasonable for estimates of the year’s tax liability to be less accurate than normal. But while the IRS made allowance for some of this predictable deviation, the agency won’t maintain such a tolerant stance for long. To avoid unexpected tax bills or penalties for underpayment in subsequent years, workers should check current withholding rates and if necessary, file an updated Form W-4 with their employer.

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7 Ways to Practically Guarantee Your Nonprofit a Date with the IRS

Completing Form 990 takes a lot of time and effort. Nonprofits deal with this substantial challenge each year, dutifully gathering information on all financial activities and filing the mandatory report with the IRS. While NFP leaders typically strive to ensure the accuracy and timeliness of their 990 returns, mistakes can slip through here and there. That’s a concern, and not just because we all like to think we’re fulfilling our tax obligations correctly.

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payroll expenditure or revenue account, profit or loss

What Business and Nonprofit Leaders Should Know about Payroll Tax Audits

What comes to mind when you hear you’re about to be audited? If you’re like most people, it’s an unpleasant idea focused solely on proving the accuracy of recent income tax returns. That’s not the only type of audit though; the IRS conducts a number of less familiar audits that often take business and nonprofit leaders by surprise. Payroll and employment tax audits are a prime example. (While nonprofits aren’t always subject to the same employee taxes as businesses, they must still comply with laws regarding federal withholding, Social Security, Medicare and other applicable payroll taxes.)

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Invest in Your Children’s Education–Contribute to a 529 Plan!

Contribute to 529 plans–it’s never too early or too late to start putting money away for a child’s college education. The education days will be here sooner than you think and likely more expensive than you were planning on! 529 contributions are not limited to parents; this is for grandparents, aunts, uncles or anyone with interest in helping provide the means necessary for a child’s higher education.

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Piggy bank and tax concept

Tax Incentives for New Businesses

Starting a business means paying business taxes. While that’s not something most business owners get excited about, here’s a fact that might inspire more enthusiasm: in addition to the tax deductions for routine business expenses, there are a number of federal tax credits that can reduce the tax burden on businesses.

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You’ve Received an IRS Audit Notice: Now What?

Congratulations, you have been selected for an audit! Those words are as likely as any to cause terror in the unlucky individual who reads them. The IRS may not phrase an invitation to participate in an audit exactly that way, but the gist is unmistakable: You are about to undergo an official examination of your tax return for at least one filing year. What should you do?

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Tax manager filling our tax forms

Fun With Form 990

OK, it’s not actually fun. Much to the chagrin of nonprofit leaders, tax-exempt does not mean filing-exempt. Most nonprofit organizations must file Form 990, which is due to the IRS by the 15th day of the 5th month after the close of each fiscal year. A few church-affiliated organizations can escape this annual requirement by applying for an exemption. For everyone else, the best approach is to understand the reporting rules and adopt an organized approach.

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