Month: January 2021

International Tax Accountants Firm

IRS Unveils “Dirty Dozen” List of Tax Scams for 2020; Americans urged vigilance for these threats during the pandemic and its aftermath

Phishing Taxpayers should be on the lookout for possible fake emails or websites seeking to steal personal information. The IRS will never initiate contact with taxpayers via email regarding a tax bill, refund, or economic impact payments. Don’t click on links that claim to be from the IRS. Beware of emails and websites, which can…
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Private Operating Foundations vs Non-Operating Private Foundations

The IRS compliance guide for 501 (c) (3) describes each organization that qualifies for tax-exempt status under section 501 (c) (3) is further classified as a public charity or a private foundation. Under section 508, each organization is automatically classified as a private foundation unless it meets one of the exceptions listed in section 509…
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U.S. Internal Revenue, IRS provides guidance on deductibility of PPP loans

The Treasury and the IRS have issued two instructions on the tax treatment of expenses paid with a loan from the Paycheck Protection Program (PPP). 2020-27, released late in the afternoon on November 18, provides sub-regulatory guidance on whether a PPP loan participant who paid or incurred certain deductible expenses can deduct those expenses in…
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