http://www.charliedent.com Wed, 01 Sep 2010 17:09:54 +0000 http://backend.userland.com/rss092 en 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, ... http://www.charliedent.com/?p=88 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 ... http://www.charliedent.com/?p=86 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 ... http://www.charliedent.com/?p=84 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 ... http://www.charliedent.com/?p=82 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 ... http://www.charliedent.com/?p=80 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 ... http://www.charliedent.com/?p=67 For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, Revenue Ruling 2010-18 indicates the applicable federal rate under section 7520 for July 2010 is 2.8%; down 0.4% from the June ... http://www.charliedent.com/?p=65 The 2010 Washington State Legislature made a number of changes to taxes and programs administered by the Department of Revenue.  Here are three that may interest you: CEO and CFO Strict Liability for tax debts. 2ESSB 6143 (Section 801) imposes strict liability on a CEO and CFO for collected but unremitted ... http://www.charliedent.com/?p=59 Every year, millions of taxpayers donate money to charitable organizations. The IRS has put together the following list of six things you should know about the tax treatment of tax-exempt organizations: Annual returns are made available to the public; Donor lists generally are not public information; How to find tax-exempt organizations; Which organizations may ... http://www.charliedent.com/?p=57 On March 16th, the IRS issued its 2010 "dirty dozen" list of tax scams, including schemes involving return preparer fraud, hiding income offshore and phishing. "Taxpayers should be wary of anyone peddling scams that seem too good to be true," IRS Commissioner Doug Shulman said. "The IRS fights fraud by pursuing ... http://www.charliedent.com/?p=55