Tax Regulation & Reporting

Article Image: Navigating the Intricacies of the Gift Tax: Understanding Exemptions and Limits

Navigating the Intricacies of the Gift Tax: Understanding Exemptions and Limits

What is the gift tax? The gift tax is a federal tax that the IRS imposes on people that gift property. The gift tax is applicable...
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Clean Energy Tax Incentives

The Inflation Reduction Act of 2022 introduced changes in clean energy tax credits, particularly impacting tax-exempt organizations. The legislation allows these organizations, traditionally outside the...
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DC Parking Cash Out Law: Compliance in Light of Approaching January 15, 2023 Deadline

The reporting requirements of the Law may impact many DC employers who offer free or subsidized parking to its employees as the first compliance reporting...
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Form 1099-K: What You Need to Know

What is Form 1099-K? Form 1099-K, Payment Card and Third-Party Network Transactions, is an Internal Revenue Service (IRS) Form used to report credit/debit card transactions...
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Form 990-N Filing Alert: New Sign-in Process

Who Should File Form 990-N? Most small tax-exempt organizations that have an annual reporting requirement can satisfy that requirement by filing Form 990-N, Electronic Notice...
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IRS Relief for Late Filing Penalty

On August 24, 2022, the Internal Revenue Service (IRS) announced through release Notice 2022-36 that it will be providing relief to certain taxpayers for the...
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Proposed Revisions to Form 5500

The Department of Labor, the Internal Revenue Service, and the Pension Benefit Guaranty Corporation (PBGC) (collectively “Agencies”) proposed revisions to the Form 5500 Annual Return...
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Child Tax Credit

A child tax credit for up to $2,000 per qualifying dependent may be allowed to be claimed on an individual’s federal income tax return in...
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American Rescue Plan Act Further Extends Payroll Tax Credits

The American Rescue Plan Act of 2021 was signed by President Biden on March 11, 2021, to address the continuing economic impact of the coronavirus...
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