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…
…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…
…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…