PLANNING FOR TOMORROW Archive

  • Three steps charities applying for tax-exempt status need to take

    Before applying for tax-exempt status, a charitable organization must determine whether it is a trust, corporation or association. After that, there are three additional steps to take: 1. Gather organization documents Each application for exemption – except Form 1023-EZ – must be accompanied by an exact copy of […]

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  • Tax reform affects ABLE accounts, saver’s credit, 529 rollovers

    The Tax Cuts and Jobs Act made several changes to ABLE accounts. ABLE accounts were created by The Achieving a Better Life Experience Act of 2014. They are authorized tax-advantaged section 529A accounts to help disabled people pay for qualified disability-related expenses. Here are changes […]

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  • Info for charities applying for tax-exempt status: determining type of organization

    Before applying for tax-exempt status, a charitable organization should determine if it’s one of the following: Trust A trust is formed under state law. An organization should review the law in the state where it is organized. For a trust to qualify as a 501(c)(3) tax-exempt organization, its […]

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  • Here’s what taxpayers do when they have to file a new W-4

    The IRS reminds taxpayers to look into whether they need to adjust their paycheck withholding. Taxpayers who do need to adjust their withholding should submit a new Form W-4, Employee’s Withholding Allowance Certificate to their employers. Taxpayers can use the updated Withholding Calculator on IRS.gov to do a […]

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  • IRS offers guidance on recent 529 education savings plan changes

    WASHINGTON — The Internal Revenue Service and Department of the Treasury today announced their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans. Notice 2018-58, addresses a change included in the 2015 Protecting Americans From Tax Hikes (PATH) […]

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  • Updated Withholding Calculator Reflects Changes in New Tax Law

    To help taxpayers, the IRS updated the special Withholding Calculator tool on IRS.gov to reflect changes in the Tax Cuts and Jobs Act passed in December. With most employees seeing withholding changes in their paychecks, the IRS recommends taxpayers use the Withholding Calculator to do a “paycheck checkup.” This […]

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