Tax

IRS Form 1023-EZ: Nonprofits Rejoice – but is the Potential for Fraud Real?

On July 1, 2014, the Internal Revenue Service (IRS) released Form 1023-EZ, a streamlined alternative to the venerable IRS standard-bearer in the world of nonprofits – Form 1023 Application for Recognition of Exemption Under Section 501(c)(3). The original Form 1023, weighing in at a robust 26 pages (including 7 schedules), can be burdensome,...

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President Signs Tax Increase Prevention Act of 2014: Incentives for Employers and Individuals

Year-End Strategies Pave the Way for Minimizing Your Tax Burden in 2015

By Mark G. Kmiecik The final months of 2014 are a great time to finalize your tax planning opportunities and set the stage for minimizing your tax outlay in 2015. As a business owner, please be aware that in the wake of the election, sources indicate tax extenders are likely to pass, with some differences between the two houses in Congress being...

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Wisconsin’s New Trust Code: Ten Important Aspects Impacting Estate Plans

By Mark G. Kmiecik & Charles G. Maris On July 1, 2014, Wisconsin’s New Trust Code (“WTC”) takes effect making Wisconsin the 29th jurisdiction to adopt a version of the Uniform Trust Code (“UTC”). The UTC grew out of the realization that modern era trust business is now globalized like the economy, and that a uniformity of trust laws is...

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President Signs Tax Increase Prevention Act of 2014: Incentives for Employers and Individuals

Completed Contract Decision Gives Developers Wide Latitude

By Joseph E. Tierney, IV The United States Tax Court recently decided in the taxpayer's favor in a matter pertaining to the taxpayer's interpretation of the completed contract method of accounting. Under this method, profits from the sale of homes are deferred until the tax year when the builder has incurred 95% of the project’s total cost. In...

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