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Reporting Advertising Revenue on Form 990T

Reporting Advertising Revenue on Form 990T

Form 990T, also known as the Exempt Organization Business Income Tax Return, is a form used by tax-exempt organizations to report and pay tax on unrelated business income. Advertising revenue is one such type of unrelated business income that should be reported on this form. Here's what you need to know.
2024 Q2 tax calendar: Key deadlines for businesses and employers

2024 Q2 tax calendar: Key deadlines for businesses and employers

Here are some upcoming tax-related deadlines for the second quarter of 2024 that businesses and employers should keep in mind.
FASB ASU 2016-13 goes into effect this year

FASB ASU 2016-13 goes into effect this year

FASB Accounting Standards Update (ASU) 2016-13, introduced a new Current Expected Credit Loss (CECL) model for financial assets.
FinCEN continues to implement the Corporate Transparency Act

FinCEN continues to implement the Corporate Transparency Act

Under the Corporate Transparency Act (CTA), many businesses had to begin complying with new reporting requirements on January 1, 2024. But on March 1, 2024, the U.S. District Court for the Northern District of Alabama ruled that the CTA is unconstitutional. Does that mean that businesses no longer have to comply? Unfortunately, that's not the case for those who would like to skip the requirements.
Nonprofits: Take another look at Inflation Reduction Act tax breaks

Nonprofits: Take another look at Inflation Reduction Act tax breaks

You’d be forgiven for ignoring tax breaks contained in the Inflation Reduction Act. After all, they won’t help tax-exempt organizations. Or will they? We suggest you look at two provisions benefitting nonprofits.
Maximize the QBI deduction before it’s gone

Maximize the QBI deduction before it’s gone

The qualified business income (QBI) deduction is scheduled to disappear after 2025. Congress could extend it, but don’t count on it. Here’s what you need to know to make the most of it while you can.
Upcoming Changes to No Tax Due Threshold Reporting

Upcoming Changes to No Tax Due Threshold Reporting

For franchise tax purposes, the Comptroller's office made some changes to reports originally due on or after January 1, 2024. Here's what you need to know.
Better tax break when applying the research credit against payroll taxes

Better tax break when applying the research credit against payroll taxes

The credit for increasing research activities is a valuable tax break for eligible businesses. Claiming it involves complex calculations. But in addition to the credit, be aware that it also has a feature that’s favorable to eligible small businesses.
6 ways nonprofit retirement plans are changing

6 ways nonprofit retirement plans are changing

The SECURE Act 2.0 made some important changes to 403(b) retirement plans, which typically are offered by nonprofits to their employees. Is your nonprofit caught up on the law’s provisions?
What’s the best accounting method route for business tax purposes?

What’s the best accounting method route for business tax purposes?

Many businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take? Here are the rules.
The Corporate Transparency Act

The Corporate Transparency Act

The Corporate Transparency Act (CTA) went into effect on January 1, 2024, and is a law that requires businesses that do not meet certain exemptions to file their Beneficial Ownership Information (BOI) report with FinCEN.
Why uncertainty calls for a more flexible budget

Why uncertainty calls for a more flexible budget

If your nonprofit’s budget is fixed or static, it may be inadequate during turbulent times. Here’s why you might want to consider a more flexible rolling budget, or even decide to reforecast your current budget.
Got independent contractors? Get to know Form W-9

Got independent contractors? Get to know Form W-9

Nonprofits that pay independent contractors must keep completed Form W-9s on file for them. We offer some tips for obtaining this information from workers and filing it with the IRS.
New Voluntary Disclosure Program for Employers that Filed Dubious ERC Claims

New Voluntary Disclosure Program for Employers that Filed Dubious ERC Claims

As part of its continuing fight against questionable Employee Retention Credit (ERC) claims, the IRS recently announced a Voluntary Disclosure Program for employers. Under the program, businesses can "pay back the money they received after filing ERC claims in error," the IRS explains.
The standard business mileage rate will be going up slightly in 2024

The standard business mileage rate will be going up slightly in 2024

The price of gas is about the same as it was a year ago. Will this affect the amount your business can deduct for business driving in 2024?
New per diem business travel rates kicked in on October 1

New per diem business travel rates kicked in on October 1

Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals, and incidentals when traveling away from home. (Taxpayers in the transportation industry can use a special transportation industry rate.)