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IRS: Things organizations should know about applying for tax-exempt status

  • May 25, 2022

To be tax-exempt under Section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for any of these purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, or preventing cruelty to children or animals. Continue Reading

Tax Podcast: Was return given at IRS request really never filed?

  • May 16, 2022

This week's topics: Forming new corporation didn’t break connection to prior material participation; Ninth Circuit find return was filed even though not send to location in the regulations; IRS destroyed 30 million paper returns; taxpayer filed return too early; no duress in requesting extension of time to file. Continue Reading

Business vs. Hobby: What's the Difference?

  • May 10, 2022

As an accountant, you'll want to understand the difference when the tax collector asks, "Business or hobby?" Here, Mike Pusey, CPA, explains the basics of the hobby loss rules, the criteria your client needs to meet to deduct a hobby loss and what to keep in mind when tax loss planning for clients. Continue Reading