The Tax Cuts and Jobs Act (“TCJA”) almost doubled the Standard Deduction. For 2022, Single filers can claim $12,950, Head of Household $19,400 and Married Filing Jointly $25,900. Additionally, the maximum amount that can be deducted for state and local…
Tagged with: 501(c)(3)
, Adjusted Gross Income
, Charitable Contribution
, Income Taxes
, Itemize Deductions
, Medical Expenses
, Mortgage Interest
, Nonprofit Organizations
, Qualifed Charitable Distribution
, Required Minimum Distribution
Nonprofit organizations are required to file an information return annually. See our recent post for the details on this. Nonprofit organizations that don’t meet their filing requirements for three consecutive years automatically lose their tax-exempt status.
All nonprofit organizations are required to file one of the IRS Form 990s. There have been some changes made to these forms that nonprofit organizations need to be aware of.
Tom Scanlon participated in the Rebuilding Together program in Manchester. “Rebuilding Together” is part of a national non-profit organization. The goal of this organization is to bring communities together in an effort to assist those in need of general home…
This holiday season, the partners of Borgida & Company received a “Trunk Full of Turkeys” from their staff. All were donated to Manchester Food Pantry.