Peter Flournoy

The April 18 tax deadline is coming up. If you need more time to file your taxes, you can get an automatic six-month extension from the IRS. Here are five things to know about filing an extension:

1.Use IRS Free File to file an extension. You can use IRS Free File to e-file your extension request for free. Free File is only available Read More

John Stancil

Even though non-profit organizations can be tax-exempt, they are still required to file a return with the IRS. Many individuals, including those associated with non-profit organizations, do not understand the tax obligations of a non-profit organization.

I have compiled a top ten list of mistakes made in regard to taxes for these organizations.

• Not understanding the difference in non-profit and tax-exempt. An organization is a non-profit when it registers with the state as a non-profit organization. This state registration does not confer on it tax-exempt status. The organization must file a Form 1023 with the IRS to apply for, and receive tax-exempt status.

• Not filing a return. Because the organization is tax-exempt, some have a belief that the organization is not required to file a tax return. All tax exempt organizations, with the exception of churches, must file a Form 990 annually with the IRS. Read More

If you’re looking for things to do to get ready for the upcoming filing season or want to check your list against another, I have one for you.  Please see “Preparing for the 2016 Filing Season,” AICPA Tax Insider, 12/17/15.

The article was written before passage of the extenders and appropriations tax package.  Here is a list of links to that legislation you may find useful along with a list of some items for immediate consideration.

P.L. 114-113 (12/18/15) – H.R. 2029, Consolidated Appropriations Act 2016 – includes appropriations and other changes along with the Protecting Americans from Tax Hikes Act of 2015 (PATH), which is the extenders bill.

NOTE ON EXTENDERS: The bulk of the tax changes are in PATH, although a few, including a two year extension of Read More

With another tax filing and estimated tax payment deadline coming up, you may have spent the last few days thinking hard about your taxes, but the IRS has been doing so for years – positioning itself as a leader in using Big Data.

Each year, April 15th is a memorable date for those of us in the United States – this is the deadline to file our taxes or to file an extension to delay filing a tax return to October 15th.

It is clear that the IRS is the dominant government agency in the United States. After all if there are no taxes, there can be no government. Politicians know this and over the decades have ensured that the IRS has all the powers it needs to raise federal taxes from the citizens, residents, and even tourists who stay long enough in the United States. Read More

The 2014 filing season will begin January 31, 2014. The Internal Revenue Service will begin accepting and processing returns and refunds on that date. There is no advantage to filing on paper before the opening date and you will receive your refund much faster by using e-file with direct deposit. Once the filing season begins, the Internal Revenue Service expects to issue more than nine out of ten refunds in less than twenty one days.

Under federal law, all tax payment and filing deadlines remain in effect. This includes the April 15, 2014 deadline for most taxpayers.

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