Top State and Local Tax Considerations for 2020/2021
…however, the states have been slow to adopt conformity to the Act given the substantial costs of such conformity. Virginia currently conforms to the Internal Revenue Code in effective December…
…however, the states have been slow to adopt conformity to the Act given the substantial costs of such conformity. Virginia currently conforms to the Internal Revenue Code in effective December…
…form of tax fraud that affects thousands of taxpayers every year. According to the Internal Revenue Service (IRS), in the first five months of 2017, approximately 107,000 taxpayers were victims…
…of Virginia tax conformity In Virginia, a fixed-date Internal Revenue Code (IRC) conformity approach had been in place since 2003. Every year, passing federal tax conformity legislation in the General…
…is no limit on the number of employees a business can hire. Employers file Form 5884 to claim the tax credit. 2022 New Hire Prescreening Process Update The Internal Revenue…
Accounting Opportunities to Position Your Non-Profit for Change Non-profit industry revenue is forecasted to grow an annualized 3.4% over the next several years to 2026, totaling $175.6 billion. As these…
…System, criteria for which include a minimum number of years in operation and minimum revenue thresholds. Addition of the ERS has increased the number of charities rated by Charity Navigator…
…should receive these rebates this month. Increase in Standard Deduction For Taxable Years 2022 and 2023, assuming certain revenue growth targets are met by the state, the standard deduction for…
With recent reductions in Internal Revenue Service (IRS) personnel, reaching a representative by phone may be more challenging. Now is an excellent time to leverage the enhanced functionality of IRS…
…the Internal Revenue Service by February 2, 2026. Attorney’s fees for services of $600 or more paid in the course of a trade or business are reported in box 1…
…Food 85,407 86,633 Medical Supplies 90,389 115,173 Pharmaceuticals 111,876 113,982 Clothing 85,765 83,890 Vehicles 127,900 — Services 73,890 65,392 $1,220,783 $ 565,556 The Organization recognized contributed nonfinancial assets within revenue,…
…the ban on political campaign activity by Section 501(C)(3) organizations, can be found in IRS Revenue Ruling 2007-41. 501(C)(3) organizations are crucial in shaping communities and advocating for various causes,…
Finalized Form 1099-DA, Digital Asset Proceeds for 2025 Do you hold digital assets? The Department of the Treasury (the Treasury) and Internal Revenue Service (IRS) have finalized a new reporting…