Crowdfunding is a method used to raise money through websites by soliciting contributions from numerous people. Contributions may be solicited to fund businesses or projects, for charitable donations, or for private gifts. The contributions are solicited by the people establishing the crowdfunding campaigns or by crowdfunding organizers. However, many people do not know that the […]
Tag: tax compliance
Business Tax Insights You Need to Know
If you’re running a business, you’re on the hook for a variety of taxes. Let’s take a look at the main categories: Income tax—All businesses except partnerships must file an annual income tax return. (Partnerships file an information return.) However, which form you use depends on how your business is organized, so you’ll need to […]
What You Need To Know About An IRS Audit
First, make sure you really received an audit notification. The IRS will notify you by mail. The IRS does not notify taxpayers about audits by phone call or through email. If you do get an email saying you’ve been selected for an audit, it’s likely fraudulent. If you’ve determined that you’re definitely getting audited, your […]
IRS Issues Advice for the Tax Exempt
If you’re planning to enter the world of tax-exempt organizations, you first need to understand what a tax-exempt organization actually is. According to the IRS, the organization must fall into one of the following categories: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, or preventing cruelty to […]