May News To Know
May 4, 2022
1 MIN READ
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 and Friends, We hope you enjoyed a relaxing Labor Day weekend and made the most of the “official” end to summer. As kids head back to school, we’re gearing up for the September 16th extension tax deadline for Partnerships and S-Corporations. If your business return is currently on extension, please submit your final […]
Four years after COVID-19 upended global supply chains, manufacturers are still feeling the ripples of disruption within their businesses. Despite progress in supply chain efficiency, the industry continues to encounter significant hurdles in procuring essential materials, which are impacting both costs and production schedules. For instance, during the pandemic, food manufacturers faced significant difficulties sourcing […]
Dear Clients and Friends, Summer is winding down, and the extension deadlines are just around the corner! We are hard at work finalizing extended tax returns. For your convenience, all the extension deadlines are listed in a chart below.. If your return is still currently on extension, be sure to get us those final tax documents […]
Dear Clients & Friends, We hope your 4th of July weekend was filled with joy and celebration! As we continue to enjoy the summer, we want to keep you updated with the latest and most pertinent information. For those using QuickBooks Online through CJBS, please note the upcoming annual price adjustment detailed in our News […]
Dear Clients & Friends, This month we are highlighting an area that directly impacts many of us – the recent tax proposals put forth by President Biden. As these proposals navigate through the legislative process, their potential to shape the economic landscape is significant. However, nothing has been signed into law as of now. Whether […]
Spring is here, and tax season is now officially behind us! Some items to keep in mind for May are: Although the initial rush of tax season is behind us, our team is still hard at work preparing those returns that have been extended. Extensions were filed on your behalf if we hadn’t received information prior […]