…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…
…fitness classes to the general public could classify this revenue as UBI, but a strategic review with a tax specialist might identify ways to reduce the taxable impact. 3. Charitable…
…benefit from tax-exempt status. However, maintaining this status requires strict adherence to IRS regulations. One key challenge is Unrelated Business Income Tax (UBIT), which applies to revenue generated from activities…
Presidential Memorandum in Response to COVID-19 – Deferring Payroll Tax Obligations On August 28, 2020, the Internal Revenue Service released Notice 2020-65 to provide guidance for employers who decide to…
Important clarification for inherited retirement accounts On July 19, 2024, the US Treasury Department and the Internal Revenue Service (IRS) published final regulations providing guidance for the SECURE Act and…
…Legislation was passed by the General Assembly and signed by the Governor which advances Virginia’s fixed date conformity to the Internal Revenue Code from December 31, 2018 to December 31,…
…selling or doing, the business may be subject to such taxes even if they just have revenue from customers in those states. For example, Washington’s threshold is just $100,000 in…
QCD tax strategies that support philanthropic goals The Internal Revenue Service (IRS) announced updates to retirement contribution limits for 2025. Included in these adjustments are updated limits to Qualified Charitable…
…a for-profit business located in the County; Having been in business for at least two years; Having annual gross revenues between $200,000 and $2 million; and Demonstrating a revenue loss…
…person’s home. The BPOL tax rates vary based on the business classification, with gross revenue typically determining the amount owed. There are state laws that can limit BPOL, but localities…
IRS extends $600 transaction threshold for 1099-K reporting On November 26, 2024, the Internal Revenue Service (IRS) issued Notice 2024-85 which provides transition relief and guidance for third-party settlement organizations…