Category: Tax

IRS Issues Penalty Relief for Many Taxpayers

The Internal Revenue Service recently issued a notice (IRS Notice 2022-36) that provides broad penalty relief for specified delinquent 2019 and 2020 tax returns. For U.S. taxpayers who qualify, this relief will waive and refund delinquent filing penalties for many who filed their 2019 and/or 2020 tax returns late. Notably, certain penalties for international reporting…

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Tips for Easier Tax Filing in 2022

By Jennifer Galstad-Lee | Senior Manager, Tax The U.S. tax filing season is officially underway! The IRS has started accepting and processing income tax returns for the 2021 tax-year as of Monday, January 24, 2022. Filing Basics for Individuals Remember that most income is taxable. Be sure to keep records for income items, including: Forms…

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Your Household Help May Allow You to Claim the Nanny Tax Credit

By Ryan Footer, Senior Accountant  Introduction The COVID-19 pandemic introduced new hardships for American workers including record job losses, career changes, temporary jobs and remote work. The family home suddenly became both workplace and classroom, prompting more families to seek household help. For 2020 and 2021, the federal government implemented “nanny tax” credits to encourage…

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Child Tax Credit Changes: Weigh the Benefits vs. Impact on Your Tax Liability

In March 2021, Congress enacted emergency legislation known as the American Rescue Plan Act (ARPA) to help individual taxpayers and small businesses weather the ongoing economic effects of the COVID-19 pandemic. Of the many noteworthy provisions included in the ARPA, perhaps no provision holds more significance to taxpayers with dependent children than the modifications made…

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Update on Q3 and Q4 Tax Deadlines

With the first two quarters of the year behind us, filers should focus on a number of Q3 and Q4 tax deadlines. The lists below include important tax due dates for individuals, certain payroll tax due dates for employees and employers, and other key due dates for for-profit entities. While not all-inclusive, these are some…

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Charity Navigator Launches Impact & Results Beacon

By Richard J. Locastro, CPA, JD, Partner and Director, Nonprofit Tax Charity Navigator has added another beacon as part of the roll out of its new Encompass Rating System – Impact & Results. This follows Charity Navigator’s acquisition of ImpactMatters and identifies high-impact nonprofits who demonstrate “cost-effectiveness”. The Impact & Results beacon currently includes service…

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Retirement Plan Options during the COVID-19 Crisis

By Jennifer McCahill, CPA, Partner Individuals and organizations are looking for ways to gain access to cash during this time of financial and economic uncertainty. As Congress and the Administration discuss additional aid packages, we are seeing changes to the traditional regulations that would allow individuals and organizations to access funds through retirement plans. There…

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Navigating the New Meals and Entertainment Deductions under TCJA

By Marc Neri, EA, CVA | Supervisor, Tax It is common for businesses to dine and entertain clients, vendors, and potential employees as part of their efforts to maintain beneficial business relationships. While these expenses are both common and allowable, the related tax benefits may be long gone thanks to tax reform.1 In 2017, Congress…

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Avoid Penalties Under Unclaimed Property Laws with Best Practices for Compliance

By Janna Goudarzi, CPA | Nonprofit Tax Manager All 50 states have unclaimed property laws (also known as escheat laws) that require organizations to make reasonable efforts to contact those to whom they owe money or property and then remit any unpaid items to the state. These rules generally apply to all entities, including exempt…

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A Revised Fundraising Strategy Can Help Nonprofits Reduce the Impact of TCJA on Charitable Giving

By Jorge Estrada, CPA | Nonprofit Audit and Tax Senior Manager The Tax Cuts and Jobs Act (TCJA) passed at the end of 2017 made the most far–reaching changes to the tax code since 1986. While many in the nonprofit industry believe the changes in the tax law are creating a more challenging environment for…

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