From time to time, we receive inquiries from private clubs asking, “[w]hat’s the big deal if we do not file our federal Form 990, Return of Organization Exempt from Tax (“Form 990”), on time or at all?” As outlined below, a late filing or complete failure to file can...
The Internal Revenue Service (“IRS”) announced tax relief for individuals and businesses in parts of Tennessee and Virgina as well as the entire states of Alabama, Georgia, Florida, North Carolina, and South Carolina that were affected by Hurricane Helene and...
The Internal Revenue Service (“IRS”) has opened a limited time Voluntary Disclosure Program (the “Program”) to help businesses fix incorrect Employee Retention Credit (“ERC”) with respect to 2021. The Program will run until November 22, 2024 and allows businesses a...
Read TaxViews - Employee Retention Credit - 2021 Voluntary Disclosure Program
The Corporate Transparency Act (“CTA”) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the United States. Beginning in 2024, in an effort to create a national database for use by national security and...
The Internal Revenue Service (“IRS”) released final regulations that significantly expand the electronic filing (“e-file”) requirements for tax-exempt organizations. Effective January 1, 2024, organizations must electronically file information returns (i.e. Form 1099...
Read TaxViews - NEW Efile Requirement for Information Returns
Effective Jan. 1, 2024, clubs, generally speaking, must now electronically file (e-file) Forms 8300. To file electronically Form 8300, a club must set up an account with the Financial Crimes Enforcement Network's BSA EFiling System. The IRS will ensure the privacy...
The New York State Attorney General's Office has amended its regulations to reflect changes in the Charities Bureau's requirements for filing Schedule B to IRS Form 990 with an organizations annual CHAR500 filing. Pursuant to amended regulations effective March 16,...