Government or foundation grants can help your nonprofit expand its reach and improve its effectiveness. But they also may hamstring your organization in several unexpected ways.
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Do you have a nanny, housekeeper or other household worker? If you pay him or her cash wages of $2,200 in 2020, you must withhold and pay Social Security and Medicare taxes. Learn about this and other tax obligations for household workers.
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Businesses that received PPP loans should be aware of the tax consequences. Here’s a look at the issue.
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Employer-provided group term life insurance can be a nice employee benefit. But depending on the amount of coverage, it may cause an unwanted tax result. Here’s why.
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The IRS has been actively releasing various relief efforts in response to the COVID-19 pandemic. Qualified opportunity funds (QOFs) and qualified opportunity zone businesses (QOZBs) were also granted relief for certain compliance deadlines.
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If you’ve inherited assets or you’re planning your estate, it’s crucial to understand the fair market value basis rules (also known as the “step-up and step-down” rules). That way, you won’t pay more tax than you’re legally required to.
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For hundreds of years, businesses have engaged in bartering. It’s popular during times of economic downturns, which many businesses are suffering now due to COVID-19. But if you trade goods or services, be aware of the tax consequences.
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A tax form that used to be filed back in the 1980s is coming back for 2020. Here’s what businesses need to know.
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The “Trust Fund Recovery Penalty” is among the more dangerous tax penalties facing business owners and managers with employees. Here’s why.
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Members of Generation Z are digital natives who may be more politically motivated and charitably inclined that previous generations. How can your nonprofit engage this diverse group?
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Millions of people have already received their Economic Impact Payments, which are being sent by the government to help mitigate the effects of COVID-19. In some cases, the payments should be returned.
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The CARES Act, which passed in 2020, includes some retroactive tax relief for businesses. Some provisions may be beneficial on a tax return that hasn’t been filed yet (or you may be able to take advantage of them on an amended return if you already filed).
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If you need money due to COVID-19, you may be able to take a tax-free “coronavirus-related distribution” from a retirement plan. The IRS has released guidance explaining who qualifies for one of these distributions.
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Does your nonprofit want to get involved in the 2020 election? Be careful: The activities you’re contemplating might be prohibited. Here’s the rundown on what you can and can’t do.
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Despite a slowdown in real estate sales this spring, many people are still selling their principal residences You may be able to exclude up to $250,000 ($500,000 for married joint filers) of gain. Here are the tax rules for home sales.
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A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
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SEnate Passes PPP Fix which will allow more flexibility in using the PPP funds passed the Senate on June 3.
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If you’re married and you don’t work outside the home, you still may be able to contribute to an IRA. Here are the rules for spousal IRAs.
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The CARES Act has provided some help for people with student loans. And if you do make some payments this year, you may be able to deduct the interest on your tax return. Here are the rules.
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Financially stable nonprofits have a good mix of revenue sources, with no one source accounting for more than 30% of the budget. How does your organization stack up? If you need help, read on.
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