Form 990 is more than just a tax form; it’s a vital tool for nonprofit transparency and credibility. Whether you’re a new board member or an experienced nonprofit leader, understanding the basics can help you avoid impactful mistakes and even showcase your organization’s impact. Below are answers to some of the most frequently asked questions we receive from nonprofits.

With a new school year beginning, not only are parents buying new school supplies, but teachers are as well. As teachers prepare their classrooms, many of the expenses they incur to make a welcoming and educational atmosphere are not reimbursed. The tax code provides some relief, and starting next year, educators will have an even greater opportunity thanks to the One Big Beautiful Bill Act (OBBBA).

The alternative minimum tax (AMT) is a separate federal income tax system that bears some resemblance to the regular federal income tax system. The difference is that the individual AMT system taxes certain types of income that are tax-free under the regular system. It also disallows some deductions that are allowed under the regular system. If the AMT exceeds your regular tax bill, you owe the larger AMT amount.

The One, Big Beautiful Bill Act (OBBBA) contains a major overhaul to an outdated IRS requirement. Beginning with payments made in 2026, the new law raises the threshold for information reporting on certain business payments from $600 to $2,000. Beginning in 2027, the threshold amount will be adjusted for inflation.

The One Big Beautiful Bill Act (OBBBA) shifts the landscape for federal income tax deductions for state and local taxes (SALT), albeit temporarily. If you have high SALT expenses, the changes could significantly reduce your federal income tax liability. But it requires careful planning to maximize the benefits — and avoid potential traps that could increase your effective tax rate.

One of the most critical decisions entrepreneurs make when starting or restructuring a business is choosing the right entity type. This choice directly impacts how the business is taxed, the level of administrative complexity and regulatory compliance obligations. While legal liability considerations also matter, we will focus on tax implications. For liability advice, consult a legal professional.

As year end approaches, many businesses will soon be preparing for their annual audits. One key consideration is ensuring there are no potential conflicts of interest that could compromise the integrity of your company’s financial statements. A conflict of interest can cloud an auditor’s judgment and undermine their objectivity. Vigilance in spotting these conflicts is essential to maintain the transparency and reliability of your financial reports.

The federal government has announced a major change that will affect how numerous Americans receive their tax refunds and federal benefit payments. The U.S. Treasury Department, the IRS and the Social Security Administration (SSA) will soon stop issuing paper checks. This transition is designed to increase efficiency, reduce fraud and lower administrative costs — but it also means that taxpayers must prepare for an all-electronic system.

The "One Big Beautiful Bill Act" (OBBBA) includes several favorable changes for small business taxpayers. Among the most impactful are expanded and enhanced rules for depreciating business assets. Below is a breakdown of what you need to know and how your business might benefit.