In certain cases, the IRS is required to use private debt collection agencies (PCAs) to collect the amounts owed. The IRS wants the public to be aware that, with identity theft heating up, scammers pretending to be from PCAs are placing random calls, demanding payment from unsuspecting taxpayers. Here’s what you need to know: The … Read More
The IRS has issued final regulations that should provide comfort to taxpayers interested in making large gifts under the current gift and estate tax regime. The final regs generally adopt, with some revisions, proposed regs that the IRS released in November 2018. The need for clarification The Tax Cuts and Jobs Act (TCJA) temporarily doubled … Read More
Are you required to file a 2019 tax return? Not everyone is. But even if you’re not required to file, it can be a good idea to do so anyway. For example, some people need to file to get a refund they’re due. In general, the requirement to file depends on factors such as: income, … Read More
If your top executive were to step down tomorrow, would your not-for-profit know how to make a smooth leadership transition or would your boat suddenly be rudderless? Research by the nonprofit BoardSource has found that only 27% of charitable organizations have written succession plans. Most nonprofits, therefore, face an uncertain future — one that could … Read More
A key protector of many Americans’ retirement benefits is at risk, according to a recent report. The Pension Benefit Guaranty Corp. (PBGC) serves as a backstop for two pension programs: single-employer and multi-employer plans. In its fiscal year 2019 report, the single-employer plan showed a net positive balance of $8.7 billion, but the multi-employer plan … Read More
If your marketing budget is limited, there may be ways to make that money go further. Smart strategies abound for small to midsize businesses. Let’s look at a few ideas for stretching your marketing dollars a bit further. Check out the big guys Look to larger companies for ideas on how to improve and amp … Read More
Ready, set, file. The IRS has announced that it will begin accepting 2019 e-filed business returns on Jan. 7 and will begin accepting individual returns on Jan. 27. The tax agency noted that while individual taxpayers may get their returns prepared using a tax professional before the start date (or use software programs), the processing … Read More
Due to changes in the Tax Cuts and Jobs Act, the Washington, D.C.-based Tax Policy Center estimates that only 9% of taxpayers will now receive a tax deduction for charitable contributions. The Center has published a chartbook titled “Tax Incentives for Charitable Contributions.” It evaluates the implications of alternative income tax incentives for charitable deductions … Read More
Proposed IRS rules would require group health plans and their insurers to disclose cost-sharing information. They would be required, upon request, to share information to participants, beneficiaries or enrollees (or their authorized representatives). This would include providing an estimate of individuals’ cost-sharing liability for covered items or services furnished by a provider. The plans and … Read More
The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking dogs or providing other services. Basically, if you receive income … Read More