Tax-exempt 501(c)(3) organizations must operate primarily to achieve religious, charitable, scientific, or educational purposes and may not carry on more than an insubstantial amount of commercial activity unrelated to its charitable purposes. Nonetheless,
tax law
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The IRS offers group exemptions whereby a central organization’s federal tax exemption will apply to its subordinates and obviate any need of the subordinates to separately apply for exemption. Rather than each organization
People often equate federal tax-exemption with 501(c)(3) organizations. 501(c)(3) organizations are just one of many types of organizations that are eligible for tax-exemption. There are 29 tax-exempt groups mentioned in § 501(c) of
Groups exempt from federal income taxation under § 501(a) must file Form 990 to report on their finances, activities, and governance. The IRS uses Form 990 to gauge whether tax-exempt organizations are adequately
If you are like me, you get to the last few months of the year and think about how to give gifts to your children or others that you love. Funny… the IRS
“Tax basis” is a term used frequently in tax law. But for many, the term is unfamiliar and intimidating—perhaps something they feel is better left to a certified public accountant to worry about.
What changes will we see to the tax code in the near future? At this point it is all speculation but don’t let that prevent you from making tax-free annual exclusion, medical-payment, and
On January 1, 2020, the most impactful retirement account legislation in decades became law. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) will have a positive impact for many older
As October draws to a close and the end of the year is rapidly approaching, the next few months are an opportune time to start your year-end tax planning for 2018. It’s particularly
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