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Applying for Tax-Exempt Status

Entities applying for federal tax-exempt status should know the following: Organized and operated. To qualify for tax-exempt status under Code Sec. 501(c)(3), an entity must be organized and operated exclusively for an exempt purpose. The statutory exempt purposes...

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Protect Against Tax-Related Identity Theft

An Identity Protection Personal Identification Number (IP PIN) gives a taxpayer an added layer of protection against tax-related identity theft. Having a six-digit IP PIN means no one can file a return for that taxpayer except someone who has the taxpayer’s IP PIN....

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Tax Matters to Consider When Selling a Home

Individuals selling their home should consider the following tax matters: Principal residence exclusion. Taxpayers may qualify to exclude from income all or part of any gain from the sale of their home ("principal residence exclusion"). To qualify for this exclusion,...

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IRS Refund Tool Now Has Info for Current, Prior 2 Years

The IRS updated its “Where’s My Refund?” tool to allow taxpayers to check the status of their current and two prior years’ refunds. Where’s My Refund? Where’s My Refund? allows taxpayers to check on the status of their refund for the current and prior two tax years....

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A Tax Checklist for the Newly Married

Name and address changes. Individuals who change their name after marriage should report their name change to the Social Security Administration (SSA) as soon as possible. The name on an individual's tax return must match the name associated with their SSN on file...

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