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	<title>Natalya Attestatova, CPA</title>
	<link>http://natalyacpa.com/blog</link>
	<description>Your tax questions answered</description>
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		<title>Debt Forgiveness</title>
		<description><![CDATA[What happens after the mortgage on your house is foreclosed? You don&#8217;t have the debt, but you MAY have the tax liability. There are two main areas of concern: 1. Income from cancellation of debt 2. Gain on sale of the foreclosed property Let&#8217;s discused the first one: There are two types of loans: recourse [...]]]></description>
		<link>http://natalyacpa.com/blog/2010/04/19/debt-forgiveness/</link>
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		<title>Excise Taxes on Private Foundations</title>
		<description><![CDATA[Excise Tax on Investment Income Net investment income (dividends, interest, royalties, net operating gains LESS directly related expenses) is taxed at 2%, unless foundations make additional distribution for charitable purposes, then it is taxed at 1%. Self-Dealing This provision penalizes almost ANY transaction between the foundation and its &#8221;disqualified person&#8221; (which we will discuss later), even [...]]]></description>
		<link>http://natalyacpa.com/blog/2010/03/27/excise-taxes-on-private-foundations/</link>
			</item>
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		<title>What are private operating foundations?</title>
		<description><![CDATA[Operating foundations do more than only distributing grants for charitable purposes &#8211; they also are involved in their own charitable programs. The regulatory rules applicable to the private operating foundations are similar to private foundations. There are significant advantages enjoyed by private operating foundations: Donors may take advantage of the favorable income tax charitable deduction [...]]]></description>
		<link>http://natalyacpa.com/blog/2010/03/27/what-are-private-operating-foundations/</link>
			</item>
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		<title>Third Exception: Supporting Organization</title>
		<description><![CDATA[A supporting organization attaches itself to another public charity and gains the exempt status that way. The two essential tests that must be satisfied are: purpose test &#8211; requires the organization to carry out a purpose of the supporting organization; control test &#8211; the supported organization must control the supporting organization.]]></description>
		<link>http://natalyacpa.com/blog/2010/03/27/third-exception-supporting-organization/</link>
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		<title>Second Exception: Publicly Supported Organizations</title>
		<description><![CDATA[To qualify under this exception for a public charity status, two tests must be met: 1. public support test (different from the First Exception: Traditional Public Charity) &#8211; in the prior 4 years, the organization must have received more than 1/3 of its total support from any combination of: qualifying gifts, grants, contributions or membership [...]]]></description>
		<link>http://natalyacpa.com/blog/2010/03/27/second-exception-publicly-supported-organizations/</link>
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		<title>First Exception to Private Foundation Definition: Traditional Public Charity</title>
		<description><![CDATA[There are two ways for an organization to qualify under this exception: 1. By definition &#8211; if an organization is: churches colleges universities schools nonprofit hospitals medical research institutes support organizations to schools and governmental unit. 2. By the amount of public support the organization receives. There are 2 tests under which the organization may qualify as [...]]]></description>
		<link>http://natalyacpa.com/blog/2010/03/27/first-exception-to-private-foundation-definition-traditional-public-charity/</link>
			</item>
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		<title>Private Foundation vs. Public Charity</title>
		<description><![CDATA[All organizations qualified for the tax-exempt status are charities. But they must be further defined into either public charity OR private foundation. Now, ALL 501(c)(3) organizations are private foundations, unless they come within any of these 4 categories: 1. &#8220;traditional public charities&#8221; &#8211; churches, hospitals, schools, etc. 2. &#8220;broad publicly supported organizations&#8221; &#8211; receive more than 1/3 of [...]]]></description>
		<link>http://natalyacpa.com/blog/2010/03/26/private-foundation-vs-public-charity/</link>
			</item>
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		<title>&#8220;Substantial&#8221; Lobbying Test for 501(c)(3) Organizations</title>
		<description><![CDATA[An organization will not qualify for exemption under the 501(c)(3), unless NO substantial part of the organization&#8217;s activities is carrying on propaganda, or otherwise attempting to influence legislation. So, two questions arise: 1. What constitutes &#8220;influencing legislation&#8221;? and 2. When does lobbying become substantial part of the organization&#8217;s activities? The regulations attempted to clarify that [...]]]></description>
		<link>http://natalyacpa.com/blog/2010/02/22/substantial-lobbying-test-for-501c3-organizations/</link>
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		<title>First-Time Homebuyer Credit Documentation</title>
		<description><![CDATA[The IRS has revised its regulations and provided additional clarification regarding documentation requirements on the First Time Homebuyer Credit. First of all, the taxpayer claiming the credit WILL NOT be able to file the return electronically. Moreover, the taxpayer must attach a signed closing statement (HUD-1) to the return. And in states where taxpayers are [...]]]></description>
		<link>http://natalyacpa.com/blog/2010/02/19/first-time-homebuyer-credit-documentation/</link>
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		<title>Tax Update &#8211; Lunch and Learn</title>
		<description><![CDATA[Please join us for the Lunch and Learn Federal Tax Update for 2009 Tax Season. Read more on the Events page and register today!]]></description>
		<link>http://natalyacpa.com/blog/2010/02/03/tax-update-lunch-and-learn/</link>
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