May News To Know
While the tax deadlines for individuals and corporations are behind us, the 2022 Tax Deadline for Nonprofit Organizations is Monday, May 16. If you are a nonprofit, here is some valuable information that can help you plan:
- On April 26, 2022, the IRS published a helpful new guide to filing Nonprofit taxes. It includes an explanation of the different forms (such as Form 990-series, etc.) and a reminder that e-filing is now mandatory for nonprofits. You can access the IRS’ guide here.
- While the IRS exempts many nonprofits (charities, foundations, and religious organizations, etc.) from paying federal income taxes, nonprofits must file annual returns.
- If a nonprofit fails to file for three years in a row, its tax-exempt status will be automatically revoked. Additionally, the IRS has no appeal process for automatic revocations, which would put the organization at risk to both lose its nonprofit status and pay income taxes.
- Teacher Appreciation Week is this week. This is a reminder that, if you are an educator you can deduct up to $250 in expenses for books, software, and other classroom materials. To learn more, click here.
Filed an Extension? If you recently filed an “extension to file” for your taxes, here are some dates you may want to put on your calendar for 2022:
As always, the CJBS Team is here to help. If you have any questions about your taxes or financial situation, please reach out to us at your convenience.
Stay safe & healthy,
The CJBS Team
More News & Insights
Dear Clients & Friends, The deadline to send us your tax-related documents is fast approaching. As a reminder, we require that individuals send us all their documents by March 20 to be able to timely file your tax return by the due date. Otherwise, you are looking at filing an extension. If you are a […]
The Internet of Things (IoT) is a topic on which business owners and individuals alike should gain a deeper understanding. The extent to which the IoT will affect your life or your company (or already is), depends on various factors. For businesses, this includes your industry and business purpose, as well as your location. What […]
As the cannabis industry continues to grow, so does the need for proper tax planning. With constantly changing regulations and laws, it can be challenging for cannabis companies to stay up-to-date on their tax obligations. To ensure your cannabis company is maximizing their tax benefits while minimizing your liabilities, here is a comprehensive tax planning […]
Navigating tax season in a federally illegal industry can be complicated. The CJBS Cannabis Practice Team is here to help. In this 20-minute webinar recorded in February 2023, CJBS Senior Partner Matt Bergman, CPA and LKP Impact Consulting Principal Laurie Parfitt discuss what cannabis businesses need to know as they structure their business and prepare […]
Dear Clients & Friends, This year’s tax season is well underway, and we are busy working on your tax returns for 2022. To that end, we have some useful information to share in this month’s newsletter. Firstly, if you haven’t already, it’s time to organize and send us your tax documents. As a reminder, we […]
Dear Clients & Friends, In 2022, the Senate Finance Committee updated the original 2019 SECURE Act, resulting in the SECURE Act 2.0. These updates are intended to help businesses and their employees plan for the future in more comprehensive financial ways. These new provisions will take place over several upcoming years. The SECURE Act (Setting […]