Articles & Tips.
- Nonprofit Update: Special Relief for Small Organizations who Failed to File by May 17 - Action May Be Required by October 15
The Pension Protection Act of 2006 mandated that organizations required to file Form 990 series informational returns would automatically lose their exempt status if the forms were not filed for three years in a row (section 6033(j)(1)). The Act also created a new form, the Form 990-N, Electronic Notice (e-Postcard), for most small organizations with less than $25,000 in gross receipts. Previously, these small organizations were not required to file any return at all. Thus, small organizations that never had to file previously not only now have a filing requirement, but will lose their exempt status if this requirement has been ignored for three consecutive years.
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- TaxProvision1586
On August 10, 2010, President Obama signed into law H.R. 1586 as Pub. L. No. 111-226 (the “Act”). Although the Act is popularly referred to as the Education, Jobs and Medicaid Assistance Act, it was officially enacted without a title. Included in this legislation are specific international tax provisions that will affect United States taxpayers with cross-border activities. A summary of the relevant international provisions of the Act is set forth below, together with some general observations.
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- Tax Bulletin
Special Relief for Small Organizations Who Failed To File By May 17–Action May Be Required By October 15
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- Amortization Deduction for New Businesses
If you've recently started a business, or if you're in the process of starting one now, you should be aware that the way you treat some of your initial expenses for tax purposes can make a big difference in your tax bill.
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- What is the FASB Fair Value Option?
The Financial Accounting Standards Board issued a standard that provides companies with an option to report selected financial assets and liabilities at fair value, effective as of the beginning of an entity's first fiscal year beginning after November 15, 2007.
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- Tips for Navigating the Business Credit Crisis
The recent credit crisis is just a reminder of the importance and benefits of having a sound strategy that you can use to navigate through turbulent times.
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