July 2019 - Page 2 of 2

Jul
15
2019

Tips to help organizations understand the tax-exempt application process

Tips to help organizations understand the tax-exempt application process | Internal Revenue Service http://bit.ly/2NXMiQC

Jul
15
2019

What to do if your nonprofit receives an IRS audit letter

The IRS’s staffing shortages have been well publicized. But it’s a mistake to assume that the agency has stopped scrutinizing not-for-profits. Don’t panic if you receive an audit letter. The letter will inform about whether the IRS is conducting an in-person, field audit or a correspondence audit. This second type simply requires you to send requested records to the IRS. However, a correspondence audit can turn into a field audit if you don’t respond promptly.

Jul
12
2019

Is an HSA right for you?

A Health Savings Account (HSA) offers tax-advantaged funding of health care costs. If you have a qualified high-deductible health plan, you can contribute to an HSA sponsored by your employer or set up by you. You own the account, which can bear interest or be invested. It can grow tax-deferred, similar to an IRA. Withdrawals for qualified medical expenses are tax-free, and you can carry over a balance from year to year. So unlike Flexible Spending Accounts (FSAs),

Jul
11
2019

Divorce or separation may have an effect on taxes | Internal Revenue Service http://bit.ly/2l4H9In

Jul
10
2019

If your kids are off to day camp, you may be eligible for a tax break

Now that most schools are out for the summer, you might be sending your children to day camp. The good news: You might be eligible for a tax break for the cost. Day camp is a qualified expense under the child and dependent care credit, which is worth 20% to 35% of qualifying expenses, up to a maximum of $3,000 for one qualifying child and $6,000 for two or more. Note: Sleep-away camp doesn’t qualify.

Jul
08
2019

If you call the IRS, be prepared to identify yourself

If you call the IRS, be prepared to identify yourself. Tax-related identity theft is on the rise. That’s why the IRS says its call center professionals take great care to ensure they discuss personal information only with taxpayers (or authorized representatives). Before calling the IRS, have this information ready: your Social Security number or individual taxpayer identification number; filing status; your prior year tax return; a copy of the return in question; and IRS letters or notices you’ve received.

Jul
06
2019