Tag Archives: tax exempt organizations

Tax Updates September 18

Third Quarter Tax Payments Due

The IRS reminds taxpayers that those owing estimated quarterly tax payments must
pay their third quarter installment by September 16 . This generally applies to small
business owners and the self-employed, including those participating in the sharing
economy as well as others whose earnings aren’t subject to withholding, such as
retirees, investors, landlords, and those receiving alimony.

Regulations For 100% Depreciation Released

The IRS and Treasury released final and proposed regulations regarding the 100% first-
year depreciation allowed on certain depreciable business assets. Machinery,
equipment, computers, appliances and furniture generally qualify. The final regulations
provide guidance on the depreciation of used property as well as qualified film,
television and live theatrical productions. The proposed regulations deal with new
provisions not addressed previously.

Reporting Relief For Some Tax-Exempt Organizations

The IRS has issued proposed regulations regarding the reporting requirements for
certain tax-exempt organizations which include, among other things, the existing
exception from having to file an annual return for certain organizations that have gross
receipts of $50,000 or less, and relief from the requirement to report contributor names
and addresses. In compliance with a recent court decision, the IRS and Treasury
welcome all public comments on the proposed regulations.

Former US Citizens Offered Tax Relief

New procedures have been announced that will enable certain individuals who
relinquished their U.S. citizenship to fulfill their tax and filing requirements and receive
some relief for back taxes. Those whose tax non-compliance was non-willful, who owe
less than $25,000 in back taxes, and whose net assets are less than $2 million may be
able to avoid interest and penalties, and come into compliance with their tax obligations.
The IRS will host a webinar in the near future with additional information and practical
tips for making a submission to the Relief Procedures for Certain Former Citizens .