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About Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code

Who Qualifies to File the Form 1023-EZ

The Instructions for Form 1023-EZ provide an eligibility worksheet starting on page 11. Among the 26 qualifications necessary to use Form 1023-EZ:

  • Projected annual gross receipts must not exceed $50,000 in any of the next 3 years
  • Actual annual gross receipts must not have exceeded $50,000 in any […]
By |2018-07-26T11:42:55+00:00July 26th, 2018|Uncategorized|

Southern Cloud Accounting having great success with small non-profits and Xero, Pensacola, FL

Running a non-profit organization isn’t easy! It’s a challenge to “do good” efficiently, often with limited resources. Through my work with non-profits, I’ve found the most common issues to be:

1) Funding

2) Man-power, and

3) Keeping on top of all the boring stuff like accounting and compliance.

4) Getting the board everything they need.

Xero has made each of […]

By |2018-07-20T10:23:57+00:00July 20th, 2018|Uncategorized|

IRS New Withholding Calculator

The IRS encourages everyone to use the Withholding Calculator to perform a quick “paycheck checkup.”  This is even more important this year because of recent changes to the tax law for 2018.

The Calculator helps you identify your tax withholding to make sure you have the right amount of tax withheld from your paycheck at work.

There […]

By |2018-03-01T07:38:09+00:00March 1st, 2018|Uncategorized|

Overview of the retirement plan changes in the TCJA Act of 2018

Dear Client,

Here’s a look at some of the more important changes in the TCJA that affect retirement plans. Except with regard to the disaster-related provisions (which contain special effective dates), the changes are effective for tax years beginning after 2017.

  • Recharacterization of IRA contributions. An individual who makes a contribution to a regular or

Roth IRA […]

By |2018-02-22T12:01:13+00:00February 22nd, 2018|Uncategorized|

Tax Reform Allows 100 Percent Deductions for Presentation Expenses

Tax Reform Allows 100 Percent Deductions for Presentation Expenses

Tax reform did much damage to tax deductions for business entertainment and meal expenses.

But meals served at business presentations survived the entertainment and prospect and client meal bloodletting. And not only did presentation expenses survive as deductions, but they also continue as 100 percent business expense […]

By |2018-02-22T11:57:40+00:00February 22nd, 2018|Uncategorized|

New treatment of alimony under the new tax law.

Southern Cloud Accounting LLC

Pensacola, FL

The Tax Cuts and Jobs Act (the Act) has made changes to the tax treatment of alimony that you will be interested in. These changes take effect for divorce agreements and legal separation agreements executed after 2018.

Current rules. Under the current rules, an individual who pays alimony or separate maintenance may […]

By |2018-01-30T09:09:20+00:00January 30th, 2018|Uncategorized|

The much discussed 20% deduction for “qualified business income” under the 2017 Tax Cut and Jobs Act.

Southern Cloud Accounting LLC, Pensacola, Florida

2017 Tax Cut and Jobs Act – New 20% deduction for qualified business (pass-through) income under new tax law.

I am writing to inform you of a significant new tax deduction taking effect in 2018 under the new tax law, the Tax Cuts and Jobs Act (the Act). It should […]

By |2018-01-10T15:10:58+00:00January 10th, 2018|Uncategorized|

Overview of 2017 Tax Cuts and Jobs Act

Dear Client,

The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. Here’s a look at some of the more important elements of the new law that have an impact on individuals. Unless otherwise noted, the changes are effective for tax years beginning in 2018 through 2025.

  • Tax rates. The new law […]
By |2018-01-09T15:22:27+00:00January 9th, 2018|Uncategorized|