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Hi, Friend. Here are your Articles for August 6, 2008.
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 By now, most nonprofits have heard that there is a new Internal Revenue Service (IRS) Form 990, Return of Organizations Exempt From Income Tax. This form takes effect for tax year 2008. Organizations that are required to file a 2007 version of the form will still file the old form. While final forms and instructions will not be released until later this year, exempt organizations need to start planning now for the changes. The new form consists of an 11 page "core" form, that all 990-filers will be required to file, and a potential of 16 additional schedules that organizations could be required to file, depending upon their activities. If you work at a nonprofit organization, or volunteer on a board, you need to learn about this new form. Read on for more details. |
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation.
The drafter of the tax articles in this e-newsletter did not intend nor write the advice to be used to avoid any penalty imposed by a taxing authority, nor may any user/recipient of this document use this document's written tax advice for that purpose. This document's tax advice was written specifically to support the promotion or marketing of the transaction/matter addressed by the written tax advice. Therefore, any user/recipient of this document should seek an independent tax professional's advice regarding the user/recipient's particular circumstances.
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415 Fallowfield Road Camp Hill, PA 17011
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The Internal Revenue Service has released for public comment draft revisions to: Form 1065, U.S. Return of Partnership Income; Form 1120, U.S. Corporation Income Tax Return; and certain related schedules. Included in the release are new Schedule B for Form 1120 and Schedule C for Form 1065. These forms will be for use for tax years ending on or after Dec. 31, 2008. Read on for details.
McKonly & Asbury, LLP is once again proud to sponsor the annual Central Penn Business of the Year Awards. These awards honor area companies and business executives for their exceptional roles in helping our business community to grow and prosper. The Central Penn Business Journal is now accepting nominations for this year's awards. Read on for more details and information on how to submit a nomination. 
Commercial leases should be framed to give your company the maximum advantage. Click "Full Article" for a look at some crucial items that should be included in your company's rental agreements to provide the maximum protection and best tax advantages.
Do you operate two or more corporations that share some employees? By using this little-known technique, you can save on Social Security tax.
