“A number of years ago some friends and I formed a nonprofit organization to benefit a certain group in our community and was granted tax-exempt status by the IRS under Section 501(c)(3) of the Internal Revenue Code. “We strongly feel that our mission will be impacted by the outcome of this year’s Presidential election. Both our […]
Getting a nonprofit organization off the ground has always involved three steps: Forming a “nonstock” corporation or limited liability company (LLC) under your state’s business organization laws; Registering the corporation or LLC for tax-exempt status with the Internal Revenue Service under Section 501(c)(3) of the federal tax code; and Once federal tax-exempt status has been […]
While the drama between mobster Al Capone and G-Man Elliot Ness have made for great television and movie drama over the years, it was garden-variety tax evasion convictions that put Capone behind bars. The relationship between the IRS and illegal activities has a long and glorious history and a new chapter is being played out […]
In last week’s column, I wrote about some of the recent tax law changes that you will have to deal with when filling out your tax return for the year. Is there anything you can do to minimize the impact of these changes? The short answer is “yes, maybe”. Here are six things small business […]
Now that the holidays are over and you have (hopefully) recovered from your New Year’s hangover, it is time to start thinking about: getting your taxes in order for 2013; and planning for your 2014 tax bill. First, the bad news: 2013 is over. It is simply too late to change anything that happened on […]