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IRS Going After NonProfits
Nonprofit organizations that do not file 990's can lose their exempt status. Previously, only nonprofit organizations that have more than $25,000 of income had to report. Now all month profits must report. The IRS is trying to promote the concept of this is to protect donors but in reality it just makes it much harder for a small nonprofit to remain in existence.
If you are a small nonprofit organization you must contact your tax lawyer right away to make sure you do not lose nonprofit status.
NJ Division of Taxation seizes Melange Cafe Holidays in Haddonfield are
Dreary without Melange @ Haddonfield
holidays approach us, we renew our quest for a delicious meal that awakens the
palate served in a relaxing atmosphere far removed from the hustle and bustle
of garish chain restaurants serving mediocre food slapped on a plate. As the
town of Haddonfield, NJ brings to life its Christmas shopping season filled
with candlelit streets, we are left without its shining star, Melange @
Haddonfield café. Why? Because Chef Joe Brown did not have an attorney that
understood his need to be a chef – and his struggles as a restaurateur. After
owning Melange Café in Cherry Hill, NJ and achieving much success, Chef Joe
Brown opened his Melange @ Haddonfield in 2008, eventually focusing full time
on the Haddonfield location and closing the Cherry Hill location.
moves and multiple issues that could have arisen (and obviously did arise),
Melange received a Division of Taxation J…
Yesterday, the 115th Congress convened.The Republicans are in charge of both the House and Senate and there is been a lot of talk about tax reduction and "tax reform". Does this mean we will get tax simplification? Since President Reagan signed the Internal Revenue Code of 1986, there have been more than 30,000 changes, excluding Obama care. The fact is the Internal Revenue Code is ridiculously complex and far too much time and money spent in our society both by individuals and businesses in complying and planning for our burdensome tax laws.
There definitely will be a push to lower corporate tax rates. This is good but let's also simplify our business tax structure.
Even more unnecessary and confusing is the personal side of the Internal Revenue Code. For example the alternative minimum tax, designed to force a few wealthy millionaires of the late 1960s to pay tax, has now resulted in more than 1/4 of the middle class paying this burdensome tax. The AMT must go!
When a house is foreclosed, or there is a deed in lieu of foreclosure, some mortgage companies make a deal with the owner or tenant. Usually the deal works like this: the owner agrees to leave the property on a certain date and broom swept condition without taking any of the appliances, copper pipes, etc. If the home was left in the promise condition, the homeowner or tenant will receive a certain stipend from the mortgage company. Sounds good, right?
Nevertheless, the mortgage company than typically issues a 1099 for the cancellation of indebtedness income for the amount of the foreclosure and an additional 1099-MISC for the alleged miscellaneous income and cash for keys. The IRS has taken the position that the cash for keys income as ordinary income and should be taxed. In the case of Bobo vs. Commissioner, the US Tax Court determined that the foreclosure and the additional cash for keys payment were really one transaction. Since in that case, the taxpayer had an actual loss on the…