Beginning January 1, 2024, many businesses are required to comply with the Corporate Transparency Act (CTA). It is anticipated that 32.6 million businesses will be required to comply with this reporting requirement. Click above to read the full article and learn more about the new requirements.
Are you confident you are doing everything you can to minimize your income taxes? If not, it may be time for a fresh look. Your tax picture - and the tax law - may change from year to year. Check out the 2023 GBM Year-End Year-Round Tax Planning Guide.
Charitable solicitation licenses (“CSLs”) are a necessity for any organization that solicits the public for contributions or donations to support a charitable purpose, unless specifically exempt by law. Read more for a list of exemptions if required to file or renew in North Carolina.
Volunteers often accrue substantial expenses, which can have a negative affect on volunteer retention and recruitment. Many non-profits promote tax deductions to entice new donors, but does your organization use volunteer-related tax deductions to recruit and retain volunteers? Find out more.
Have you hired a house cleaner, nanny, babysitter, home health care aide, or other household worker? You may be on the hook for federal and state payroll taxes if you paid a household employee more than $2,600 in 2023 ($2,700 in 2024). Learn more.
Tax-related identity theft is unfortunately here to stay. Taking proactive steps such as requesting an Identity Protection PIN (IP PIN) from the IRS can help prevent fraudulent tax filings using a taxpayer’s personal information. Find out more.
The American Opportunity Credit and the Lifetime Learning Credit are available to benefit eligible taxpayers. Click here for more details on the federal education credits.
Any individual or business owning or possessing personal property used or connected with a business (or other income generating purpose) must file a business personal property tax listing annually. Find out tips for preparing your property tax listing.
There are important nonprofit deadlines to remember for organizations with a year-end of December 31, 2023. Read more for a complete list of due dates.
Numerous reputable charities embrace various kinds of assets or property (e.g., clothing, household appliances, furniture, artworks, and etc.) to support their charitable mission. The non-cash charitable contributions, however, must satisfy rigorous substantiation criteria to qualify for the deduction. Read more.
