Author: Tony Novak
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Confusion over tax return due dates
Here is the simple scoop you need to know: Partnerships and S-corporations are due March 15. The reason these are filed first is that the information reported must flow through and be used as input to prepare other types of tax returns to follow. This is why tax geeks refer to them as “flow through…
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Top 10 IRS audit triggers and what you should do about it if you are at risk
Here are the top 10 IRS tax audit triggers, as compiled and published by The Wall Street Journal1 on March 5, 2022:1. Education tax credits2. Small businesses3. Child tax credit4. Cryptocurrency5. Earned income tax credit6. Large charitable deductions7. Rental income8. Home office deductions9. Early withdrawals from IRAs and 401(k)s10. Health premium tax credit If you…
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Nontaxable gasoline reimbursement plan
The sudden rise in gasoline prices is causing employers and nonprofits to ask whether reimbursing gasoline expenses to employees and volunteers will help them continue efficient operations. This video overviews the major points to consider and offers practical tips on how to start a plan. Relevant tax code sections are 61 (gross income), 62 (exclusions…
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Should a small charity file 990N or 99EZ? It might depend on your goals
An accountant’s general rule is to provide as little information on a required filing as the law requires. But the opposite may be true for small charities. I’d love to hear your experience.
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Does an LLC need to report a change in ownership?
This is part of a series of short videos on Limited Liability Companies.
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Does an LLC need to disclose the names of all of its members?
This is part of a series of short videos on Limited Liability Companies.
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Does an LLC need to file an annual report?
This is part of a series of short videos on Limited Liability Companies.
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Does an LLC need to have bylaws?
This is part of a series of short videos on Limited Liability Companies.
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Does an LLC need to have articles of organization, articles of incorporation or articles of association?
This is part of a series of short videos on Limited Liability Companies.
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Does an LLC need to have meetings of the board of directors?
This is part of a series of short videos on Limited Liability Companies.