On December 20, the IRS released its Exempt Organization Newsletter, Issue Number 2011-20. Topics include the following:
- IRS Offers Tips for Year-End Contributions
- Renew Your PTIN Now
- Sharpen Your Record Keeping Skills
Individuals and businesses planning to make year-end contributions to charities should keep in mind several important tax law provisions that have taken effect in recent years. Read these tips and reminders from the IRS.
IRS.gov has additional information on charitable giving including:
- Tax Information for Charities & Other Non-Profits
- Publication 526, Charitable Contributions
- Online mini-course, Can I Deduct My Charitable Contributions?
The Internal Revenue Service reminds tax return preparers to renew their Preparer Tax Identification Numbers (PTINs) before year’s end. All 2011 PTINs will expire on December 31 and must be renewed annually.
The IRS urges preparers to start their renewal process now to avoid missing the deadline.
To renew, go to www.irs.gov/ptin and log into your existing PTIN account. After selecting PTIN Renewal, you simply review the information you previously provided for any updates, answer two new questions and pay your renewal fee of $63.
If you are a Certified Public Account, an attorney, an Enrolled Agent, or have other professional credentials, you must also add the expiration date of your credentials.
Read these tips to make your online application process go smoothly.
3. Sharpen Your Record Keeping Skills
As a new tax year begins for many calendar year taxpayers, now is a good time for organizations to review their record keeping practices. You can learn more about good record keeping by viewing this YouTube video.
Watch this and other videos on the IRS YouTube Channel.