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April 22, 2011
Professional
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For the fourth year, Meyers Brothers Kalicka, P.C. (MBK) partnered with A Bed for Every Child, based out of Lynn, MA. This year was special; People’s Bank (PB) joined the initiative and co-hosted the event with MBK.
Not every transaction between a disqualified person and a nonprofit is necessarily prohibited under excess benefit transaction rules.
Tax Tip: Heirs don’t have to report inheritances to the IRS. However, an estate’s executor must file a final income tax return for the deceased person and, if the estate is large enough, must file an estate tax return and pay estate taxes.
