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For anyone not familiar with the inner workings of tax administration, the array of IRS guidance may seem, well, a little puzzling at first glance.
To take a little of the mystery away, here’s a brief look at seven of the most common forms of guidance. In its role in administering the tax laws enacted by the Congress, the IRS must take the specifics of these laws and translate them into detailed regulations, rules and procedures. The Office of Chief…
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Read our latest headlines in the Apple News app
Get coverage of current events, articles from your favorite publishers, and stories about the topics that interest you in the News app on your iPhone, iPad, iPod touch, or Mac. With Apple News, you can read interactive and engaging stories from a large variety of publications (or channels) across a broad range of topics such as…
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We had 872 telephone calls at the office last week. 486 were outgoing calls and 368 were incoming calls. Time is running out.
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We have prepared and filed 1,766 tax returns as of today!
The vast majority of people have paid less tax on higher incomes. Our economy should be rocking based on what we are seeing. Schedule your appointment now.
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Charity and Nonprofit Audits
Organizations are selected for reviews for a variety of reasons, and the scope of the audit or compliance check will vary based on the type of review. An audit starts with the initial contact and continues until a closing letter is issued. A compliance check or compliance check questionnaire starts with the initial contact. The…
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Taking Early Withdrawals from Retirement Plans
Taxpayers may need to take money out of their individual retirement account or retirement plan early. However, this can trigger an additional tax on top of other income tax they may owe. Here are a few key things for taxpayers to know: Early Withdrawals – An early withdrawal normally is taking cash out of a…
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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…
