By
Charlie on
September 1, 2010
On August 26, 2010, the IRS updated its frequently asked questions for automatic revocation of tax-exempt status for organizations that fail to file annual returns or notice.
1. What is automatic revocation?
Automatic revocation occurs when an exempt organization that is required to file an annual return (e.g., Form 990, 990-EZ, or 990-PF) or submit an annual [...]
Posted in Tax Exempt Orgs
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By
Charlie on
September 1, 2010
In Bahman Ahmadian et ux. v. Commissioner, the Tax Court has ruled that a couple is not entitled to an income tax charitable deduction ($24,500) for gifts made to a radio station based on the fact it was not a qualified charitable organization. In order to claim a deduction for a charitable [...]
Posted in Charitable, Tax
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By
Charlie on
July 27, 2010
Tax-exempt organizations that fail to satisfy annual filing requirements for three consecutive years automatically lose their tax-exempt status. The IRS is providing one-time relief that will allow small exempt organizations to come back into compliance and retain their tax-exempt status even though they failed to file for [...]
Posted in Tax Exempt Orgs
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By
Charlie on
July 26, 2010
In Ltr. Rul. 201029032 the IRS has revoked the tax-exempt status of an organization that loaned a substantial portion of its assets back to the donor who contributed them. The donor effectively used the organization as a private source of loan credit into which he could transfer excess personal funds, claim tax [...]
Posted in Charitable, Tax
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By
Charlie on
July 20, 2010
The IRS has replied to an inquiry regarding the tax deductibility of charitable contributions made via credit card. Such contributions are deductible in the year made regardless of when the donor subsequently repays the creditor.
INFO 2010-0153
Full Text:
UIL: 170.00-00
Release Date: 6/25/2010
Date: March 24, 2010Refer Reply To: GENIN-149451-09
Dear * * *:
I am responding to your letter, dated [...]
Posted in Charitable, Tax
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By
Charlie on
July 1, 2010
The Washington State Secretary of State’s Corporations Division has published a short FAQ on starting a business in Washington, and I’ve reproduced it below.
1. Can a business become a corporation by just completing a Master Business Application?
No. Articles of Incorporation [or a Certificate of Formation for an LLC] must first be completed and filed with the Secretary [...]
Posted in Corporations
| Tagged Corporations, Secretary of State
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