The aging baby boomer generation means many adult children are taking on new roles of caring for their parents. During tax season, assisting aging parents is crucial for accurate returns. If your parent is already using a tax professional, discuss the types of documents you may need to help at tax time. Identifying the required […]
Income Tax
Nonprofits and Unrelated Business Income Tax (UBIT) – What does it Mean?
Nonprofit organizations are generally charitable, educational, or religious entities promoting a goal within the local or specific community. Under most circumstances, the nonprofit organization will fall under the tax exemption status as outlined by the Internal Revenue Service (IRS) under 501(c)(3) structure. Providing nonprofit organization owners a way to save money on income, the tax exemption […]