Author Archives: esol4489

Senate still has no agreement to avert “fiscal cliff”

Senate leaders failed to agree Sunday on a compromise to avert the “fiscal cliff” of tax increases and spending cuts scheduled to take effect Tuesday. Talks took a new direction late in the day, with Senate Minority Leader Mitch McConnell, … Continue reading

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We have come to the edge of a “fiscal cliff”

As a taxpayer, you are facing what is perhaps an unprecedented set of circumstances – the expiration of the tax rates enacted in 2001, the expiration of more than 150 tax provisions and a tax increase of more than $500 … Continue reading

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Business Structure: Structuring for Success

 Selecting the right structure for your business can be complicated.There is a lot to consider in starting your own business: Developing a business plan, obtaining sufficient funding, marketing and host of other concerns. Also, critical is determining the organizational structure … Continue reading

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Consequences of Not Filing Go Beyond the Nonfiling Penalty

  Practice & Procedures Recently, the Tax Court denied a taxpayer a deduction for a claimed theft loss because, even if he could prove that the loss had occurred, he had not filed a tax return for the year of … Continue reading

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Facing the tax cliff

You can’t pick up a newspaper or go online this fall without seeing stories about the coming “tax cliff” or “taxmageddon”—the time at the end of this year when the current tax rates for income, capital gains, gifts, and estates … Continue reading

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Chances of Being Audited By IRS

Various scenarios can trigger an Audit by the IRS.The common belief is that this occurs randomly.However, this is not the case.Full report

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What Type of Form 990 do Exempt Organizations File?

The type of form 990 a nonprofit files depends on its financial activities as regards gross receipts, total assets or the type of the nonprofit. For detailed information for these requirements go to: IRS Form 990 filing requirements.  If you … Continue reading

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Home office deduction

With unemployment still near the highest rate in decades, it is not surprising to find many people working out of their homes. Now may be a good time to review the criteria for claiming a deduction for the business use … Continue reading

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Unrelated Business Income Tax

Even though an organization is recognized as tax exempt, it still may be liable for tax on its unrelated business income. For most organizations, unrelated business income is income from a trade or business, regularly carried on, that is not … Continue reading

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Not for Profit Organizations: Maintaining Your Tax-Exempt Status

Obtaining and maintaining 501(c)(3) tax-exempt status is crucial to the success of charitable organizations. This online training provides you with the tools and knowledge necessary to keep your organization’s exempt status intact. To learn more about maintaining your tax-exempt status … Continue reading

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