Tax Reform Affects If and How Taxpayers Itemize their Deductions

The following article was published by the IRS. Tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or simply tax reform. In addition to nearly doubling standard deductions, TCJA changed several itemized deductions that can be claimed on Schedule …

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Three Steps Charities Applying for Tax-Exempt Status Need to Take

The following article was published by the IRS. Before applying for tax-exempt status, a charitable organization must determine whether it is a trust, corporation or association. After that, there are three additional steps to take: 1) Gather organization documents. Each application for exemption – except Form 1023-EZ – must be accompanied by an exact copy …

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Tax Planning Strategies 2018 (AND 2019) Year End Tax Planning Strategies

Learn the difference between tax preparation and tax planning. Find out what steps you or your business should take before year end - and what actions you can actually take after Dec. 31, 2018 that will still count for your 2018 taxes.

Info for Charities Applying for Tax-Exempt Status: Determining Type of Organization

The following article was published by the IRS. Before applying for tax-exempt status, a charitable organization should determine if it’s one of the following: Trust A trust is formed under state law. An organization should review the law in the state where it is organized. For a trust to qualify as a 501(c)(3) tax-exempt organization, …

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Tax Exempt Organization Search (TEOS)

The IRS has revamped their charitable organization search tool, formerly called Select Check and now called the Tax Exempt Organization Search (TEOS). The TEOS tool lets you see organizations eligible to receive tax-deductible charitable contributions, automatically revoked organizations, IRS determination letters, Form 990-series returns, and organizations that have filed a Form 990-N. Visit IRS.gov/TEOS for …

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New IRS Online Tool Offers Expanded Access to Information on Tax-Exempt Organizations

The following article was published by the IRS. The Internal Revenue Service has introduced a new online tool on IRS.gov designed to provide faster, easier access to publicly available information about exempt organizations. "This new tool provides taxpayers an easy way to get information about charitable organizations," said Acting IRS Commissioner David Kautter. "Tax-exempt organizations …

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