Your NPO and Unrelated Business Income
It is important for nonprofit organizations to understand the rules surrounding UBI and taxation to avoid potential penalties or loss of tax-exempt status.
Marijuana Business Related Income, Section 199A, and Section 280E
Are taxpayers that receive pass through income from marijuana related businesses eligible to claim the QBI deduction under Section 199A? Qualified Business Income Deduction The Tax Cuts and Jobs Act…
Small Businesses and the New Section 199A Deduction
IRC section 199A provides a tax savings opportunity previously unavailable to owners of pass-through activities; however, it is a complicated provision with limited current guidance beyond the statutory language of the code section and the final regulation (RIN 1545-B071). Contact your tax advisor or tax professional for assistance in determining how your trade or business may benefits from the Section 199A QBI deduction.
Nonprofits and the Tax Cuts and Jobs Act (TCJA)
In addition to its effect on individuals and businesses, The Tax Cuts and Jobs Act (TCJA) includes provisions that may have a significant impact on nonprofit organizations. A few of the provisions that will impact nonprofits are: the increase in the standard deduction, changes to itemized deductions limits, transportation fringe benefits to employees, Charitable deductions associated with preferred seating, and multiple unrelated businesses.
Innocent Spouse Relief: Avoiding Liability for Unsuspected Tax Obligations
Injured Spouse Allocation (IRS Form 8379) provides a spouse relief from obligations owed by the other spouse. The allocation preserves any tax refund for the non-owing spouse. These obligations generally…
U.S. Tax Court Opinion: Exemptions and Noncustodial Parents
In two separate cases the U.S. Tax court has recently issued opinions related to the release of dependency exemptions and noncustodial parents. In summary 1) divorce orders must unconditionally award the exemptions to the noncustodial parent in order for the noncustodial parent to claim the exemption with other supporting documents as a substitute for Form 8332, and 2) A properly signed Form 8332 may takes priority over the language in a divorce decree.