When people think of a nonprofit organization they often automatically assume it is tax exempt, but that is not always the case. Certain exempt nonprofits are liable for tax if they have unrelated business taxable income.
We thought it might be fun to share with you a list of our top ten, most-read articles of 2012. Overall, it looks like technology topics are of the most interest to you and your colleagues, followed by career and tax-related stories. Enjoy!
Earlier in the year, the Tax Court allowed a taxpayer to use a formula clause to determine the value of a business interest for gift tax purposes (TC Memo 2012-88). But the IRS refuses to knuckle under to the court.
Business leaders are coming to the realization that if they want to see meaningful US corporate tax reform, they will need to give up some tax preferences in exchange for a lower statutory corporate tax rate, according to a survey by KPMG LLP.
The Supreme Court ruled to uphold much of the PPACA, which puts in motion the expansion of the health care system, including the individual mandate requiring all U.S. citizens to maintain minimum health care coverage or pay a penalty.