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Private Foundations
Every organization that qualifies for tax exemption as an organization described in section 501(c)(3) is a private foundation unless it falls into one of the categories specifically excluded from the definition of that term (referred to in section 509(a)). In addition, certain nonexempt charitable trusts are also treated as private foundations. Organizations that fall into…
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Cook reminds those with foreign assets of annual April 15 FBAR deadline
Gregory J. Cook, EA, CPA of Cook & Co. Tax Advisors today reminded U.S. citizens and resident aliens, including those with dual citizenship, that if they have a foreign bank or financial account, April 15, 2019, is the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR). They should also check…
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Exemption Requirements – 501(c)(3) Organizations
To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual. In addition, it may not be an action organization, i.e., it may not attempt to…
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Yearly Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
To convert from foreign currency to U.S. dollars, divide the foreign currency amount by the applicable yearly average exchange rate in the table below. To convert from U.S. dollars to foreign currency, multiply the U.S. dollar amount by the applicable yearly average exchange rate in the table below. Country Currency 2018 Afghanistan Afghani 73.598 Algeria…
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Tax Relief for Iowa and Nebraska Disaster Victims
Victims of severe winter storms, straight-line winds and flooding that occurred in parts of Nebraska on March 9 and parts of Iowa on March 12 may be eligible for tax relief from the IRS. Visit the IRS disaster relief page for updates on tax relief for disaster victims.
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Need more time?
For taxpayers who need more time to prepare their taxes, we can apply for an automatic extension of time to file. Remember that an extension of time to file a return is not an extension of time to pay taxes owed.
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Revenue Ruling 2019-11
Revenue Ruling 2019-11 provides guidance to taxpayers regarding the inclusion in income of recovered state and local taxes in the current year when the taxpayer deducted state and local taxes paid in a prior year, subject to the section 164(b)(6) limitation. Revenue Ruling 2019-11 will be in IRB-2019-17, dated April 22, 2019.
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With new SALT limit, IRS explains tax treatment of state and local tax refunds
WASHINGTON — The Internal Revenue Service today clarified the tax treatment of state and local tax refunds arising from any year in which the new limit on the state and local tax (SALT) deduction is in effect. In Revenue Ruling 2019-11, posted today on IRS.gov, the IRS provided four examples illustrating how the long-standing tax…
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With two weeks to go, we have prepared and filed 1,568 tax returns.
We are on schedule to meet our annual goal of 2,000 returns in the ten week season. Telephone Traffic Last Week – 764 Calls (329 in and 425 out)
