The New York Times yesterday gave a breakdown of proposals to change how donors calculate donations in their taxes: All three deficit reduction proposals from the blue ribbon panels would eliminate the deduction in its current form. One of the panels, the National Commission on Fiscal Responsibility and Reform would give taxpayers a tax credit [...]
In my last post about nonprofit structure, some interesting and important aspects of tax-exemption weren’t fully explored. Specifically, I glossed over why tax-exemption exists in the first place. Let’s rectify that. The tax-exemption at the heart of nonprofit organizations—along with “nondistribution constraint” (i.e. one cannot profit from, or own equity in, a nonprofit; it may [...]
The IRS is using the last two digits of your Social Security Number to determine when you’ll receive your Economic Stimulus (e.g. free money i.e. your children’s money). Paper checks will also go out based on Social Security number. For Social Security numbers ending in 00 through 09, the paper checks will be mailed starting [...]
