By now, the New Year celebrations have been drowned out by the chatter of questions concerning taxes.
Important New North Carolina Tax Laws
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.
Nonprofit Board Members: Paid Or Volunteer?
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.
IRS Correspondence Examinations
Recently, the IRS has expanded correspondence examinations of individual tax returns. What is a correspondence examination?
Nonprofit Expense Allocation
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.
2010 Form 990: Calm After The Storm
We are now approaching the third year of the redesigned form 990 with its 14 new lettered schedules.
Does Your Business Have A Retirement Plan In Place?
If you answered no, you may want to consider the benefits to you and your employees a retirement plan can offer. A few of these benefits are a tax deduction for your contributions, the assets grow tax-free with compounding interest, and it is another benefit you can offer to attract and retain better employees.
IRS New Voluntary Disclosure
The Internal Revenue Service announced on February 8, 2011, a new voluntary disclosure initiative to encourage individuals with undisclosed income from hidden offshore accounts to get current with their federal tax obligations.
What Do You Need To File A Tax Return
Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back? Are you entitled to the Earned Income Tax Credit or did you receive Advance Earned Income Credit for this tax year?
Tax-Free Over The Counter Drugs Ending
A small, but important, component of the health care reform bills passed earlier this year…..