Tax Article Archives

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Tax Articles

Nonprofit Formation – IRS Form 1023

Your organization can indeed be a nonprofit organization within your state but not be tax-exempt with the IRS. The only way to obtain FEDERAL 501(c)(3) tax-exempt status is to file IRS Form 1023. I’ve done this many times and felt compelled to blog about it today because the general confusion in these regards is astounding and the fees…


Reconstruction of Tax Records

Treasury Regulation 1.274-5 allows for a deduction without complete documentation if you can show that you have ‘substantially complied’ with adequate adequate record keeping requirements. This statute is code for … be nice to your examiner. Basically the practice of disallowing amounts claimed because there is no documentary evidence available to establish precise amounts beyond a…


Surviving Spouse Estate & Gift Tax Exclusion

IRS Notice 2011-82 makes available the ability for taxpayers to pass along their unused estate & gift tax exclusion amounts to their surviving spouse if an estate tax return is filed. This new portability election allows estates of married taxpayers to pass along the unused part of their exclusion amount ($5 million cap in 2011) to…


IRS Form 1099-K Banks Not to be Penalized for Reporting Information Incorrectly

Okay this blew my mind today. The IRS is providing special relief to banks and other ‘payment settlement entities’ required to begin reporting payment card and third-party network transactions to the IRS on new Form 1099-K. Payers (Banks) have to make good-faith efforts to file accurate 1099-Ks, but the IRS will not penalize for incorrect…