Important Changes in Indiana Sales Tax Rules for Nonprofits
The Indiana Department of Revenue (IDOR) issued “Information Bulletin #10 Dated May 2022,” which outlines changes in sales tax collection and tax-free purchases for nonprofit organizations. This post will provide a brief overview of the changes imposed by this revision. When does my nonprofit need to register with IDOR? An IRS §501(c) nonprofit organization must […]
The Corporate Transparency Act: How It Will Impact Your Business
Overview The Corporate Transparency Act of 2020 (the “CTA”) is a newly enacted federal statute that will be implemented and enforced by the United States Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”). FinCEN is now in the process of drafting regulations that will enforce and define the reporting requirements of the CTA. The […]
How will the Advance Child Tax Credit Payments Impact Tax Season 2022?
Much like last year, there are some unusual items to keep in mind when filing your 2021 taxes this year. Primarily, the Advanced Child Tax Credit payments may present some challenges for both taxpayers and tax preparing professionals. The good news is that this time around, the IRS is planning to send special statements to […]
2021 Child Tax Credit: Changes to the Credits & Advance Child Tax Credit Payments
Starting July 15, 2021, the Internal Revenue Service made the first of six-monthly payments for 2021 to approximately 35 million American families. The payment amounts vary depending on a family’s income, the filing status of parents or guardians, as well as the number of eligible children. For example, a family with three qualifying children could […]