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A Guide To Form 990 For Tax-Exempt Organizations

What is Form 990? Although many nonprofit organizations are exempt from paying federal taxes, the IRS requires tax-exempt organizations to file Form 990 for informational purposes. The IRS uses this informational return to determine whether you're still exempt from...

5 Critical Tax Tips For Nonprofits in 2019

No one enjoys filing taxes, but it can be especially problematic for nonprofits. Many nonprofits focus on their cause so much that they neglect proper organization. As a result, they deal with disorganized records and systems, and a lack of clarity around tax issues....

THE SMART BUSINESS OWNER’S LIST OF TAX DEDUCTIONS

For a business owner, taxes can be overwhelming and cumbersome. Tax deductions allow you to save thousands of dollars each year on your taxes and make tax filing a much more bearable experience. In this post, we'll list some of the tax deductions you can use to...

The Smart Business Owner’s List Of Tax Credits

One of the best ways to cut costs as a business owner is to take advantage of all the tax deductions and tax credits for which you're eligible. As a business owner, you're concerned with the bottom line--increasing your net profits. That probably means you spend most...

PRESS RELEASE: Cassidy Jakovickas, CPA of Fresno, CA Appointed to Intuit’s Accountant Council

Select Panel Advises on Products and Services that Accountants and Their Clients Want Most             FRESNO, CALIFORNIA – June 4, 2019 –Today, Intuit, Inc (Nasdaq: INTU) announced that Cassidy...

Beyond The Numbers: What We’ve Been Reading

Although our team loves using numbers and spreadsheets to help our clients make the best financial decisions, we also enjoy reading great books. Staying well read on both fiction and non-fiction books helps us hone our imagination and introduces us to new, sometimes...

Looking Back At April

It’s hard to believe that we’re at the end of April, but it’s true! This month, we helped our clients wrap up another great (and busy) tax season. There was, as always, a lot of paperwork, emails, and nail-biting involved in the days preceding April 15, but that’s all...

5 Last-Minute Tips For Filing Taxes in 2019

Well, April 15 is almost here, and the tax-related panic is thick. If you haven’t filed your 2018 tax paperwork and are rushing to get your taxes in by the deadline, we’ve decided to give you some last-minute tax advice that will hopefully help ease your stress....

An Introduction To Cybersecurity for Business Owners

Keeping your sensitive business and customer data secure has never been more critical. Whether you are a small business or a national corporation, you can't relax your defenses against those criminals seeking to take advantage of lazy cybersecurity policies. Virtually...

March News Roundup

Wow! It seems like we just started March and we’re already moving into April! As we move into the final stretch of tax season, we’re recapping this month’s news for you, just in case you missed it amid the tax-related hubbub. MBS Accountancy: November Review This...

Didn't get the tax refund you expected? Here's why

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Source: Kalexanderson, Flicr.com

Most people who file their tax return demonstrating a refund fall into two groups: those who know they have a refund coming to them and those who just aren’t quite sure.

Tax return preparation and the eligibility requirements behind certain tax credits is not always a trouble-free experience. However, when a taxpayer gets an unanticipated notice from the IRS instead of the refund check they’ve been eagerly awaiting, it’s a good bet one of the following is the culprit.

Here are four reasons why plans for that refund check may evaporate.

You owe another federal or state agency

The IRS Treasury Offset Program is an offshoot of the Department of Treasury’s Financial Management Service, the branch that issues IRS tax refunds. Through this program, your refund or overpayment may be reduced and offset, or compensated out, to pay:

  • Delinquent child support
  • Non-tax debts owed to other federal agencies. Government funded student loans that are in arrears are the biggest example of this.
  • Overdue state income tax balances

Of course, if you owe the IRS from a previous tax year, you also will not be getting a refund. The IRS needs you to clean up all your tax balances before you are eligible to take home a refund. This is true even if you are on an installment agreement and making timely repayment.

You haven’t filed all of your tax returns

If you still have an outstanding legal obligation to file returns previous to this year, the IRS may hold your current year refund until all returns are filed.

This “refund hold” program is designed to bring taxpayers into filing compliance. Once your past-due returns are filed, the IRS will release your refund. If you owe on those returns, in addition to late filing and payment penalties, as well as interest, the IRS will apply your current year refund to any previous balance.

If you do not owe on your returns, your refund will be released in full, but don’t expect any interest for your own tardiness.

You were denied the Earned Income Tax Credit in a previous year

The IRS defines the Earned Income Tax Credit (EITC) as a refundable federal income tax credit for low to moderate income working individuals and families.

Once you’ve been denied the EITC by the IRS, you cannot claim it again unless you submit your return with Form 8862, Information to Claim Earned Income Credit After Disallowance. The form advises the IRS what has changed that now allows you to take the credit. If you fraudulently claim the EITC, the IRS may impose a ban on future claims to the credit.

Dependents aren’t really dependents

Make certain you are meeting all the eligibility requirements to claim a person as a dependent. In order to be a dependent, the person you wish to claim must be what the IRS defines as a “Qualifying Child” or a “Qualifying Relative.”

Originally posted and shared from: http://exm.nr/1algvPn, James Skye, May 17, 2011

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