Latest news with #FranchiseTaxBoard
Yahoo
12-05-2025
- Business
- Yahoo
The Biggest Form 990 Deadline of the Year (May 15) is Here: Tax990 Delivers Stress-Free Last-Minute Filing for Nonprofits
With the May 15 deadline approaching, Tax990 offers nonprofits fast, reliable filing solutions and expert support to ensure timely, accurate Form 990 submissions. ROCK HILL, SC / / May 12, 2025 / As the May 15 deadline approaches, thousands of nonprofit organizations across the country are making their final preparations to file Form 990. Tax990, an IRS-authorized e-file provider, supports organizations during this crucial period with reliable, last-minute filing options and dedicated support to ensure compliance and peace of mind. Who needs to file by May 15? Tax-exempt organizations that operate on a calendar year, from January 1 through December 31, must file their annual tax return with the IRS by May 15, 2025. This includes most public charities, private foundations, and other tax-exempt entities. Forms due, penalties, and extensions The May 15 deadline applies to a range of forms, including: Form 990-N (e-Postcard): For small nonprofits with gross receipts of $50,000 or less. Form 990-EZ: For nonprofits with gross receipts under $200,000 and total assets under $500,000. Form 990: Required for organizations with gross receipts of $200,000 or more or total assets of $500,000 or more. Form 990-PF: Filed by all private foundations. Form 990-T: Required for any exempt organization with $1,000 or more in gross income from unrelated business activities. CA Form 199: This applies to California nonprofits that obtained tax-exempt status from the Franchise Tax Board (FTB). Failing to file on time can result in daily penalties, and organizations that don't file for three consecutive years risk automatic revocation of their tax-exempt status. For nonprofits that need additional time, Form 8868 provides an automatic 6-month extension. The Tax990 Commitment Tax990 is dedicated to making nonprofit tax filing as simple and stress-free as possible through intuitive features, clear instructions, and expert support, backed by the Tax990 Commitment. Tax990 does everything in its power to ensure each 990 return gets approved by the IRS, which includes: Complimentary Extension Requests: If an organization needs more time, they can pay for their 990 upfront and file an 8868 at no additional charge and get an instant 6-month extension. Retransmit Rejected Returns: If the IRS rejects a return due to an error, Tax990 allows clients to fix the issue and retransmit at no added cost. No-Cost Amendments: If errors are discovered after IRS acceptance, clients can file up to 3 amendments at no additional charge. Money-Back Guarantee: If a return is rejected as a duplicate or cannot be fixed and retransmitted, Tax990 provides a full refund. Built for fast, accurate filing Tax990 goes beyond compliance-it's designed for convenience. With features built specifically for nonprofits, the platform enables faster preparation and greater accuracy: Option to Copy Data from Previous Returns - Even if last year's return was filed elsewhere. Easy Form Preparation - Form-based and interview-based filing options with a guided filing experience and on-screen tips. Free Schedules - Based on the data entered on the main form, Tax990 automatically includes the necessary 990 Schedules at no extra cost. Internal Audit Check - The Tax990 system incorporates built-in validations to catch common errors before submission. World-Class Customer Support - Based in the U.S. and ready to help via chat, email, or phone. AI Chatbot Assistance - Available 24/7 to answer common filing questions in real-time. With the May 15 filing deadline this week, Tax990 can help nonprofits navigate the season with confidence. Those required to file Form 990 can create a free account and get started at About Tax990 Tax990 is the premier, IRS-authorized e-file provider of nonprofit tax forms. Tax990 provides solutions for nonprofits that are required to file Form 990-N, 990-EZ, 990, 990-PF, 990-T, CA Form 199, 8868, 1120-POL, and 8038-CP with the IRS. With advanced features and affordable pricing, the goal of Tax990 is to help nonprofits file easily, so they can keep doing good. About SPAN Enterprises Based in Rock Hill, South Carolina, SPAN Enterprises has been developing industry-leading software solutions for IRS e-filing and business management tools for over a decade. The SPAN Enterprises portfolio of products includes TaxBandits, Tax990, ACAwise, ExpressExtension, and more. For all media inquiries, please contact Caleb Flachman, Marketing Manager, at Caleb@ SOURCE: Tax990 View the original press release on ACCESS Newswire Sign in to access your portfolio
San Francisco Chronicle
09-05-2025
- Business
- San Francisco Chronicle
Will Californians' taxes go down with Trump tax cuts? It could come down to one thing
Republican lawmakers are debating a tax policy that could have major implications for Californians. The Tax Cuts and Jobs Act of 2017, enacted during the first Trump administration, imposed a limit on how much of your state and local taxes could be deducted from your federal taxable income. The limit, referred to colloquially as the 'SALT cap,' was set at $10,000. It is set to expire at the end of the year, along with many other provisions of the 2017 Trump tax bill. But Republicans are preparing a new package of tax changes, and whether to raise or eliminate the SALT cap has been a major talking point. For more than a century, there was no limit on SALT deductions. The deduction was first added to the tax code in 1913 with the idea that people shouldn't be taxed twice on their income — and thus, you should be able to subtract what you've already paid in state and local income taxes, property taxes and personal property taxes from the amount on which you're being assessed for federal taxes. But after Trump took office in 2017, Republicans saw a new $10,000 cap as a much-needed source of tax revenue. It also happened to target states that didn't vote for Trump. The impact of the cap was disproportionately felt by higher-income people in coastal blue states, including California and New York. That's because to claim the SALT deduction rather than the standard deduction, taxpayers file an itemized return, and higher-income people are more likely to itemize their deductions. Also, wealthy blue states tend to have higher taxes because they offer more government services, and have higher home prices that command higher property taxes. (Though California's Prop 13 property tax increases for homeowners who stay put.) To compare: The median existing home-sale price in March was $403,700 nationally, $884,350 in California and a whopping $1.4 million in the Bay Area, according to data from the National Association of Realtors and its California branch. Richard Pon, a certified public accountant and certified financial planner based in San Francisco, said his clients were initially upset by the new limit on deducting state and local taxes. But the 2017 law also increased the income level at which the alternative minimum tax, or AMT, kicks in. Pon said many of his clients, most of whom make over $200,000 annually, were no longer subject to AMT under the changes, and so owed less as a result, helping offset the losses from the SALT cap. But politicians from both sides of the aisle representing California, New York and other affected states have been advocating to raise or eliminate the SALT cap. While campaigning last year, Trump courted New York voters with a post on Truth Social saying he would 'get SALT back.' The SALT cap led to an estimated 1 million California taxpayers owing $12 billion more annually, according to data from the state Franchise Tax Board cited by CalMatters in 2019. The majority of those taxpayers, 62%, made between $100,000 and $250,000 annually, the data showed. Funds raised by the newly imposed SALT cap helped offset other tax cuts in Trump's signature legislation: In addition to limiting the SALT deduction, the TCJA doubled the standard deduction, eliminated personal exemptions and a number of miscellaneous deductions, reduced the maximum mortgage interest deduction, doubled the maximum child tax credit to $2,000, created a $500 credit for older dependents and created a generous deduction for many pass-through entities not subject to corporate income tax, like businesses with sole proprietorships,. Almost all of its changes for individuals are set to expire at the end of this year, while nearly all of the corporate ones, including cutting the corporate tax rate from 35% to 21%, are permanent. Part of the debate in Congress right now comes down to whether the SALT cap will be lifted entirely, raised, or limited to certain income levels. Pon said another consideration would be pegging the amount to inflation — the $10,000 hasn't come up for discussion since 2018 — or removing the marriage penalty on the limit, since under the current tax code the cap is $10,000 for both single people and for married couples filing jointly. 'I don't see that there's a real interest from anybody, Republican or Democrat, in helping millionaires and billionaires,' said Rep. Nicole Malliotakis, R-N.Y., according to Politico. She proposed lifting the cap for people with household incomes 'under the $400,000-$500,000 range.' But others — so-called 'SALT Republicans' from predominantly blue states — say they want the SALT deduction limit completely eliminated. And on the other end of the spectrum, 32 Republicans from the House signed a letter saying they wouldn't support the new tax package unless there were $2 trillion in concrete spending cuts, and the bill must not add anything to the deficit, meaning raising or lifting the SALT cap would have to be offset by increased taxes or decreased spending elsewhere. So the future of the SALT cap is still up in the air. GOP leaders have been hoping to get a vote on the new tax package set for the House Ways and Means Committee this week. If you feel strongly about it, consider getting in touch with your elected representative to let them know. (You can look them up on the House ' Find Your Representative' webpage.)
Yahoo
15-04-2025
- Business
- Yahoo
Good news on 'Tax Day': filing extensions and discount deals for pizza, burgers and doughnuts
Today's tax filing deadline is usually a dreaded experience for taxpayers who have to dole out a big chunk of dough to the government. But many restaurants are offering some financial relief this week: discount deals on burgers, doughnuts and pizzas. And here's another bit of relief: California residents and businesses affected by the January wildfires have been granted a six-month extension (until Oct. 15, 2025) to file federal tax returns and make payments, according to the Internal Revenue Service. The state also is giving an automatic six-month extension to file tax returns for all Californians; however, any taxes owed for calendar year 2024 must be deposited or postmarked by April 15, 2025, according to the Franchise Tax Board. Taxpayers who are unsure whether they will owe money can refer to the Board's Tax Calculator. For more information contact the Franchise Tax Board by calling (888) 825-9868 or email ftblacountydisasterrelief@ Whether you're filing your taxes today or deferring to a later date, you can still take advantage of these discounts and deals offered today and in some cases throughout the week. Royal Perk account holders can purchase a cheeseburger for 1 cent with any $1 purchase at the fast food chain through April 20. To get the offer you must use the Burger King app or order online. The deal is not valid in Alaska, Hawaii and U.S. territories. Read more: Hike in L.A. County sales tax hits today. How much more will you pay? On Tuesday only, when you order any dozen doughnuts online for pickup or delivery, you'll get a second dozen Original Glazed doughnuts for free with the discount code "TAXBREAK." If you decide to purchase your dozen doughnuts in person, the second Original Glazed dozen will be the equivalent to the California sales tax for the first dozen. That comes out to about $1.52 under the current statewide sales tax rate of 7.25%, according to the California Department of Tax and Fee Administration. A purchase of $10.40 or more at the New York-based restaurant chain can get you a free Black Truffle Burger, Black Truffle 'Shroom or Black Truffle Parmesan Fries. To get the deal use the code "TRUFFLETAX" at purchase. If you sign up for California Pizza Kitchen rewards you'll receive $10 off $40 on your dinner in or takeout order. The offer is valid through April 17. Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week. This story originally appeared in Los Angeles Times.
Los Angeles Times
15-04-2025
- Business
- Los Angeles Times
Good news on ‘Tax Day': filing extensions and discount deals for pizza, burgers and doughnuts
Today's tax filing deadline is usually a dreaded experience for taxpayers who have to dole out a big chunk of dough to the government. But many restaurants are offering some financial relief this week: discount deals on burgers, doughnuts and pizzas. And here's another bit of relief: California residents and businesses affected by the January wildfires have been granted a six-month extension (until Oct. 15, 2025) to file federal tax returns and make payments, according to the Internal Revenue Service. The state also is giving an automatic six-month extension to file tax returns for all Californians; however, any taxes owed for calendar year 2024 must be deposited or postmarked by April 15, 2025, according to the Franchise Tax Board. Taxpayers who are unsure whether they will owe money can refer to the Board's Tax Calculator. For more information contact the Franchise Tax Board by calling (888) 825-9868 or email ftblacountydisasterrelief@ Whether you're filing your taxes today or deferring to a later date, you can still take advantage of these discounts and deals offered today and in some cases throughout the week. Royal Perk account holders can purchase a cheeseburger for 1 cent with any $1 purchase at the fast food chain through April 20. To get the offer you must use the Burger King app or order online. The deal is not valid in Alaska, Hawaii and U.S. territories. On Tuesday only, when you order any dozen doughnuts online for pickup or delivery, you'll get a second dozen Original Glazed doughnuts for free with the discount code 'TAXBREAK.' If you decide to purchase your dozen doughnuts in person, the second Original Glazed dozen will be the equivalent to the California sales tax for the first dozen. That comes out to about $1.52 under the current statewide sales tax rate of 7.25%, according to the California Department of Tax and Fee Administration. A purchase of $10.40 or more at the New York-based restaurant chain can get you a free Black Truffle Burger, Black Truffle 'Shroom or Black Truffle Parmesan Fries. To get the deal use the code 'TRUFFLETAX' at purchase. If you sign up for California Pizza Kitchen rewards you'll receive $10 off $40 on your dinner in or takeout order. The offer is valid through April 17.
CBS News
11-02-2025
- CBS News
Milton Grimes, LA attorney who represented Rodney King, gets prison time for tax evasion
Milton C. Grimes, a longtime Los Angeles attorney, was sentenced Tuesday to 18 months in prison and ordered to pay more than $7 million in restitution for a case of tax evasion spanning more than two decades. Between 2002 through 2023, Grimes did not pay federal income taxes for 23 of those years — evading $5,921,260 in taxes, penalties and interest owed to the IRS — and he has admitted to owing more than $1,313,231 in delinquent state taxes to the Franchise Tax Board, according to the U.S. Attorney's Office for the Central District of California. The lawyer has been at the center of a number of high-profile cases over his decades-long career. He represented Rodney King in his 1991 lawsuit against the city, Bloomberg reports, a case that drew national headlines when the LA Riots broke out in April 1992 after a jury acquitted four officers in King's beating. Grimes pleaded guilty in October to one count of tax evasion after being indicted by a federal grand jury in March of last year. "Despite being a respected attorney, Mr. Grimes also made the deliberate decision to cheat on his taxes for decades, evading the payment of millions of dollars in tax that all citizens are required to pay," Acting U.S. Attorney for the Central District of California Joseph T. McNally said in a statement Tuesday. Federal prosecutors said the IRS began trying to collect Grimes' unpaid taxes in September 2011 by issuing more than 30 levies on his personal bank accounts. However, according to prosecutors, he continued to evade payment of those taxes by not depositing his income into the bank accounts which were subject to levy. "Instead, Grimes purchased approximately 238 cashier's checks totaling $16 million to keep the money out of the reach of the IRS," reads the statement from the U.S. Attorney's Office. "Grimes would routinely purchase cashier's checks and withdraw cash from his client trust account, his Interest on Lawyers' Trust Accounts (IOLTA), and his law firm's bank account, rather than pay the IRS." Currently, the State Bar of California reports Grimes' license to practice remains active, but a consumer alert has been issued stating he has been charged with a felony.
