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IRS Announces Change in Form 990-N Submission

IRS Announces Change in Form 990-N Submission

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:

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Knowledge Before College: Navigating the FAFSA

Knowledge Before College: Navigating the FAFSA

Beginning this week, we will kick off a series of FAFSA-related articles that will visit topics and scenarios related to financial aid, navigating the FAFSA process, how your income or your taxes play into the FAFSA and important dates for timely form filing. Piggy_bank_FAFSA.jpg

Piggy_bank_FAFSA.jpgFrom divorced parents, to income variances, to which college savings plan is right for your family, we’ll address these topics and much more. This series is a great resource for parents preparing to send their child to college or degree-seeking adults entering the education marketplace.

FAFSA: The Nitty and the Gritty
First in a series

We all have our favorite seasons – spring, summer, baseball, football. As a CPA, I have tax season, and, if you are parent of a college-bound student, you know all too well, it is FAFSA season. Why should an event that seems invasive, confusing, and stressful be given such a lofty ranking?  How about a chance at free money?

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Top 10 Tax Tips about Debt Cancellation You Need to Know

Top 10 Tax Tips about Debt Cancellation You Need to Know

So, you are feeling pretty good about that lingering debt that has finally been stamped “paid in full.” 

canstockphoto3293160.jpgMaybe you have refinanced, modified a loan or emptied the piggy bank to clear last year’s credit card frenzy that left you with a bothersome monthly payment, accruing fees and a high interest rate.  But, is it all that simple? Will debt cancellation bu ok “as is” or are there other considerations to factor?

As recommended and published by the IRS, below, find a few of most common situations that you should be aware of surrounding debt cancellation and income. 

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Not So Quick: Reducing internal fraud when using Quickbooks

As a CPA who has watched the industry change over the years, I am excited to see the continual merge of technology with accounting.  As a result, there are many programs on the market to help non-CPAs help keep the books in order.  One of the most popular is QuickBooks.

I have spoken with many clients who view their colleagues as very benevolent and ethical individuals. They are in business to reach the greater goals and our not-for-profit clients and their employees are passionate about their mission. 

I have found that at times, their trusting nature of the noble people in their organization has caused them to lower their guard to some common fraud threats within their business or organization.

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Tax Return Fraud and Identity Theft: What you need to know right now.

The Internal Revenue Service (IRS) has begun issuing Identity Protection PINs (IP PINs). The IP PIN is a unique, six-digit number that is assigned annually to victims of identity theft (whose cases have been resolved) for use when filing their federal tax return. An IP PIN helps the IRS verify a taxpayer’s identity and accept their electronic or paper tax return.

When a taxpayer has an IP PIN, it prevents someone else from filing a tax return with their social security number (SSN) as the primary or secondary taxpayer (spouse).

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Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.
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