Payment processing apps such as PayPal and Venmo will now be required to report transactions of $600 or more to the IRS in 2022. Article Summary Beginning Jan. 1, 2022, if you receive $600 or more payments for goods and services through a third-party payment network, such as PayPal, Venmo or … [Read more...]
Choice of Tax-Exempt Entity Status
By: James A. Bradley, CPA, MBT(Tax), Tax Manager at Millan and Co, PC, Austin, TX. August, 2019. jim@millancpa.com Do you want to form a nonprofit organization? What tax-exempt entity status should you choose? Should you select Section 501(c)(3), Section 501(c)(4), or Section 527 of the Internal … [Read more...]
How to Form a Nonprofit Organization in Texas
By: James A. Bradley, CPA, MBT(Tax), Tax Manager at Millan and Co, PC, Austin, TX. June, 2019. jim@millancpa.com A nonprofit organization is organized for charitable, educational, or religious purposes, and it can qualify for tax-exempt status under Section 501(c)(3) of the Internal Revenue Code. … [Read more...]