Yes. The IRS has the authority to strip any nonprofit (501c) organization of its tax-exempt status if certain violations occur, including substantial lobbying, misuse of funds, or failure to file the 990 form. 

A major issue with tax-exempt organizations is ensuring that no funds benefit employees or private individuals. Nonprofits should avoid political campaign involvement, restrict lobbying, and ensure earnings don’t profit individuals or shareholders.

Noncompliance with these rules, whether intentional or not, can lead to the IRS revoking tax-exempt status and imposing penalties, including excise taxes.

Life changes can affect your taxes in ways you don’t always expect. Marriage, divorce, buying a new property, job changes, or even losing dependents can alter your tax situation. 

Large refunds usually mean you’ve been overpaying taxes throughout the year. Not planning for these changes could lead to a big tax bill; a bad surprise.

If you owe thousands in tax debt, contact the IRS about payment options.

FICA tax planning involves payroll and S corporation strategies. By changing your business to an S corporation, you become an employee. You must pay yourself reasonably but can control your 15.3% payroll tax.

For example: With a $100,000 income and a $50,000 salary, you pay payroll tax on only half. This can save you between $7,000 and $8,000 yearly.