Category Archives: IRS

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Delayed Filing Season for Certain Tax-Exempt Hospital Organizations

The Affordable Care Act added new requirements that 501(c)(3) hospital organizations must satisfy to maintain their tax-exempt status.  Because many of these provisions are effective for tax years beginning after enactment, revision of Form 990, Schedule H (Hospitals) and its instructions has been a priority for the IRS.  Learn more about the new requirements for 501(c)(3) hospitals and implementation efforts on IRS.gov.

In order to complete implementation of changes to IRS forms and systems that are required to reflect additional requirements for charitable hospital hospitals, the IRS is delaying the start of the 2010 filing season for certain tax-exempt organizations that operate one or more hospitals (hospital organizations) required to file Form 990, Schedule H (Hospitals).  Hospital organizations may not file 2010 Forms 990 with Schedules H attached before July 1, 2011.

Pursuant to Announcement 2011-20, the IRS has granted an automatic 3-month extension of time to file the Form 990 to hospital organizations with filing due dates before August 15, 2011.  For more information about the delayed filing season for hospital organizations and frequently asked questions go to IRS.gov.

IRS Has $1.1 Billion for People Who Have Not Filed a 2007 Income Tax Return

WASHINGTON — Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people who did not file a federal income tax return for 2007, the Internal Revenue Service announced today. However, to collect the money, a return for 2007 must be filed with the IRS no later than Monday, April 18, 2011.

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IRS FREE Webinar: What New Non-501(c)(3) Organizations Need to Know

A FREE Webinar on February 24, 2011 about: What New Non-501(c)(3) Organizations Need to Know
Who Should Attend:
This new webinar was developed especially for new 501(c)(4), (c)(5), (c)(6),    (c)(7), (c)(8) and (c)(10) tax exempt organizations —  including social welfare, labor and agricultural organizations, business leagues, trade associations, social clubs, and fraternal organizations — and the tax professionals who represent them.  Other members of the exempt organizations community will find the webinar of interest as well

Important Tax Law Changes for 2010

Taxpayers should make sure they are aware of many important changes to the tax law before they complete their 2010 federal income tax return.

Here are several important changes that the IRS wants you to keep in mind when you file your 2010 federal income tax return in 2011.

Health Insurance Deduction Reduces Self Employment Tax In 2010, eligible self-employed individuals can use the self-employed health insurance deduction to reduce their social security self-employment tax liability in addition to their income tax liability. As in the past, eligible taxpayers claim this deduction on Form 1040 Line 29. But in 2010, eligible taxpayers can also enter this amount on Schedule SE Line 3, thus reducing net earnings from self-employment subject to the 15.3 percent social security self-employment tax.

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IRS to Start Processing Delayed Returns on Feb. 14; Most People Unaffected and Can File Now

WASHINGTON — The Internal Revenue Service plans a Feb. 14 start date for processing tax returns delayed by last month’s tax law changes. The IRS reminded taxpayers affected by the delay they can begin preparing their tax returns immediately because many software providers are ready now to accept these returns.

Beginning Feb. 14, the IRS will start processing both paper and e-filed returns claiming itemized deductions on Schedule A, the higher education tuition and fees deduction on Form 8917 and the educator expenses deduction. Based on filings last year, about nine million tax returns claimed any of these deductions on returns received by the IRS before Feb. 14.

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