Many business owners, non-profit entities or those who use independent contractors, are still unclear as to how to properly classify workers, especially in the eyes of the IRS. While it is understandable to be naïve to the nuances of business law, it will not prevent a business owner from incurring penalties for worker misclassification. Penalties, along with interest, can be steep as they include unpaid payroll and unemployment taxes, overtime, minimum wages, employee expenses and other employee payments. 

Many of my clients have a child heading off to college in a month or two and have asked about 529 Plan withdrawals to help cover upcoming education expenses. 

Contrary to what some may think, not all withdrawals are tax-free.  Therefore, it is important to understand the basics of 529 plan distributions in order to avoid paying unwanted federal income tax.

While it can be confusing, much like venturing into a college classroom, we’ve broken it down into three simple lessons.   

Robin Baum ready to lead Rainbow Babies and Children’s Foundation

The Internal Revenue Service (IRS) recently announced that it is changing the website it uses to collect information from IRS Form 990-N filers. The Form 990-N is a very brief annual filing that smaller tax-exempt organizations are able to utilize in place of submitting the lengthier Form 990-EZ or Form 990. Many state, regional, and local affiliates and chapters of national nonprofit organizations qualify to submit the 990-N.

The Form 990-N submission website will change as of February 29, 2016. All nonprofit organizations submitting Form 990-N should consider filing by February 28, 2016 in order to use the old submission website. Starting February 29, 2016, in order to file the Form 990-N, all nonprofits will be required to complete a one-time registration and file Form 990-N submissions through the IRS’s website at www.irs.gov.

Who Must File the Form 990-N

The Form 990-N is a short, 8-question filing that must be filed by organizations whose annual gross receipts are normally $50,000 or less. An organization meets this criterion if it: