Churches, synagogues, mosques and other religious congregations aren’t required to file tax returns, so they might not regularly hire independent accountants. But regardless of size, religious organizations often are subject to other requirements, such as paying unrelated business income tax (UBIT) and properly classifying employees. Without the oversight of tax authorities or outside accountants, religious… Continue Reading
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Annjeanette Yglesias, one of our tax managers and a member of our not-for-profit team. Annjeanette, welcome back to the Playbook. Annjeanette: Thanks, Jen. It’s good to be here. Jen: So, not-for-profit… you work with different organizations, and I think… Continue Reading
IRS rules governing private foundations are complex and include many exceptions, which is why your foundation needs to write and follow a detailed conflict-of-interest policy. Taking this proactive step can help you avoid potentially costly public and IRS attention. Casting a Wide Net Conflict-of-interest policies are critical for all not-for-profits. But foundations are subject to… Continue Reading
Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case. Donations of time or services aren’t deductible. It doesn’t matter if it’s simple… Continue Reading
Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in mind this year to ensure you receive the tax benefits you desire. Delivery date To be deductible on your… Continue Reading
If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should know about the process. Catching the IRS’s eye Many business audits occur randomly,… Continue Reading
Each year, millions of taxpayers claim an income tax refund. Receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of extra cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money. Fortunately,… Continue Reading
If you have incomplete or missing records and get audited by the IRS, your business will likely lose out on valuable deductions. Here are two recent U.S. Tax Court cases that help illustrate the rules for documenting deductions. Case 1: Insufficient records In the first case, the court found that a taxpayer with a consulting… Continue Reading
The Internal Revenue Service (IRS) announced on Tuesday, April 26 that victims of the deadly floods that took place on April 18, 2016 will have until September 1st to file their tax returns and make tax payments. Individuals who have homes or businesses in Fayette, Grimes, Harris and Parker Counties may qualify for the extension relief… Continue Reading
We wanted to make you aware of a new IRS announcement regarding Employee Benefit Plan Audits. The IRS has added new compliance questions to the 2015 Form 5500 and supplemental schedules. When the forms were published, the IRS stated the new questions were optional for the 2015 plan year, but encouraged plan sponsors to complete… Continue Reading
Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. But before you donate, it’s critical to make sure the charity you’re considering is indeed a qualified charity — that it’s eligible… Continue Reading
Believe it or not there is an increasing problem of stolen-identity refund fraud with the IRS. Sound crazy? Here is a factoid that is crazy; the IRS lost $5.8 Billion to identity theft fraud in 2013. Criminals are using increasingly sophisticated strategies to steal names, social security numbers and information in order to file false… Continue Reading
IRS creates “Healthcare Law Online Resources” site and Publication The IRS has posted Publication 5093, Healthcare Law Online Resources, on its website. The page has a section for employers as well as individuals that has links to employer resources for information on health insurance, tax/legal responsibilities, and small business resources. The link to health insurance… Continue Reading
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