Nonprofit organizations play a crucial role in serving communities and pursuing social causes. However, they are also subject to certain nonprofit tax obligations and reporting requirements imposed by the IRS. Understanding these obligations is essential for nonprofit...
April 15, 2013, is a major tax day, with the following IRS deadlines falling on that date: – Individual income tax returns for 2012 are due. – 2012 partnership returns are due. – 2012 annual gift tax returns are due. – Deadline for making 2012 IRA contributions. First...
It sounds like a great idea: Have the IRS directly deposit your tax refund into one or more individual retirement accounts (IRAs). In fact, the IRS touts this option as a way to speed up retirement contributions. The whole process is automated and simple. It’s hard to...
You may be a victim of identity theft and not have a clue that this has happened to you until you get a notice from the IRS telling you that: – You filed more than one tax return, or someone has already filed using your information. – You owe taxes for a year even...
Mortgage debt forgiveness is something that many taxpayers should remember when pulling together their tax documents. One’s mortgage debt forgiven can substantially reduce their tax liability if they have had their home foreclosed or mortgage loans restructured. The...
