New Charity Search Tool from the IRS

The IRS has a new online search tool to verify a charity's tax and filing status.

Taxpayers can use the tool for the following:

1. To verify a charity's eligibility to receive tax-deductible contributions. (Publication 78 data).
2. To determine if a charity has had its tax-exempt status automatically revoked.
3. To determine if the charity filed a Form 990-N

Idaho’s Constitutional Amendment to require supermajority vote for tax & fee increases.

The Idaho House of Representatives is now considering putting to the electorate a Constitutional Amendment that will require a supermajority (2/3) vote by both houses of the legislature on any bill that "provides for a net increase in revenue, whether through fees or taxes…"

The Joint Resolution can be found here.

Looking to buy a liquor store?

Bidding began yesterday to sell 167 Washington State Liquor stores.

What: Purchase a WA liquor store. - Actually, purchase exclusive rights to apply for a spirit retail license that is associated with the former WA state liquor store. That right is transferrable and you can petition to move the store if an agreement with the landlord cannot be reached.

Who: Anyone.

How much: Bids start a $1,000.00.

Wenatchee Stores: Currently at less than $2,600 apiece. Check here for changes.

More Info at the WA State Liquor Store Auction website.

Update on Monday, April 23, 2012 at 11:28AM by Jess Monnette

The auction to sell Washington State's liquor stores has now closed.  121 individual bidders won the right to take over the state run liquor stores.  The bids on the 167 liquor stores totaled $30.75M.

More can be found here. 

Update on Wednesday, April 25, 2012 at 9:04AM by Jess Monnette

According to the Wenatchee World, the winning bid for the Wenatchee store location was $198,100 and for the East Wenatchee location $200,100.

Update on Thursday, May 31, 2012 at 10:06AM by Jess Monnette

Despite a court challenge to the initiative that approved privatizing liquor sales, the Washington Supreme Court has upheld that law.  Therefore, as of tomorrow, Washingtonians can now by liquor from private businesses. 

Wenatchee Sales Taxes: going up to 8.3%

The City of Wenatchee is in for a 0.2% sales tax increase in the coming days.  This will raise Wenatchee's sales tax to 8.3%.  There will also likely be a be a public vote to add a 0.1% sales tax increase across all nine PFD districts (which includes Wenatchee) in the April 17th election.  Therefore, Wenatchee's sales tax could reach 8.4%.  This is still lower than the average Washington Sales Tax rate which is 8.80%

Update on Friday, March 2, 2012 at 9:03AM by Jess Monnette

Following up on the prior post, on Thursday, March 1, the Wenatchee City Council voted to impose the 0.2% sales tax increase.  This will apply to sales within Wenatchee. 

The Greater Wenatchee Regional Events Center Public Facilities District will vote today on whether or not to put the 0.1% sales tax increase to a popular vote in all nine of the PFD jurisdictions. 

More from the Wenatchee World. 

Update on Tuesday, April 24, 2012 at 1:34PM by Jess Monnette

The 0.1% sales tax increase has been approved by the voters of the PFD communities.  The results were 64.54% in favor, 35.46% against.  This 0.1% sales tax increase applies in all nine districts that comprise the PFD. 

NOL Carryforward? Can’t use them to reduce your self-employment taxes…

The Tax Court has again confirmed that a Net Operating Loss (NOL) carryforward cannot offset net earnings from self-employment. The taxpayer was allowed to offset his current income for income tax purposes but not his earnings to which self-employment taxes apply. The Court cited to Reg. § 1.1402(a)-7 and numerous cases.