Pennsylvania Club Made Millions From Natural Gas And Lost Its Tax Exemption
A Pennsylvania sportsmen’s club lost its tax exemption after earning millions in natural gas royalties. Here’s why the Tax Court upheld the IRS.
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Taxpayers Can Learn From GoFundMe Scam
Recently, a New Jersey woman was sentenced for her involvement in an infamous GoFundMe scam. The saga is a good reminder to be careful before handing over your hard-earned cash—even for a great cause. Here are a few tips to consider. Post-column update: On August 5, 2022, Mark D’Amico was sentenced Friday to five years…
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Don’t Forget About The New Tax Break That Allows More People To Deduct Donations In 2020
The Internal Revenue Service (IRS) is reminding taxpayers about a temporary tax break that will allow more people to deduct up to $300 in donations to qualifying charities this year. Taxpayers who make cash donations of up to $300 before December 31, 2020, are now eligible for a charitable deduction when they file in 2021…
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Some Tax-Exempt Organizations Also Have July Filing Deadlines
While most taxpayers are focused on the individual tax filing due date, there’s another deadline looming. In addition to being the revised individual and corporate due date for the 2019 tax year, July 15, 2020, marks the filing deadline for many tax-exempt organizations. Information returns for tax-exempt organizations are ordinarily due on the 15th day…
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New Rules Mean All Taxpayers Can Benefit From A Charitable Donation
Feeling generous? The COVID-19 pandemic has put millions of taxpayers out of work, putting a strain on charitable organizations. To provide some relief, as part of the CARES Act, Congress made a temporary – but important – change to the charitable giving laws. Now, taxpayers can donate up to $300 in cash to qualifying charitable…
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How To Help During The COVID-19 Pandemic: Where, What & How To Donate
(Note: Updated March 24, 2020) If you’re like me, you’re self-quarantining – perhaps with your family – in your home in response to COVID-19. It’s a weird new normal. And for many, it’s an anxious time. But as we worry about the health – physical and financial – of our friends and family, most of…
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IRS Clarifies Tax Treatment For Virtual Currency Charitable Donations
Looking to reduce your taxable income with a donation of virtual currency to charity? The Internal Revenue Service (IRS) has issued guidance for donors (and charities) on the FAQ page of its website. The IRS addressed whether gifting virtual currency to a charity could result in income, gain, or loss. The IRS confirmed that if you donate…
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Ask The Taxgirl: Volunteering Your Time
Taxpayer asks: Hi! Thank you for your time. My husband and I are volunteering at a charity event for a few days, and we have to have a babysitter. She’s babysitting at no cost to us (she’s family), but can she deduct any of her babysitting expenses? Would it be charitable giving on her part?…
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Fix The Tax Code Friday: Charitable Deductions For All Taxpayers
It’s Fix the Tax Code Friday! Charitable deductions have been limited to taxpayers who itemize their deductions rather than claim the standard deduction. With the doubling of the standard deduction under the Taxpayers Cuts and Jobs Act, fewer taxpayers itemize their deduction. That means that fewer taxpayers have a tax incentive to make a charitable…
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Filing Changes For Tax-Exempt Organizations In Store For 2020
There are big changes in store for tax-exempt organizations. Earlier this year, the Taxpayer First Act was passed. Provisions in the new law, which take effect for tax years beginning after July 1, 2019, require tax-exempt organizations to electronically file information returns and related forms. Taxpayers who previously filed on paper should receive notice from…
