Results for Tax Exempt Bonds

The Internal Revenue Service is offering a safe harbor for businesses using property that has been financed with tax-exempt bonds.

The Internal Revenue Service said that budget sequestration would require reductions in refundable credits for certain tax-exempt bonds and the refundable portion of the Small Business Health Care Tax Credit for some small tax-exempt employers.

You may not only need to know about income tax rules but also about payroll tax rules
Here are five tax tips that can help you get your business off to a good start:
1. Business Structure. An early choice you need to make is to decide on the type of structure for your business. The most common types are sole proprietor, partnership and corporation. The type of business you choose will determine which tax forms you will file.
2. Business Taxes. There…

Criminals and fraudsters often see disasters as an opportunity to take advantage of victims when they are the most vulnerable, as well as the generous taxpayers who want to help with relief efforts. Generally, these disaster scams start with unsolicited contact – typically a phone call, on social media, by email, or even in person. Reviewing the tips listed below will help taxpayers recognize a scam and avoid becoming a victim
Some thieves pretend they are from a charity. They do this to…

The Internal Revenue Service is reminding tax-exempt organizations that many have a filing deadline for Form 990-series information returns in mid-May.

If you’re thinking about starting a nonprofit and want to apply for tax-exempt status under Section 501(c)(3) of the tax code, you’ll need to use Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code. Here are five tips to ensure a successful application
1. The application must be complete and must include the user fee
2. Some organizations may be…

Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Also, if you expect to have employees, there are a variety of federal and state forms and applications that you need to complete to get your business up and running. That’s where a tax professional can help. With this in mind, let’s take a look at what you need to know before you start a new business
1. Business Entity
The first…

The majority of nonprofits must fill out a form 990 annually to maintain a tax-exempt status and remain compliant with state and federal regulations. While there are some select organizations that are not required to fill out these forms, the vast majority must do so as it’s their legal obligation.

If you are a charitable or tax-exempt organization, there are many tools and resources available to you to get information about your taxes.

Consider this case study describing the implications for one tax-exempt organization of the new

The biennial U.S. Trust® Study of High Net Worth Philanthropy, conducted in partnership with the Indiana University Lilly Family School of Philanthropy, regularly finds that wealthy donors are primarily motivated by philanthropy. The tax benefits of giving were cited by only 18% of respondents in the 2016 survey
On its own, your organization has little control over tax rates or deductions. But by teaming up with…

How you keep records is up to you, but they must be clear and accurate and must be available to the IRS. You must also keep these records for as long as they are important for the federal tax law
Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. A period of limitations is the limited period of time after which no legal action can be brought.…

Deducting Vehicle Expenses for Your Business
Business traveling costs add up fast. If you own a vehicle that is primarily for business use, there are tax deductions available to you. You can choose to deduct the standard mileage rate or actual expenses. If you are unsure of what option is best for you, consider the following
Standard Mileage Rate
For 2012, the standard mileage rate is 55.5 cents per mile. If you own a vehicle, you can use this deduction beginning with the…

ACCOUNTING METHOD – A must for any new business is to have an accounting method in place. An accounting method is the process a business uses to report all of its income and expenses. Some businesses use the cash method, which means you would report income in the same year that it’s made and expenses in the year you spent them. Other companies use the accrual method, which means you would report income and deduct expenses in the year that you earn and…

You could be paying more tax than you need to if you're not aware of all the exemptions for state and use tax.

Watch out, nonprofit trade associations! If your group is a 501(c)(6) organization, your activities could potentially threaten your tax-exempt status. To ensure

IRS Tax Tip 2021-97, July 7, 2021
Organizations that want to apply for recognition of tax-exempt status under Section 501(c)(3) of the tax code use a Form 1023-series application. Here are some tips to help them understand the process.

The highly publicized scandal involving the IRS targeting of certain groups from becoming Tax-Exempt Status unfolds.

This is the first installment of a three-part series looking at client recruitment and retention issues
Just as Yelp reviews can influence diners to try a new restaurant, client referrals are crucial to the growth of RIA businesses. Client referrals are the number-one contributor to the new client growth of the Financial Times Top 300 RIAs, according to a survey of the elite group.
Slightly more than one-third – or 36% – of the aggregate client growth of the Financial Times Top 300…