The Internal Revenue Service today issued guidance designating the earthquake that occurred in Chile in February 2010 as a qualified disaster for federal tax purposes. The guidance allows individuals who receive qualified disaster relief payments from any person to exclude those payments from income on their tax returns. Also, the guidance allows employer-sponsored private foundations to assist employee-victims in areas affected by this earthquake without affecting their tax-exempt status.   MORE »

Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following...  MORE »

In response to an information request from Rep. Kay Granger (R-Texas), the IRS discusses the tax consequences to a donor who receives a repayment of a charitable gift that he or she made in an earlier taxable year plus interest on the repayment..  MORE »

The IRS has announced its annual "Dirty Dozen" list of tax scams for 2009. And yes, abuse of charities and charitable deductions again made the list.  MORE »

The Internal Revenue Service and the Treasury Department have issued new regulations that will streamline the approval process for organizations seeking tax-exempt status as publicly supported charities.  MORE »

The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Unfortunately, the rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.  MORE »

The Service is reminding small tax-exempt organizations whose tax year ended on December 31, 2007 that the first e-Postcards are due by May 15, 2008. For organizations with a tax year that ends after December 31, 2007, the e-Postcard is due by the 15th day of the 5th month after the close of their tax year.  MORE »

The Internal Revenue Service recently released for public comment the draft instructions to the 2008 Form 990, which is the return most tax-exempt organizations must file annually. The IRS seeks public comment on the draft instructions to ensure that the final instructions meet the needs of the tax-exempt community. The public comment period will run until June 1, 2008.

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The Internal Revenue Service has announced the launch of a simple online filing system that small tax-exempt organizations can use to comply with a new law requiring them to file an annual return. It has also launched a disclosure website where the public can view a particular organization's e-Postcard.  MORE »

Following Wednesday's 352 to 64 House vote to pass the Senate amended Alternative Minimum Tax patch without offsetting tax increases, the IRS has announced it will immediately begin the final reprogramming steps for its income-tax processing systems to prepare for the upcoming tax season, and provide the tax professional and software communities with revised copies of the 12 tax forms impacted by the AMT legislation.  MORE »