Starting a charitable organization is unarguably a kind thing to do. Just as important as the charity work you do is how you run your nonprofit, not only for the benefit of the cause you serve but also for your own advantage. You may think that your charitable organization is automatically tax exempt by nature, but it needs to meet specific requirements and follow certain rules to receive and maintain the status of tax exemption. The Internal Revenue Code outlines these standards in section 501(c)(3).
Each year during tax season, we receive questions from many Georgia taxpayers about IRS audits. In particular, individuals and small business owners want to know what they can do to minimize their risk of being audited. While there is no way to completely avoid an audit, being accurate when completing your tax filings should help. Accuracy will also work in your favor if the IRS selects your tax return to audit.
Many taxpayers in Georgia look forward to receiving their annual W-2 form from their employer. The W-2 form -- officially, the Internal Revenue Service's Wage and Tax Statement -- lists an employee's wages for the year as well as some other key figures, including federal income tax withholding. In order to file taxes with the IRS - and, in many cases, receive their tax refunds -- workers need the information from their W-2 from their employers.