Posted on May 14, 2024
by
Adam Cohen
Earlier this year, the IRS introduced Rev. Proc. 2024-5, which requires public charities organized as 501(c)(3)s to follow new procedures when requesting IRS reclassification as a different tax-exempt entity. Nonprofit entities seeking tax-exempt status generally must file Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, within 27 months […]
Posted on March 05, 2024
by
Adam Cohen
The clock is ticking for nonprofit entities, including private foundations, to file annual returns on Form 990 before the May 15 deadline for calendar-year filers. Failure to file or request an automatic six-month extension can jeopardize an organization’s tax-exempt status and result in significant penalties. IRS series Forms 990 are informational documents that most non-profits […]
Posted on August 09, 2023
by
Adam Cohen
Charitable giving is a critical component of financial planning that enables individuals to support organizations and causes close to their hearts. While many people donate cash directly to nonprofit charities, those with substantial wealth often go one step further to create a legacy of philanthropy for future generations via a private foundation or a donor-advised […]
In this episode Associate Director of Assurance and Advisory Services Melissa Fleitas shares what plan sponsors need to know about required reporting of 401(k) plans and employee benefits programs.
Posted on May 04, 2022
by
Adam Cohen
Tax-exempt organizations, such as charities, private foundations and other not-for-profits that operate on a calendar-year basis, have a May 16 deadline to file their annual informational and tax returns with the IRS. For all other exempt organizations, the filing deadline is the 15th day of the fifth month after the end of their accounting period. […]
Posted on October 20, 2021
by
Adam Cohen
Giving money to charity enables you to support the issues, organizations and causes that are important to you. Not only do these efforts fill you with pride and gratitude, but they may also enable you to reduce your tax liabilities, especially for tax years 2020 and 2021. Individual Taxpayers Among the provisions included in the […]
Posted on December 01, 2020
by
Andrew Leonard
The IRS and Treasury Department recently released guidance clarifying how Paycheck Protection Program (PPP) participants must treat loan expenses when they have not received loan forgiveness by the end of the 2020 tax year. Under Revenue Ruling 2020-27 and Revenue Procedure 2020-51, businesses that “reasonably believe” the SBA will forgive their PPP loans in the […]
Posted on November 23, 2020
by
Richard Fechter
As millions of business owners and independent contractors seek forgiveness of much-needed Paycheck Protection Program (PPP) loans they received in the wake of the COVID-19 pandemic, many are surprised to find themselves the subject of fraud investigations by the federal government. Last week, the Justice Department announced it already has publicly charged more than 80 […]
Posted on June 02, 2020
by
Jack Winter
The financial impact of the COVID-19 health crisis will leave a lasting impression on individuals and businesses throughout the world. For nonprofit organizations that rely on public donations to fund research and services for those in need, the pandemic can be devastating. In response, the CARES Act offers U.S. individuals and businesses greater incentives to […]
On April 13, the Small Business Administration (SBA) issued interim final guidance to help self-employed small-business owners impacted by the COVID-19 pandemic begin applying for immediate economic relief through the Paycheck Protection Program (PPP) introduced by the CARES Act. If you are you of these taxpayers, which includes independent contractors and sole proprietors, you should […]
