Tax Law

Tax-exempt Organizations e-filing requirements & Forms

The Taxpayer First Act enacted July 1, 2019, requires tax-exempt organizations to electronically file information returns and related forms. Those that previously filed paper forms will receive a letter from the IRS informing them of the change.

The new law affects tax-exempt organizations in tax years beginning after July 1, 2019, and applies to the following IRS forms (filing deadlines vary by form type):

  • Form 990, Return of Organization Exempt from Income Tax.
  • Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Trust Treated as Private Foundation.
  • Form 8872, Political Organization Report of Contributions and Expenditures.
  • Form 1065, U.S. Return of Partnership Income (if filed by a Section 501(d) apostolic organization).

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New Rules for Depreciation and Expensing of Qualified Property

As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired and placed in service after September 27, 2017, and, as a business owner, they could affect your tax situation. Let’s take a closer look:

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Claiming an Elderly Parent or Relative as a Dependent

Are you taking care of an elderly parent or relative? Whether it’s driving to doctor appointments, paying for nursing home care or medical expenses, or handling their personal finances, dealing with an elderly parent or relative can be emotionally and financially draining, especially when you are taking care of your own family as well.

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Updated Rules: Deductible Business & Other Expenses

Taxpayers using optional standard mileage rates in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes should be aware of an updated set of rules. The updated rules reflect changes to certain deductible expenses resulting from the Tax Cuts and Jobs Act (TCJA).

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