December 18, 2020
Authored by: Keith Kehrer
Year-end reminder: Expanded tax benefits help individuals and businesses give to charity during 2020
The IRS today explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year.
The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes four temporary tax changes that are designed to help people and businesses who give to charity this year. Here is a rundown of these key changes.
Update on Mandatory E-Filing in 2021
The Taxpayer First Act, enacted July 1, 2019, requires tax-exempt organizations to electronically file information returns and related forms. The new law affects tax-exempt organizations in tax years beginning after July 1, 2019.
- Tax Year 2020 Forms 990-T & 4720 Are Being Revised and Will be Available for E-filing in 2021
In 2020, the IRS continued to accept paper Form 990-T, Exempt Organization Business Income