May News To Know

May 4, 2022

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