From IRS.gov – The Internal Revenue Service today released its final report summarizing audit results from the IRS’ colleges and universities study, which began in 2008.
Given the ever-escalating cost of providing employee health care benefits, health savings accounts (HSAs) offer a tax-favorable way to set aside funds to meet future medical needs.
On June 15, 2011, the North Carolina General Assembly overrode the Governor’s veto and passed a new $19.7 billion budget bill. Included in the bill are two key changes to the way individuals calculate their NC personal income tax beginning in 2012.
There are two retirement plans that a business owner, that has no employees, can implement that can provide a significant deferral of income and taxes: 1) a Simple-IRA and 2) an Individual or Solo 401(k) Plan.
The propriety of pay for board members serving tax-exempt organizations is in the news again. While not a new topic (it has been raised at any number of points in past years), the sentiments of some opposed to the practice has intensified.
Recently, the IRS has expanded correspondence examinations of individual tax returns. What is a correspondence examination?
Over the past fifteen years, there has been more pressure on nonprofits to conform to the expectation set by stakeholders to keep overhead expenses (supporting services activities) down and therefore maximize the use of unrestricted and temporarily restricted funds that can be used on programmatic activities.
Is the housing market affecting your decision to move? Many have delayed moving in the hopes that the housing market will recover. Unfortunately, some have the need to move and are saddled with a home that they cannot sell. One way people have found to weather the situation is to rent out their home until the market improves.
The North Carolina general sales and use tax rate is scheduled to decrease from 5.75% to 4.75% on July 1, 2011. As a result, 82 counties in North Carolina will have a combined state and county tax rate of 6.75% with 17 other counties taxing at 7%.
We are now approaching the third year of the redesigned form 990 with its 14 new lettered schedules.