Business Condo Association Denied Non-Profit Status

Non-profits do not pay Federal income taxes. Many states also exempt these entities from state income taxes. The local tax assessor may also exempt the entity from property taxes. The IRS regulates non-profits by denying non-profit status to entities. It also has a whole regime of penalties and excise taxes to deter for-profit entities from…

Funeral Expense Organization Denied Nonprofit Status

Funeral Expense Organization Denied Nonprofit Status

Gargamel, the antagonist in the Smurfs, is the villain. Wile E. Coyote in the Road Runner, Raquelle in Barbie, Lex Luther in Superman, the Joker in Batman, Darth Vader in Star Wars. The list goes on. That is one side of these stories. It’s the side of the story that is presented to us. It…

Revocation of Nonprofit Status Triggers Retroactive Interest

Revocation Of Nonprofit Status Triggers Retroactive Interest

There are some areas of law where principles of equity and good faith play a big role. By and large, tax law does not adopt these principles. The CreditGUARD v. Commissioner, 149 T.C. 17 (2017) case provides an example. The case addresses whether the IRS is entitled to interest on a corporate tax liability when…