Chapter 7 Student Loans Many people assume that student loans can never be discharged in Chapter 7 bankruptcy. While it is difficult to achieve this goal, it may not be impossible. Introduction In 1976, Congress made it exceedingly difficult to discharge student loans. This was in response to media attention concerning individuals who successfully filed
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Why Corporations Must Strategize Charitable Giving Now: Navigating the 2026 Deduction Floor
Corporate Charitable Giving Strategy Corporate charitable giving strategy faces significant changes starting in 2026, as new tax legislation introduces a minimum threshold that could reduce or eliminate deductions for many businesses. The One Big Beautiful Bill Act has added complexity to corporate charitable contribution rules that C corporations must understand to plan their giving strategies
Starting a 501(c)(3) Nonprofit Organization and Securing Federal Tax-Exempt Status?
Starting a 501(c)(3) Nonprofit Organization Starting a new charitable organization is a significant undertaking, driven by a powerful commitment to addressing a public need. This journey demands more than just passion; it requires a structured, meticulous approach to legal formation and governance. Individuals who decide to enter the non-profit world must understand that the long-term
Understanding the Process: What Nonprofits Need to Know About IRS Revocation
IRS Revocation Process Obtaining and keeping federal tax-exempt status under Section 501(c)(3) is fundamental to the operations of charitable organizations. This designation allows donors to claim tax deductions and ensures the entity does not pay corporate income taxes on its core mission income. Despite this protection, news reports frequently discuss calls for the immediate IRS
Parlay Problems: Tax Treatment of Gambling Losses Under the One Big Beautiful Bill Makes Losing Bets Even Worse
Tax Treatment of Gambling Losses Under the One Big Beautiful Bill “Did your parlay hit?” asks your significant other across the table from you at Sunday brunch. The football game is down to the final seconds…and your bet just went sideways. You lower your head in shame. Another week, another parlay loss. We have all
How the One Big Beautiful Bill (OBBB) Affects Private Universities and Colleges
RJS LAW – Your Trusted Nonprofit Lawyers for Compliance, Formation, and Audits From The Billboard To Your Inbox! The One Big Beautiful Bill (OBBB), passed by the 119th United States Congress contains numerous tax and spending regulation changes. With the goal of adjusting how large endowments are treated under the tax code, the OBBB made
EDD Payroll Tax Audits – What is the EDD Looking For?
EDD Payroll Tax Audits Being a tax-based law firm, RJS LAW receives many calls from business owners facing Employment Development Department (EDD) Payroll Tax Audits. The EDD Audit process can seem confusing and overwhelming. The EDD auditor may ask for several documents or may be asking questions of the business owner and the business’ employees.
CDTFA: California Sales Tax Audits of Restaurants and Coffee Shops – How Things Can Go Wrong
CDTFA: California Sales Tax Audits Like many other businesses in California, coffee shops and restaurants are subject to California Department of Tax and Fee Administration (CDTFA) sales tax audits. The recent California Office of Tax Appeal (OTA) decision in the Dinosaur Coffee case highlight a couple of potential pitfalls restaurants, coffee shops, and other eateries
You Owe IRS or Franchise Tax Board (FTB) Taxes for 2024 – What Comes Next?
You Owe Taxes for 2024 The October 15th, 2025 tax deadline just expired. Many taxpayers have filed their IRS or Franchise Tax Board (FTB) tax returns only to realize they owe a significant amount of money. Given the financial pressures many businesses and families are facing these days, they may not be in a position
IRS Furloughs Thousands as Shutdown Continues: What It Means for Taxpayers Ahead of the October 15 Filing Deadline
IRS Furloughs Thousands As the federal government shutdown continues, the Internal Revenue Service (IRS) has furloughed nearly half of its workforce, significantly disrupting tax administration just days before the critical October 15 filing deadline. The shutdown, which stems from a lapse in congressional appropriations, has left approximately 34,000 IRS employees, roughly 46% of the agency’s