Deadline to File S Corp. Election for 2021 is March 15
February 24, 2021

If you want your small business to be classified for income tax purposes as an S corporation for the 2021 tax year, you have until March 15, 2021, to make an election using IRS Form 2553. By electing S corp. status for your stock corporation…

How to Correct Mistakes on a Filed IRS Form SS-4 (EIN Application)
October 05, 2020

The Problem You are trying to successfully navigate the many challenges of small business ownership and one day you discover, much to your dismay, that incorrect information was inadvertently reported on Form SS-4 to the IRS (or perhaps the…

Employee or Independent Contractor?
May 15, 2020

The legal distinction between an employee and an independent contractor has confused and frustrated business owners, attorneys, and accountants for many years. The purpose of this article is to provide some guidance for business owners and explain…

What is an EIN Confirmation Letter and How Do I Get One?
April 07, 2020

Millions of small business owners are currently applying for loans in one of the new SBA emergency loan programs related to the COVID-19 crisis (e.g., EIDL and PPP loans). Apparently, one of the due diligence documents lenders are asking loan…

Notifying the IRS of a Business Name Change
April 06, 2020

Every business has a name, and sometimes, for various reasons ranging from a rebranding campaign to a change in ownership, the name changes. If the business operates through a legal entity, such as a Virginia LLC, then an it changes its name…

Fundraising and Timing Issues for Newly Formed Nonprofit Organizations
December 13, 2019

Startup nonprofits often face a tough fundraising challenge during their first year or two of existence. The organization desperately wants to begin operations in pursuit of its charitable mission before they receive formal approval of their…

It is Not too Early to Start Preparing Your Form 990!!
January 22, 2019

For nonprofits that operate on a fiscal year ending December 31st, it is not too early to start thinking about IRS Form 990-whichever version the organization needs to file.  For a quick refresher on the key details on Form 990-N and 990-EZ, click…

New Changes to IRS Form 1023-EZ Now in Effect
February 08, 2018

The IRS recently rolled out a few minor changes to its Form 1023-EZ, an abbreviated version of Form 1023 that allows smaller nonprofits to apply for recognition of tax-exempt status more quickly and cost effectively.  For a discussion of the…

Five-Minute Intro to IRS Group Exemptions
January 18, 2018

For a quick introduction to IRS group exemptions click here.