Not-for-Profit Automobiles

Completion of year end payroll tax returns, including preparation of Forms W-2, is just around the corner.  The taxability of employer provided automobiles must be taken into consideration when computing taxable wages of an employee. Not-for-profit Organizations often have a vehicle available for employees or have vehicles that are normally used for charitable activities.  The …

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Taxation of Corrective Distributions

As we enter January of every year, it is time to start thinking about personal income taxes. While this is not a favorite to many, there are many important tax reporting forms that individuals must be on the lookout for over the next coming months.  One of these is Form 1099-R – Distributions from Pensions, …

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Determination, Opinion, or Advisory Letters for Retirement Plans

The IRS issues favorable letters for various types of plans that meet the requirements of the Code.  The type of letter a Plan needs to obtain depends on the structure of the Plan.  You may have retirement plans that have been individually designed plans which are drafted to meet particular needs of the employer or …

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Is Your Club or Association a Tax Exempt Entity? Part II

In my last blog post, I talked about a threshold level for the requirement to file Form 1023, (Application for Recognition of Exemption under Section 501(c)(3)).  Here is some additional information about small social clubs and filing requirements. As you may recall from some of our previous blogs, the Form 990-N became a filing requirement …

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