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What are the tax obligations for charities and nonprofits?

ThomsonReuters

How to file taxes for nonprofits What are the 501(c)(3) reporting requirements? Charity tax exemptions are granted based on the organization’s compliance with specific regulations and its designation under Section 501(c) of the Internal Revenue Code. What are the 501(c)(3) reporting requirements?

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FAQ on giving to non-charity organizations

ThomsonReuters

Donations to churches and other religious institutions are generally tax-deductible, provided that these organizations have obtained 501(c)(3) status. To claim a tax deduction for donations to a church or religious organization, the recipient must have obtained 501(c)(3) tax-exempt status from the IRS.

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Top Remote Accountants of the Week | May 23, 2024

Going Concern

FTE Senior Tax and Accounting | Candidate ID #20455103 Certifications: CPA in progress Education: BA, Accounting & Business Administration Experience (years): 4+ years in public accounting Work experience (highlight): Staff Accountant at a CPA firm Full client care including accounting, bookkeeping, tax and audit In 2024 completed 100+ returns, (..)

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The future of 1040 tax preparation: A digital transformation guide?

ThomsonReuters

It also seamlessly integrates with UltraTax CS. Furthermore, it integrates with UltraTax CS, which streamlines data entry, simplifies the filing of advanced returns, and provides ultimate integration capabilities and flexibility. SurePrep is the only vendor in the industry that provides an optional verification service.

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Top Remote Accountants of the Week | May 16, 2024

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FTE Senior Accounting and Tax | Candidate ID #5311425 Certifications: CPA, QB ProAdvisor Education: BA Accounting, MS Accountancy Experience (years): 10+ years public accounting Work experience (detail): 2+ with national firm 10 years working with large C-Corp clients 5+ years with SMB and HNWIs tax prep and advisory 4 years with own practice with (..)

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Top Remote Accountants of the Week | May 2, 2024

Going Concern

FTE Accountant | Candidate ID #16071602 Certifications: NA Education: BA Accounting in progress Experience (years): 7+ years of overall experience Work experience (detail): Currently with a public accounting firm Services 15+ monthly clients and 75+ quarterly clients Team leadership and work review experience Prepares 100+ returns during tax season (..)

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What to know about Form 4562: Depreciation and Amortization

ThomsonReuters

A deduction for any vehicle reported on a form other than Schedule C (Form 1040), Profit or Loss From Business. Thomson Reuters Fixed Assets CS is a robust fixed asset management software that makes adding, changing, disposing, and transferring assets quick and easy. Amortization of costs that begins during the 2022 tax year.