asked
Our organization, established in the 1980s as a 501(c)(3) and classified by the IRS as a 509(a)(1) public charity, has had no activity from 2005 through 2011 but is reorganizing in 2012 with plans for fundraising. We have been filing 990-EZ forms since 2007 to maintain our tax-exempt status, though we are behind on filings. We plan to catch up on all filings to avoid losing our tax-exempt status. On Form 990-EZ, Schedule A, Page 3, Part III, Section D, Lines 19a, 19b & 20, which box should we check (19a, 19b, or 20) to keep our 509(a)(1) status as a public charity, given that we have had no revenues for the year?
January 19th, 2024
Is a personal residence that was placed in a revocable trust, which becomes irrevocable upon the death of the grantor, allowed the $250,000 (single person) exemption due to the sale of the personal residence on Form 1041?
December 26th, 2023
I have a rental property which is part of my main home, and my girlfriend and I are splitting the expenses and income on our separate tax returns. I'm hearing conflicting advice about whether we should use Form 4562 for depreciation or Form 1065 for partnership returns. Which form is correct for our situation, and does renting a room in our shared home create a partnership that requires the use of Form 1065?
July 6th, 2024
How can I ensure the IRS accepts my 2008 claim for refund by proving that 'timely mailed = timely filed' and that Emancipation Day extends the 3-year statute of limitations for requesting a refund until 4/17/12?
December 11th, 2024
Can a 1099 be issued to someone for letting them take wood that was laying on the ground off of their property?
December 1st, 2024
I sold my foreign land in 2008 and received 2.4 million dollars, but the broker owed me an additional 600K. I sued the broker and won partially in 2011. I am now filing amended tax returns for 2008, 2009, 2010, and 2011. Do I have to pay penalties for accuracy related, late payment for federal, and penalties for extension, late payment for the state? Is there a way to excuse the OVDI penalty?
April 26th, 2023