New Requirements for Renewal of Exemption Status in Washington, DC

Organizations exempt from income and franchise, sales and use and/or personal property taxes in the District of Columbia are subject to a new requirement to renew tax exemptions every five years. The requirement is effective for 2019. A letter has already been sent by the DC Office of Tax and Revenue […]

Easing of Donor Disclosures for Many Nonprofits

IRS Form 990

In a move that has generated both praise and criticism, the Internal Revenue Service recently issued guidance that changes the way donor information will be reported for many nonprofits, effective for taxable years ending on or after December 31, 2018. Thus, the new reporting requirements will generally apply to the returns […]

Update on Taxability of Transportation Fringe Benefits

tax update

Update on Taxability of Transportation Fringe Benefits Recently, Rubino & Company published an article in our newsletter addressing the effect of The Tax Cuts and Jobs Act of 2017 on tax-exempt organizations. The most controversial of these provisions is the imposition of unrelated business income tax (UBIT) on the amount of […]

Tax Identity Theft Is More Than Just A Headache

By Lisa G. Hahn, CPA For the past several years, the Internal Revenue Service (IRS) has been cracking down on a frightening problem: Identity theft schemes that are aimed at stealing taxpayers’ refunds. When this type of fraud occurs, an individuals’ refund can be delayed for months or longer. Here’s a […]

When it Comes to Fraud, ACH and Wire Transfers Can Be an Easy Target

By Robert N. Gray, CPA Are you sure your organization is protected from credit card and wire fraud? As a business owner, manager or executive director, you want to ensure that you’ve done everything you can to safeguard your organization. Automated Clearing House (ACH) payments and wire transfer activity can present […]

You’ve Become a Victim of Tax-Identity Theft, Now What?

By Elaine Rulkiewicz, CPA Everyone who files taxes in the United States is vulnerable when it comes to tax-related identity theft. According to the US Department of Justice figures, identity theft rose 50% from 2005 to 2010 with tax refund fraud losses expected to reach $21 billion this year. So, how […]

The Taxes We Love to Hate

Few people enjoy giving money to the IRS, but some types of taxes are viewed more unfavorably than others. Here are three worthy candidates vying for the title of most-hated tax. Penalty Tax on Individuals without Health Insurance As you probably know, the Affordable Care Act (ACA) imposes a penalty on […]

Tread carefully if you and your spouse have similar trusts

When spouses have similar irrevocable trusts for each other’s benefit, they can be subject to the “reciprocal trust” doctrine. It prohibits tax avoidance through trusts that 1) are interrelated, and 2) place both grantors in the same economic position as if they’d each created trusts naming themselves as life beneficiaries. What […]