The Invisible Thief: How Check Washing Steals Your Money Without You Knowing


Be alert of rising fraudulent activities and know how you can protect yourself and others from becoming a victim. The most recent fraudulent activity spike is known as check washing, which has risen across the U.S, with losses ranging from a few hundred to tens of thousands of dollars. What is Check Washing? Check

Is Your Sales and Use Tax House in Order?


Is your business remitting the proper amount of sales and use taxes to the appropriate state and local jurisdictions? Many business leaders and even some tax departments may be surprised to learn, on average, organizations pay more in sales and use taxes and other state and local non-income-based taxes than they pay in state

Tax Exempt Organizations: Navigating the Executive Compensation Excise Tax


Section 4960 of the Internal Revenue Code imposes a 21% excise tax on remuneration in excess of $1 million, as well as excess “parachute payments” paid by applicable tax-exempt organizations (ATEOs) or their related entities to any “covered employee.” Tax-exempt employers who compensate their executives over $1 million per year or who pay separation-related

State Income Tax Apportionment: How Much of your Business’s Income is Subject to State Tax?


Businesses operating across state lines must determine the amount of their income subject to tax in each state. Generally, this is done using what is known as “formulary apportionment.” Given states regulate the apportionment methods they allow and are not required to use a uniform approach, the varying methods—especially the different ways states source

IRS Provides Broad Penalty Relief for Some 2019, 2020 Returns


On August 23, 2022, the IRS announced it will grant automatic penalty relief for late-file penalties imposed with respect to certain returns required to be filed for the 2019 and 2020 tax years. Notice 2022-36 provides systemic penalty relief to taxpayers for certain civil penalties related to 2019 and 2020 returns. Penalty relief is

Clean Vehicle Credit Comes with Caveats


The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor Vehicle Credit (IRC Section 30D), now known as the Clean Vehicle Credit. While the expanded credit

Form 990: What It Is and How Non-Profits Can Avoid Increased IRS Scrutiny


If you run a tax-exempt non-profit organization, odds are you will have to file a Form 990 with the IRS. IRS Form 990 is an informational tax form which tax-exempt organizations—like §501(c)(3) public charities—must file annually. This form provides the IRS with details of the organization’s activities, governance and financial information. Additionally, to ensure an

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