Filing Requirements for Tax-Exempt Organization

Although tax-exempt organizations do not pay federal income taxes, they are required to file annual informational returns with the IRS.   Small tax-exempt organizations (those whose gross receipts are normally $25,000 or less) were formerly exempt from the filing requirements. However, the Pension Protection Act of 2006 imposed a new filing requirement on these smaller organizations to ensure that the IRS and potential donors have current information about them. These new requirements took effect for tax years beginning in 2007. The … Continued

What Happens If I Die Without a Will?

A person who dies without a will is said to have died “intestate” and his or her probate property goes to his or her heirs under the laws of intestacy for the state in which he or she was domiciled. In Indiana, if you die without a will and, at the time of your death, you have a surviving spouse, then your probate estate is distributed as follows: If you have at least one child or other direct descendant who … Continued

Using Contracts Effectively

When Benjamin Franklin said, “An ounce of prevention is worth a pound of cure,” he may very well have been referring to the use of contracts in business transactions. Few people would dispute that the best way to solve a legal problem is to prevent it from occurring in the first place; and preventing problems is one of the primary advantages of using contracts in business transactions. Not only do contracts help determine the appropriate course of action when a … Continued