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Annual Filing Requirement for Tax-Exempt Organizations

April 29, 2010

Since 2007, tax-exempt organizations (other than churches), regardless of the size of their gross receipts, have been required to file yearly forms with the IRS.  If a tax-exempt organization fails to file these forms for 3 consecutive years, the organization's tax-exempt status will be automatically revoked.  So if you are a calendar-year tax-exempt organization that has not filed your required form for 2007, 2008, and 2009 by May 16, 2010, you will lose your tax-exempt status.  Read More

News and Developments in Tax Law

April 14, 2010

On March 23, President Obama signed into law the Patient Protection and Affordable Care Act (the “Health Reform Act”), and a week later signed the Health Care and Education Reconciliation Act of 2010 (the “Reconciliation Act”), which amends certain provisions of the Health Reform Act. Read More

Federal Estate Tax – Gone, But For How Long?

Jan. 28, 2010

2010 has brought with it with several changes in Federal estate tax law – the temporary repeal of the Federal estate and generation-skipping transfer (GST) taxes, the imposition of modified carry-over cost basis for assets held by a decedent, and the reduction in the gift tax rate to 35%.  Read More

2009 Tax Deduction for Certain 2010 Haiti Relief Donations

Jan. 28, 2010

On January 22, 2010, President Obama signed into law H.R. 4462, which allows for certain cash donations made to the Haiti relief effort to be deducted on either the taxpayer’s 2009 or 2010 federal income tax return, but not both. Read More

Converting a Traditional IRA Account to a Roth IRA

Jan. 28, 2010

Starting in 2010, taxpayers can now convert a traditional IRA (including those that have been rolled over from a qualified employer-sponsored retirement plan) to a Roth IRA, regardless of the taxpayer’s income level. Read More

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