Overview A recent court case, Kwong v. United States (Kwong), has created a possible opportunity for some taxpayers to claim refunds or relief related to IRS penalties and interest charged during the COVID-19 period. For purposes of this notice, the “COVID-19 period”...
Financial statements are essential tools for evaluating performance, planning for growth and managing risk. Yet many business owners, board members, donors and investors don’t have formal accounting training. Presenting financial information in a clear, approachable...
If you give artwork to charity, the deduction you can claim depends on several factors, including the type of organization receiving the piece and how it will be used. Special substantiation and appraisal rules may apply as well. Relation to charitable function Your...
Although your business may seem big to you, you may wonder how the government classifies it for tax purposes. If your organization qualifies as a “small business,” you may enjoy several important tax advantages. But the rules for specific tax provisions vary. So,...
