Tips for Charitable Organizations Applying for Tax-Exempt Status

The IRS published Tax Tip 2018-138 with information for charitable organizations applying for tax exempt status. Charitable organizations should apply for tax-exempt status from the IRS.  In order to apply, a determination must be made as to its type:  trust, corporation or association. Once the determination has been made, there are three additional steps: 1. Gather organization documents: Each application for exemption except Form 1023-EZ  must be accompanied by an exact copy of the organization’s  organizing document.  This is generally one of these: Articles of incorporation for a corporation Articles of organization for a limited liability company Articles of association or constitution for
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2018 3rd Quarter Estimated Tax Payments

2018 3rd Quarter Estimated Tax Payments are due on September 17, 2018.  Instructions and a payment voucher can be found here.  Checks should be written to the United States Treasury with Form 1040-ES listed on the memo line along with the taxpayer’s social security numbers. When to Pay Estimated Taxes: Payment Period Due Date January 1 – March 31 April 15 April 1 – May 31 June 15 June 1 – August 31 September 15 September 1 – December 31 January 15* of the following year.
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Tips For Creating Strong Passwords

The IRS published Tax Tip 2018-129 to help tax professionals create strong passwords but the advice is good for all taxpayers to use to protect their data.  The list below is from the IRS and you can read the full tax tip by clicking here. Opt for a multi-factor authentication process when available. Many email providers now offer customers two-factor authentication protections to access email accounts. Use word phrases that are easy to remember rather than random letters, characters and numbers that are harder to remember. By using a phrase, preparers don’t have to write down the password, which exposes it to more
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Withholdings and the Tax Cuts and Jobs Act

The IRS has published several tax tips concerning withholdings and the new tax law.  Links for information about specific situations are below: Tax Payers With High Incomes And Complex Returns Taxpayers With Dependents Who Can’t Be Claimed For The Child Tax Credit Taxpayers With Children And Other Dependents  
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How The IRS Contacts People

If you get a phone call, text, or email from the IRS, there’s a very good chance it is a scam.  The first contact from the IRS is usually a letter sent by the United States Postal Service.  The IRS posted a tax tip about how, when, and why they contact people.  The full article can be read here.
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Income Taxes and Selling a Home

The IRS posted Tax Tip 2018-83 with the following information about selling a home: Taxpayers who sell a home may qualify to exclude from their income all or part of any gain from the sale. Below are some things taxpayers should keep in mind when selling a home: Ownership and use. To claim the exclusion, the homeowner must meet the ownership and use tests. During a five-year period ending on the date of the sale, the homeowner must have: Owned the home for at least two years. Lived in the home as their main home for at least two years. Gain. Taxpayers
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