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What You Need To Know About IRS Form 990 Filing Requirements for Charities

Though organizations fall under exemption of federal tax payment, they are responsible for reporting their IRS activities annually. The IRC has all the necessary details required by the IRS. Organizations that utilize form 990 fall under exemption of tax categories mentioned in section 527, section 501(c), and section 4947(a) of IRC.  The organizations are categorized and fall under non-exempt charitable trust or political organization and charitable organizations. Private organizations do not have to follow form 990 as...

COVID-19 PANDEMIC PROMPTS MANY TAX CHANGES

The government responded to the COVID-19 pandemic by giving breaks for the American taxpayers from filing forms to paying taxes. Filing and Payment Suspensions The IRS released a notice stating that they are suspending much federal tax amount and filing deadlines to July 15, 2020. For people whose filing and paying falls on or after April 1, 2020, and before July 15, 2020. This applies to all the taxpayers. There will no penalty or interest for the...