IRS Letter 6612 signifies an audit of Employee Retention Credit (ERC) claims, prompted by a surge in ineligible applications. Businesses receiving the letter must provide detailed documentation within 30 days to prove their ERC eligibility or face possible claim denial.
The IRS has proposed new regulations for Donor Advised Funds (DAFs), impacting how they are defined and managed. These regulations clarify the roles of donors and donor-advisors, introducing specific criteria for identifying DAFs and broadening the scope of liability for taxable distributions.
Starting on January 1, 2024, millions of small businesses will be required to file a new information reporting form as part of the Corporate Transparency Act. Many PBMares clients will be affected.
Two previous articles in this series went into detail about how nonprofits can incur taxable income from advertising or sponsorship sales, and how different the taxable impact can be depending on the relationship of certain costs to certain types of income. There is another important consideration of UBTI and advertising: allocable membership receipts.
Join PBMares on November 16 to discover the top 10 tax strategies businesses and individuals should consider before year-end, including traditional tax strategies, charitable planning, and Roth IRA conversions.
Starting a nonprofit often requires registering with the state before the organization can fundraise. States like Virginia, Maryland, and North Carolina all have different rules and requirements for nonprofit registration.
Individuals, businesses, and other entities can claim valuable tax credits through Virginia’s Neighborhood Assistance Program (NAP) to lower their state tax liability and make an impact on their local community. For organizations, the application window closes on July 1.
Many employers do not realize they could benefit from the ERC. As businesses close their books and records for 2021 and begin to work on tax compliance, it is a good opportunity to revisit the ERC to clear up any confusion that may exist.
Join PBMares on November 3 to discover the top 10 tax strategies businesses should consider before year-end, including traditional tax strategies, remaining COVID-19 incentives, and opportunities expiring at year-end.
Not all organizations and due dates were affected when the IRS pushed the annual tax filing deadline back to May 17. Tax-exempt organizations with calendar year-ends are thus reminded that Form 990 and other forms are still due on May 17, 2021.
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