Mar 14, 2024 | Not-for-Profit, Tax News
If you’re planning to enter the world of tax-exempt organizations, you first need to understand what a tax-exempt organization actually is. According to the IRS, the organization must fall into one of the following categories: charitable, religious, educational,...
Mar 12, 2024 | Business Planning, Closely Held Business, Tax News
Your recordkeeping system should include a summary of every transaction that takes place in your business’ name. Make sure you maintain and update a summary of all business transactions. How to log and track your business tax records It’s best if you allocate...
Mar 6, 2024 | Business Planning, Closely Held Business, Tax News
Reposted from The New York Times, March 3, 2024 news article. An Alabama judge barred the government from collecting certain company ownership data to help the Treasury Department identify money launderers, and called the effort a case of congressional overreach. In a...
Feb 29, 2024 | Business Planning, Closely Held Business, Tax News
As explained in a FinCEN release, the bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them. Companies...
Feb 27, 2024 | Business Planning, Closely Held Business, Tax News
Any recordkeeping system that suits you and your company and clearly shows your income and expenses is OK with the IRS. It’s the business you’re in that affects the type of records you need to keep for federal tax purposes. How long should you keep...
Feb 22, 2024 | Personal Financial Planning, Tax News
When selling your home, you might qualify for the opportunity to exclude part of, if not all, the gains you make from the sale from your income. However, for this possibility to apply to you, it is vital that you meet certain ownership and use tests. In other words,...