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…
It’s the seventh day of my 12 Days of Charitable Giving for 2019. Readers have suggested deserving charities over the past few weeks, and I’ll be posting the results here. Today’s charity is National Coalition Against Domestic Violence (NCADV). Every year, ten million people are physically abused by an intimate partner: that works out to…
There’s no shutdown in the cards: Washington has finally passed a spending bill. The Consolidated Appropriations Act, 2020, includes a wide range of provisions from healthcare tax repeal to extenders. As expected, the Act included the repeal of three Affordable Care Act-related taxes: the so-called “Cadillac” tax on health insurance benefits, an excise tax on medical devices, and…
It’s the sixth day of my 12 Days of Charitable Giving for 2019. Readers have suggested deserving charities over the past few weeks, and I’ll be posting the results here. Today’s charity is Literacy For Incarcerated Teens. Literacy for Incarcerated Teens, Inc. (LIT) works to end illiteracy among New York’s incarcerated young people by inspiring them…
Lying about your income is Tax Fraud 101. You’d expect taxpayers to understate their income to avoid paying tax, but a surprising number of taxpayers inflate their income to obtain fraudulent refunds. Typically, those schemes focus on refundable tax credits, which can garner tens of thousands of dollars in refunds. But what happens when taxpayers…
It’s the fifth day of my 12 Days of Charitable Giving for 2019. Readers have suggested deserving charities over the past few weeks, and I’ll be posting the results here. Today’s charity is The Trevor Project. In 1994, Peggy Rajski won the Academy Award for Best Live Action Short with the film, Trevor. The film was…
It’s the fourth day of my 12 Days of Charitable Giving for 2019. Readers have suggested deserving charities over the past few weeks, and I’ll be posting the results here. Today’s charity is Food To The Rescue (FTTR). According to recent studies, one in five children in Middle Tennessee does not know where their next…
There’s snow on the ground, the calendar is winding down, folks are gearing up for the new year, so of course, we’re getting… EXTENDERS? Yes, it’s true. With the clock ticking, Washington appears to have reached a deal on tax extenders. Extenders are a term used to refer to expired or expiring tax provisions and…
Negotiations are ongoing, but it looks like the fiscal year 2020 spending bill will include permanent repeal of up to three Obamacare taxes: the so-called “Cadillac” tax on health insurance benefits, an excise tax on medical devices, and the Health Insurance Tax. The three taxes were part of the Patient Protection and Affordable Care Act,…
It’s the third day of my 12 Days of Charitable Giving for 2019. Readers have suggested deserving charities over the past few weeks, and I’ll be posting the results here. Today’s charity is Pets In Need. As a pet owner, I love the idea of Pets In Need. I know that taking care of a…