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IR-2023-193, Oct. 19, 2023 — As part of a larger effort to protect small businesses and organizations from scams, the IRS today announced the details of a special withdrawal process to help those who filed an Employee Retention Credit (ERC) claim and are concerned about its accuracy.

403(b) Plan Fix-It Guide -You haven’t limited loan amounts and enforced repayments as required under IRC Section 72(p).

Certain current refundings of qualified mortgage bonds (QMBs) may qualify for an exception to the volume cap requirement. Repayments of mortgage loans made with QMBs may be used to make new loans, with certain limitations.

IR-2024-304, Dec. 4, 2024 — The Internal Revenue Service today warned taxpayers to avoid promoters of fraudulent tax schemes involving donations of ownership interests in closely held businesses, sometimes marketed as “Charitable LLCs.”

IRC Section 4944(c) – Taxes on Investments Which Jeopardize Charitable Purpose – Exception for Program-Related Investments

Sample Questions - Selective questions for a successor to a for-profit organization (Schedule G)

The Home Foreclosure and Debt Cancellation provision applies to debt forgiven in calendar years 2007 through 2016. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion doesn’t apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

Questions about filing Schedule L to Form 990.

This section provides you with direct links to many commonly used financial resources for small businesses.

SEE Sample Test Questions Part 2