On Friday, March 27, 2020, The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), a $2 trillion stimulus bill, was signed into law. The CARES Act allocated approximately $350 billion to help small businesses keep workers employed and cover certain expenses while dealing with the impact the pandemic has had on the United […]
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 […]
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:
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 […]
After being laid off from his corporate job at the height of the Great Recession, Steven Carse reached a crossroads. He took it as an opportunity to seriously consider what he wanted to do with his life – he thought this could be the moment to bring an idea to life.
Over the course of a […]
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.
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 […]
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 […]
Southern Cloud Accounting LLC
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 […]
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 […]
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 […]