Your organization is doing good work, and has an important message to offer your community. But do-gooding is not enough for your local governments and tax boards: there are strict rules that must be followed:
Tag Archives: Revenue
[Note: Chapter 12 of Small Business Taxes Made Easy is all about this issue. We have been anticipating this in California and other major states for quite some time now.] The state of California finally passed a budget which seems to be balanced on the basis of charging sales tax to Amazon.com and similar online […]
Today TaxMama hears from Guy in Connecticut, with this question. “Our local PTA, a 501c3, runs book fairs with a book company. We collect the receipts in full, then pay the invoice from the book company. Is the income from these activities the gross or net?”
Courtesy of IRS – FS-2008-20, April 2008 WASHINGTON—Internal Revenue Service research indicates that understated business income contributes significantly to the tax gap, with the majority understated by small businesses. To assist small business and self-employed taxpayers better understand their reporting obligations, this fact sheet addresses the issue of income and how to determine gross income. […]
Courtesy of the Internal Revenue Service WASHINGTON – The Internal Revenue Service today issued the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or […]