Standing to Challenge a Will A person has “standing” to challenge a will if the person is named as a beneficiary in the Will or, although not named as a beneficiary, would inherit if the Will was held to be invalid. In other words, to have standing, you must be […]
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Procedure For Reinstatement Of Tax-Exempt Status Under Rev. Proc. 2014-11
August 7, 2017 | byIn 2014 the IRS issued Revenue Procedure 2014-11 telling organizations how they can apply for reinstatement of tax-exempt status if their exemption was automatically revoked for failure to file required annual returns or notices for three consecutive years. The published guidance provides three different procedures for organizations to apply for […]
IRS Expands Streamlined Program For Reporting Offshore Accounts Of U.S. Taxpayers
August 7, 2017 | byU.S. citizens and resident aliens are required to report worldwide income from all sources including foreign accounts and pay taxes on that income. Failure to report the existence of those foreign accounts on Schedule B of their tax returns or pay taxes on the income from those accounts may lead […]
IRS Releases Streamlined Form 1023-EZ for Small Organizations Seeking 501(c)(3) Status
August 7, 2017 | byOn July 1, 2014 the Internal Revenue Service issued Form 1023-EZ, a streamlined version of the Form 1023, to make it easier for small organizations to apply for tax exempt status under Internal Revenue Code (“Code”) Section 501(c)(3). Form 1023-EZ, which must be filed electronically, is only three pages long […]