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.
Nonprofits can generate revenue from their periodicals through advertising; while this type of revenue is considered to be an unrelated trade or business activity, it might not always be taxable. The key is to understand the relationship between certain costs and types of income.
Nonprofits can run into issues when they accept advertising or sponsorship dollars if they don’t know the rules of unrelated business income tax. Knowing the difference between the two scenarios can help to minimize or manage tax liability.
Final IRS regulations will require most social clubs and tax-exempt organizations to rework their unrelated business taxable income worksheets to avoid using an outdated expense allocation method.
From corporate tax changes to clean energy tax credits, the 179D commercial building deduction, and more, the Inflation Reduction Act contains a myriad of tax law changes for 2023 and beyond. This article details 12 tax changes likely to impact most taxpayers.
The IRS has warned taxpayers about pandemic relief fraud before. Employee retention credit fraud is now so widespread that the IRS added it to its annual list of Dirty Dozen tax scams.
Learn about changes to the Clean Vehicle Credit which makes it more complicated to qualify for the full tax credit, including manufacturer requirements, the impact of income thresholds and the effort to promote US manufacturing.
For businesses contemplating a commercial project, the §179D deduction, a provision from the Inflation Reduction Act, is now available for any qualifying commercial energy-eﬃcient building.
The IRS recently warned employers to beware of advertisements and solicitations that promise tax refunds that seem too good to be true. They promise business owners lucrative tax refunds from the Employee Retention Credit through filing amended payroll tax returns.