As you are likely aware, the IRS finally released its long-delayed Nonfiler Revocation List last week. On it were the names of 275,000 nonprofits that had their 501(c) status revoked (see previous post). There has been some confusion and some mistakes, as would be expected with anything that impacts up to 20% of all tax-exempt [...]
275,000 Nonprofits Lose Tax Exempt Status
Well, it’s official. We’ve known this day was coming since the Pension Protection Act was passed into law in almost 5 years ago. On the afternoon of June 8, 2011, the IRS released the initial list of nonprofits that have automatically lost 501(c) tax exemption due to non-filing of Form 990 for 3 consecutive years, [...]
Obama Targets Charitable Giving Tax Deduction
In the seemingly never-ending budget battle on Capitol Hill, President Obama and his team are once again targeting the tax-deductibility of charitable donations. Check out the following article, then let us know what you think… http://thehill.com/blogs/on-the-money/domestic-taxes/152027-tax-break-for-charitable-giving-targeted-for-elimination
Of Nonprofits and Copyrights Part I
The Foundation Group works with up to 1,000 nonprofit startups each year, so we get the opportunity to deal with many complex issues. Few are as complicated and confusing as copyright and royalty questions. My goal with this post is to give you some ideas of how best to deal with your intellectual property concerns. [...]
IRS Announces Deadline for Tax Exemption Revocations
The IRS has finally announced its decision regarding the extension it promised to small charities facing the loss of tax exemption due to not filing Form 990N. Now, small nonprofits have until October 15, 2010 to file Form 990N and preserve their status. The IRS is calling this a one-time offer, so organizations that miss [...]
IRS Adds More Uncertainty to Tax Exemption Revocations
What a mess! Now that May 17, 2010 has come and gone, we are waiting to see just how many 501(c) organizations around the country have lost their tax exemptions. For those of you who have been keeping up, you know that May 17 was the due date for filing Form 990. Additionally, under federal [...]
Following Up on Form 990 Schedule O
It seems that there has been some confusion regarding last week’s article on IRS Form 990, particularly Schedule O. In this short article, I want to expand a bit on that discussion and clear up some misconceptions. We had a caller last week take us to task for hyping Schedule O as some kind of [...]
“O” No! The IRS Has A Few Questions For You
I can already hear some of your sarcasm… “Tell me something I don’t know!” “You’re kidding! The IRS? Really?” Point taken. It seems like the IRS always wants to know a thing or two about you. Whether it is your personal tax situation, your business or your nonprofit organization, the Internal Revenue Service seems to [...]
This Year’s Form 990 is a Very Big Deal
The filing deadline for the 2009 Form 990 is May 17, 2010 for 501(c)(3) and other tax-exempt organizations running on a calendar year basis. There is nothing particularly new about that. What IS new is that this year’s filing obligation has the potential to cause an enormous amount of heartache to those nonprofits that are [...]
Nonprofits: Is Your Tax Preparer Registered With The IRS?
Posted on January 16, 2012 by Greg McRay in Commentary, Education, Hot Topics, Managing a Nonprofit, Starting a nonprofit
It is an unfortunate reality: many self-described tax professionals are not professionals at all. They are more than willing to take a customer’s money for “professional” work that often results in a nightmare situation for the taxpayer. This includes those who advertise services to help nonprofits with IRS Form 1023, the application for 501(c)(3) status [...]