The Counting House

IRS Tax Tip 2022-81, May 25, 2022 To be tax-exempt under Section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for any of these purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, or preventing cruelty to children or animals. Organizations …

Things organizations should know about applying for tax-exempt status Read More »

IRS Tax Tip 2022-80, May 24, 2022 After a natural disaster, personal financial, insurance, medical and other records can be vital to starting the recovery process. Here are some things taxpayers can do to help protect their financial safety in a disaster situation. Update emergency plans.  A disaster can strike at any time. Personal and …

Taxpayers should include financial safety in their disaster preparedness plans Read More »

IRS Tax Tip 2022-79, May 23, 2022 Taxpayers who have not yet filed their 2021 tax return may file electronically when they are ready rather than wait until the October 17, 2022, extension deadline. If they are considering hiring a tax preparer, it’s important to choose wisely. Taxpayers are responsible for all the information on …

IRS reminds taxpayers who haven’t filed yet to choose their tax preparer wisely Read More »

IRS Tax Tip 2022-78, May 19, 2022 A lot of families move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. Here are some things that homeowners should think about when selling a home: Ownership and …

Important tax reminders for people selling a home Read More »

IRS Tax Tip 2022-77, May 18, 2022 The summer wedding season is fast approaching. Wedding planning is often overwhelming but figuring out how marriage will affect a couple’s tax situation doesn’t have to be. Here are a few things couples should think about as they prepare for the big day. Name and address changes People …

Wedding planning checklist: cake, rings, flowers … tax forms? Read More »

IRS Tax Tip 2022-76, May 17, 2022 Now that the April filing deadline has passed, most people are spending more time thinking about summer vacations than taxes. However, summer is a great time to review withholding and see if summer plans will affect next year’s tax return. Below are some common summertime tax situations and …

School is out for the summer, but tax planning is year-round Read More »

IRS Tax Tip 2022-75, May 16, 2022 The arrival of summer also means the start of hurricane season. One way taxpayers can prepare for any type of natural disaster is by knowing what to do about important documents and paperwork that might be lost after a disaster. It’s also good for taxpayers to know how …

Disaster resources to help taxpayers weather summer storms Read More »

IRS Tax Tip 2022-74, May 12, 2022 Business owners can simplify things by filing payroll taxes electronically. E-file software performs calculations and populates forms and schedules using a step-by-step process. It will also alert the filer if they are missing information which reduces the chances of receiving an IRS notice. Here are some of the …

Filing payroll taxes electronically is a smart business move Read More »

IRS Tax Tip 2022-73, May 11, 2022 When hiring a company to handle payroll and payroll tax, it’s important for businesses to choose wisely. This can help a business avoid missed deposits for employment taxes and other unpaid bills. Most payroll service providers give quality service. However, there are a few who don’t submit their …

Employers should choose their third-party payroll service provider wisely to prevent fraud Read More »

IRS Tax Tip 2022-72, May 10, 2022 Tax professionals who want to keep up with changing trends and tax law should register for the 2022 IRS Nationwide Tax Forum. This annual event is a great opportunity to hear the latest news and industry information from IRS representatives and other tax experts. Not to mention, participants can …

Registration is now open for the 2022 IRS Nationwide Tax Forum Read More »