Main Menu Back to Page
{ Banner Image }

Showing 26 posts by John W. Mashni.

Federal Tax Incentive for Film Production Expires

Film ProductionYou may remember that in July 2015, Governor Snyder signed legislation bringing to an end Michigan’s controversial film incentive program. Another incentive program for film investors - this one embedded in the federal tax code - recently expired by its own terms on December 31st. Read More ›

Categories: Tax

Lower Application Fee for 1023-EZ Charity Filers

Lower Application Fee for 1023-EZ Charity FilersIn 2014, the IRS introduced a new streamlined tax-exempt application that gave certain charitable organizations the opportunity to bypass the longer Form 1023 tax exempt application.  Some organizations now can apply for tax-exempt status through the Form 1023-EZ. Benefits of Form 1023-EZ include its shorter length and fewer questions regarding the details of a charity's specific operations. However, there are some restrictions as to whether a charitable organization qualifies to submit a Form 1023-EZ.  The IRS has provided an Eligibility Worksheet (pages 11-20 of the Form 1023-EZ instructions) that taxpayers can complete in order to determine if a charity is eligible to use Form 1023-EZ. Read More ›

Categories: News & Events, Tax-Exempt Organizations

Nonprofit vs. Tax Exempt

When working with charities and other nonprofit organizations, two terms are frequently used interchangeably that actually do not mean the same thing.  Watch this video to learn the difference between nonprofit and tax exempt.

Categories: Nonprofit, Tax-Exempt Organizations

Why You Must File a Form 990

Generally a Form 990 must be filed by nearly all tax exempt organizations. If you do not know the specific exception as to why you wouldn't have to file a Form 990 then you must file. If you do not file this form on time there could be some very significant financial penalties. Furthermore, the IRS has a revocation program, which means that if you do not file the Form 990 for a certain number of years, then the IRS will automatically, without telling you, terminate your organizations tax exempt status. Learn more in the short video clip below.

Categories: Nonprofit

Do I have to Pay a Fee for Filing My Taxes Late?

Taxes DueWhat penalties accrue if you don't make the deadline to file your taxes? If you are due a refund, there is no penalty if you file a late tax return; however, if you owe tax you will most likely owe interest and penalties on the tax you pay late. The IRS breaks down two penalties that may apply in this short article titled "Things You Should Know about Filing Late and Paying Penalties."

If you have questions about your taxes please contact one of Foster Swift's knowledgeable tax attorneys.

Categories: Compliance, News & Events, Tax

Payroll & HR Professionals Beware: IRS alerts of Phishing Scheme

A new phishing email scheme that purports to be from company executives and requests personal information on employees was identified by the IRS. This email scheme, known as "spoofing," will contain for example the actual name of the CEO. The "CEO" sends an email to payroll or HR and requests a list of employees and information including social security numbers. For more information on this scheme, click here.

Foster Swift has also covered schemes regarding fake charities and discussed how to protect yourself from identity theft.

Categories: News & Events

Fake Charities Are on the IRS “Dirty Dozen List of Tax Scams” for 2016

Charity DonationsEach year the IRS alerts taxpayers about potential tax scams, and publishes its list of the “Dirty Dozen” problem areas. In its 2016 list, the IRS warns taxpayers about fake charities, identified as “groups masquerading as charitable organizations to attract donations from unsuspecting contributors.”

According to IRS Commissioner John Koskinen, “Fake charities set up by scam artists to steal your money or personal information are a recurring problem. Taxpayers should take the time to research organizations before giving their hard-earned money.” Read More ›

Categories: News & Events, Tax-Exempt Organizations

IRS Releases Tips to Help Protect Financial Accounts

Do you believe you are a victim of identity theft? The IRS recently released tips for using credit bureaus to help protect your financial accounts. If you believe you are a victim of identity theft, the IRS suggests that you contact one of the three major credit bureaus to place a "fraud alert" on your credit account.

The three main credit bureaus are:

For more information on the types of fraud alerts that are available and how to place an alert, click here.

Categories: News & Events

IRS Announces Seven Steps to Make Identity Protection Part of Your Routine

Identity theft can be frustrating and time-consuming. It is always important to be on guard, especially online.

The IRS put together seven steps that you can make part of your routine to protect your tax and financial information: Read More ›

Categories: News & Events

IRS Releases Tax Tips for Deducting Gifts to Charity

The holiday season is well underway and if you plan on donating money or property to a charity this year, you are going to want to know these six tips before you give. The IRS recommends that you should keep these in mind:

  1. Give to qualified charities. 
  2. Keep a record of all cash gifts.
  3. Household goods must be in good condition.
  4. Get an acknowledgement form from a charity for each deductible donation of $250 or more.
  5. Deduct contributions in the year you make them.
  6. Special rules apply if you give a car, boat or airplane to charity.

Learn more about these IRS tips here.

Categories: Tax, Tax-Exempt Organizations