Tax Tips for 2011

Check these recent happenings at the IRS to see if
any affect you.

* The gross receipts filing threshold for nonprofit
organizations has been raised from $25,000 to $50,000.
Those organizations with annual receipts below this
threshold may file a simple E-postcard with the IRS
each year; others are required to file a longer Form
990. The deadline for calendar-year nonprofit
organizations to file their 2010 report is May 16, 2011.
Nonprofit organizations that fail to file risk
eventually losing their tax-exempt status.

* It’s credit payback time for taxpayers who took the
first-time homebuyer credit for a home purchased in
2008. The IRS is notifying these taxpayers that
repayment of the 2008 credit begins with the 2010 tax
return and continues in equal installments over 15
years.

* Keeping up with the latest technology, the IRS now
has a smartphone app that will enable taxpayers to
check the status of their tax refunds. “IRS2Go” can
be downloaded at no charge on iPhones and Androids,
according to the IRS. Those who e-file their returns
must wait about 72 hours to check on refunds; paper
filers must wait three to four weeks. Yea!

If you have any questions, please feel free to contact us.

Evelyn

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One Response to Tax Tips for 2011

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