Tax-Exempt Organization Formation
One of the growth areas in our firm in recent years has been the preparation of Form 990, Return of Organization Exempt from Income Tax and its related schedules, otherwise known as the tax return for nonprofit organizations. But it should be noted at the outset that the term Nonprofit organization is generally a state […]
Choosing To Be Treated as a US Citizen For Tax Benefits
There is an election which a US citizen taxpayer and his or her nonresident alien spouse (i.e. non-US citizen or non-US resident) can make, whereby the spouse is treated as if he or she is also a US person, and therefore, they can file a joint US tax return, which can save on US taxes, […]
Tax Updates- Gig Economy Income and Virtual Currency
Many of you probably noticed that question on the top of your tax return last year (and this) which asks if “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” Many people ignored the question and let their tax preparers check the box. […]
Filing Requirements and Benefits
All US citizens, well as holders of unrevoked green cards, regardless of residency, who had gross income over $12,550 in 2021, in total, from all sources, worldwide, are required to report that income to the IRS.
All your Child Tax Credit Information In One Place
The US government launched a revamped website to help taxpayers understand and claim the amounts they are eligible for under the Child Tax Credit. The new site, childtaxcredit.gov, addresses the following points regarding the Child Tax Credit: Who is eligible to receive the Child Tax Credit. Instructions and Guidance for claiming the Child Tax Credit […]
Did You Receive A Reduced Refund?
Have you received a lower refund than the amount you expected for the 2020 return? Did you get a letter in the mail stating that your refund was reduced to $0? Know that you are not alone! This year many taxpayers have received reduced refunds and letters explaining that the IRS recalculated the credits claimed […]
Required Minimum Distributions From Retirement Plans
Taxpayers who are subject to taking Required minimum distributions (RMDs) from their retirement plans or IRA accounts, generally must take them by December 31. RMDs that are not withdrawn by this date may be subject to penalties. RMDs are minimum amounts that retirement plan account owners must withdraw annually starting with the year they reach […]
Special Deduction for Charitable Donations
The CARES act added a deduction for charitable donations up to $300 ($600 for taxpayers who are married filing jointly) for taxpayers who take the standard deduction on their tax returns. Previously, only taxpayers who itemized their deductions were allowed to deduct charitable donations. Donations made on or before December 31, 2021 to charitable organizations […]