| Excessive Compensation of Officers by Tax-exempt Organizations |
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| The Internal Revenue Service is concerned that some charities and private foundations are abusing their tax-exempt status by paying exorbitant compensation to their officers and other insiders. In an attempt to identify and combat this abuse, the IRS has established the Tax Exempt Compensation Enforcement Project, which seeks to gather information from almost 2,000 organizations about their compensation practices and procedures. The enforcement project consists of examinations as well as other contacts. More... |
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| Roth IRA Contributions and Distributions |
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| A Roth IRA is an individual retirement plan set up solely for the benefit of a taxpayer or his beneficiaries. The main difference between a Roth IRA and a traditional IRA is that contributions to a Roth IRA are not deductible as they would be if made into a traditional IRA. More... |
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| Terminating a Business |
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| You have decided to close your business. What you really want to do is just pick up your box of personal belongings, shut the door, and walk away. But unfortunately, it is not quite that simple. More... |
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| Filing a Return after a Spouse Dies |
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| In general, the surviving spouse is considered married for the entire year no matter when the death occurred, and he or she is entitled to file a joint return in the year of the spouse's death. This allows the surviving spouse to take advantage of the lower joint tax rates and to take an exemption for the deceased spouse. However, if a joint return is filed, it must include all income from both spouses for the year. More... |
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| Partnership Income or Loss |
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| Even though a partnership is not a taxable entity for federal income tax purposes, it is treated as a separate entity from its partners for the purpose of computing and characterizing partnership income. The partnership has an obligation to file an information-only tax return, which gives a complete tax accounting of partnership operations for the tax year. More... |
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