The Internal Revenue Service (IRS) recently announced that it is changing the website it uses to collect information from IRS Form 990-N filers. The Form 990-N is a very brief annual filing that smaller tax-exempt organizations are able to utilize in place of submitting the lengthier Form 990-EZ or Form 990. Many state, regional, and local affiliates and chapters of national nonprofit organizations qualify to submit the 990-N.

The Form 990-N submission website will change as of February 29, 2016. All nonprofit organizations submitting Form 990-N should consider filing by February 28, 2016 in order to use the old submission website. Starting February 29, 2016, in order to file the Form 990-N, all nonprofits will be required to complete a one-time registration and file Form 990-N submissions through the IRS’s website at www.irs.gov.

Who Must File the Form 990-N

The Form 990-N is a short, 8-question filing that must be filed by organizations whose annual gross receipts are normally $50,000 or less. An organization meets this criterion if it:

Published in OSCPA Takeaways, Mar. 10, 2016
By Jennifer Rieman, CAE, manager, public relations

Clients. Culture. Community. 
It's not about the work we do; it's about the people we serve. 

So, you are feeling pretty good about that lingering debt that has finally been stamped "paid in full." 

Maybe you have refinanced, modified a loan or emptied the piggy bank to clear last year's credit card frenzy that left you with a bothersome monthly payment, accruing fees and a high interest rate.  But, is it all that simple? Will debt cancellation bu ok "as is" or are there other considerations to factor?

As recommended and published by the IRS, below, find a few of most common situations that you should be aware of surrounding debt cancellation and income. 

 The following is an article published March 2, 2016, by Michael Cohn of Accounting Today. 

Deep into February, I begin to receive two very common questions:

Many business owners stress over gathering receipts, recalculating figures and some even lose sleep over filling out their tax yearly organizer. But did you know, there are five things your CPA really wants to see when you submit your information so that he or she can start to work on your taxes? Let’s take a look...