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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

Tax Planning for Family Businesses

Was your tax bill higher than what you had wanted it to be this year? It may be time to consider either changing your business structure or your business operations to be more tax efficient. Learn some quick tips from Attorney Mike Zahrt in the short video below.

Categories: Compliance, Tax

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

Michigan Sales and Use Tax Audits: What You Need to Know

Sales and Use taxes are basically a 6 percent tax on the sale, use and consumption or storage of tangible personal property in the state of Michigan. Michigan has ramped up its enforcement of these two taxes. In short, Michigan is getting less revenue from its traditional tax basis so the state is really looking to enforce compliance with the sales and use tax more than what they used to. What does that mean for you? It means that you might get audited. Learn more about what you should do if you get audited in the video below.

Categories: Sales Tax, Use 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

Motivating Your Employees

Owners have a great reason to work hard to grow their business—they’ll make more money. Do your employees have the same motivation? If not, you should consider improving your business’s compensation strategy.

Typical compensation strategies often motivate employees to do just enough to keep their jobs. An example is the strategy of combining a competitive base salary with a discretionary annual bonus program. Although the resulting competitive pay should help to attract and retain employees, it will often fail to align your employees’ goals with the goals of the business. Read More ›

Categories: Employee Benefits, Tax

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