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Tax Regulation & Reporting

Expansion of PPP to Certain 501(c)(6) Organizations

Certain section 501(c)(6) organizations are now eligible for Paycheck Protection Program (PPP) loans under the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act...
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Meet the New Form 1099-NEC

The PATH Act (Protecting Americans from Tax Hikes Act) required that payments for services in 2017 be reported on Form 1099-MISC by January 31 of...
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DOL Proposal has Many Changes for LM-2 Filers

The U.S. Department of Labor (DOL) proposed a rule on September 30, 2020 that would make labor unions provide more information in their annual financial...
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DOL Establishes Form T-1, Trust Annual Report

On  March 6, 2020, the Office of Labor-Management Standards (OLMS) published a final rule establishing a Form T–1, Trust Annual Report that requires annual reporting...
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IRS Releases Electronic Form 1023

Rev. Proc. 2020-08 reflects updated procedures for submission On Jan. 31, 2020, the Internal Revenue Service (IRS) released the revised electronic Form 1023, Application for...
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IRS Issues 2020 Standard Mileage Rates

The optional standard mileage rates for business use of a vehicle will decrease slightly in 2020 after increasing significantly in 2019, the IRS announced on...
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Potential Changes to Form 1040

In 2018, the Internal Revenue Service (IRS) made drastic changes to Form 1040, U.S. Individual Income Tax Return. It eliminated 50 lines on the main...
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The Taxpayer First Act

On July 1, 2019 President Donald Trump signed the Taxpayer First Act, which requires tax-exempt organizations to file all Form 990 series returns electronically, which...
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Update to Renewal Process for Exempt Status in DC

Tax-exempt organizations no longer are required to submit an affirmation letter of federal exempt status to the District of Columbia Office of Tax and Revenue...
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