So far, there has only been one instance in which the IRS has revoked a church’s tax-exempt status on these grounds: the Pierce Creek Church in Binghamton, N.Y., which, in 1992, bought full-page ads in USA Today and the Washington Times telling Christians to beware of Bill Clinton due toRead More →
The $580 billion in unemployment insurance benefits paid out in 2020 are currently subject to federal income taxes. … Congress and the Department of the Treasury must exempt these benefits from taxation to support families facing sustained economic hardship. Will I get a tax refund if I was on unemployment?Read More →
Any corporation can be a partner in a general partnership, including an S corporation. While a general partnership is not a legal entity, it is a formal business relationship between at least two people. … Organizing as a corporation allows a general partner protection from personal liability. Can a partnershipRead More →
Although lottery winnings aren’t taxable in Canada, the owner of a lottery home may have to pay a capital gain tax if they choose to sell the house. Capital gain is the profit resulting from the selling of a capital asset (such as a house). Do I have to claimRead More →
Income from a guaranteed payment to a partner may be subject to self-employment tax, though that depends on the terms of payment. Guaranteed payments protect partners who put in time or money so that they will be compensated even if the partnership is a failure. Do guaranteed payments reduce taxable?Read More →