Tax Planning: U.S.

Recent Answers

2012-02-10 Tax Law (Questions About Taxes) - Form 8332:

Deb,    Thanks for your question.    If your son has a Form 8332, signed by his ex wife releasing the claim to the exemption, he can take the exemption. You may need to override or adjust the computer

2012-02-10 Nonprofit Law - "dormant" 501 (c) (3):

Links to Form 990/990-EZ/990-N are  available at  www.irs.gov/charities/article/0,,id=152728,00.html  and at the bottom of that page is the link to "Filing thresholds"  (which 990 series return to file)

2012-02-10 Tax Law (Questions About Taxes) - Schedule E Rental Real Estate Losses:

Lyndon,    Thanks for your question.    The amount of deduction you can take for passive real estate rental losses depends on your adjusted gross income.    If under $100,000, you can take up to $25,000

2012-02-10 Nonprofit Law - Question on Directors Right Of Communication:

 The New York Not-for-Profit Corporation Law is available at http://goo.gl/lPmci and there is nothing there (or in any federal law) prohibiting anyone, who is a member of the Board of Directors from communicating

2012-02-10 Nonprofit Law - 990-N Asset test:

The asset test for the 990 takes precedence over the asset test for the 990-N.  In other words, an organization needs first to see if it is required to file the 990 or 990-ez.  If it does not, then the