The Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law on December 27, 2020, extending federal income tax breaks that were revised to accommodate the economic impact of the Coronavirus pandemic.
Month: February 2021
IRS News: CP59 Notices
Earlier this month, the IRS issued notices to about 260,000 taxpayers, stating they haven’t filed their 2019 federal tax return. The IRS refers to these notices as CP59 notices. They are issued yearly to taxpayers who haven’t filed their tax returns from the prior calendar year (Tax Year 2019).
New Podcast Episode: How Should Business Owners Navigate 2021?
The first quarter of 2021 is in the books. What should business owners be concerned about as they navigate the rest of the year?
Exclusion of Exempt Organization Employees from Retirement Plans
The IRS has finalized proposed regulations, with modifications, permitting the exclusion of employees of Code Sec. 501(c)(3) exempt organizations and governmental entities for purposes of testing whether a 401(k) or 401(m) retirement plan satisfies the minimum coverage requirements.
Do Non-Profits Ever Pay Taxes?
When you think about a non-profit, the first thing that often comes to mind is that it is tax-exempt. Most non-profits are not subject to federal, state, and local income tax.