Category: Corporation

International Tax Accountants Firm

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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