Tax exemption is the right to exclude from tax certain amounts of income or assets.Being tax-exempt or having a tax exemption seems like a way to lower your tax bill, but it can cause...
IRC Code, Section 501(c) sheds light explicitly on the critical requirement for a tax-exempt organization. In applying for tax exemptions, firms need first to apply to be recognized...
What is the 1099-PATR form?The forms in the IRS 1099 Series helps taxpayers report money received from various lesser-known sources. Form 1099-PATR is the IRS form sent to taxpayers...
Background. Effective for each tax year beginning after December 31, 2017, an ATEO is generally subject to a special tax (currently 21%) on the amount of any employee's overcompensation...
The non-profit status may make an organization eligible for certain benefits, such as exemptions on state sales, property tax, and income; however, this corporate status does not automatically...
On March 20, 2020, the United States Department of the Treasury, The Internal Revenue Service (IRS), and the US Department of Labor (DOL) announced that small and medium-sized businesses...
Posted by JG Tax and Financial Services on 05/17/2020
The government encourages everyone to save money for their retirement. Tax breaks such as the Retirement Savings Contribution Credit and penalties for early distributions from retirement...
There are four ways to stop paying taxes on your crypto earnings. If you're fed up with the IRS receiving half of your short-term profits and 20% of your long-term gains, here...
Form 990 (formally, the "Arrival of Organization Exempt From Income Tax") is a United States IRS form that provides the general population with budgetary information about...
Posted by CONTINENTAL TAX AND ACCOUNTING SERVICES on 06/04/2019