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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Woman lying on top of tax papers, stressed

A Primer on Federal Estimated Quarterly Taxes for Individual Taxpayers

Americans often refer to April 15 as Tax Day, but for a large number of taxpayers “Tax Day” actually comes more than once a year. Some individuals must file and pay estimated quarterly taxes four times over the course of a year in order to comply with their tax responsibilities.

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A paper that says "tax deductions" next to a notebook

Can You Take That Sweet 20 Percent Business Tax Deduction?

The Tax Cuts and Jobs Act passed in late 2017 brought a host of changes to the US tax code. The change that inspired the biggest buzz and perhaps the most confusion is the new 20 percent deduction of Qualified Business Income (QBI) for specified passthrough companies. Government contractors – along with their tax advisors – have been poring over the updated tax code ever since in an attempt to determine whether they can take advantage of this significant tax break.

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Person filing papers into folders in filing cabinet

Tidy Up Those Files: Here’s What You Need to Keep in 2019 (And Every Year)

“Where is that important document? I’m pretty sure we kept it…” If this sounds all too familiar, you’re not alone. Most organizations struggle with the burden of maintaining all the critical documents they will need to file taxes or complete an audit. And, of course, wondering whether or not you should hold on to a particular record only adds to the difficulty. The new year has just begun, so now is a perfect time to finally get those files in order. This time, though, you’ll have the advantage of knowing exactly what you need to keep.

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Clipboard with a business plan on top of a stack of charts

Right From the Start: Choosing the Best Entity Structure for Your New Business

You’ve decided to start a business. Congratulations! Now all you need to do is serve your customers and begin raking in the profits, right? Think again, because becoming a business owner entails numerous responsibilities and decisions. One of your first tasks is deciding which type of business structure you want for your new company.

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Cars in a sunny parking lot

IRS Interim Guidance for TCJA Tax-Exempt Parking Expenses

The sweeping Tax Cuts and Jobs Act of 2017 (TCJA) included a number of changes that affect tax-exempt organizations, including tax treatment of fringe benefits related to transportation and parking expenses. As a result of the updated tax code, many nonprofits could face an increase in unrelated business taxable income (UBTI). Some organizations that until now were not required to file Form 990-T, Exempt Organization Business Income Tax Return, will have to add the form to their mandated reporting.

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