Tag Archives: Form 990

The True Cost of Noncompliance

Posted on August 3, 2010 by Greg McRay, EA

Noncompliance.  As the word suggests, noncompliance is the opposite of compliance.  But what does noncompliance mean as it relates to your nonprofit?  More important still, what is the true cost of noncompliance? If you have been a client or follower … Continue reading →

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IRS Announces Deadline for Tax Exemption Revocations

Posted on July 27, 2010 by Greg McRay, EA

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 … Continue reading →

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Update on IRS Tax Exemption Revocations

Posted on July 9, 2010 by Greg McRay, EA

It’s been almost two months since most tax-exempt organizations were required to file their annual IRS Form 990.  As we have discussed at great length on these pages, the due date for tax year 2009 was the doomsday date for … Continue reading →

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IRS Adds More Uncertainty to Tax Exemption Revocations

Posted on May 19, 2010 by Greg McRay, EA

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 … Continue reading →

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One-Fourth of Nonprofits Set to Lose Tax Exemption

Posted on May 4, 2010 by Greg McRay, EA

Doomsday is coming…May 18, 2010 to be exact.  No, it has nothing to do with the Mayan calendar ending (that’s 2012!).  May 18 is the day that nearly 1/4 of all US nonprofits find that the IRS has automatically revoked … Continue reading →

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Following Up on Form 990 Schedule O

Posted on February 23, 2010 by Greg McRay, EA

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 … Continue reading →

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“O” No! The IRS Has A Few Questions For You

Posted on February 18, 2010 by Greg McRay, EA

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 … Continue reading →

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This Year’s Form 990 is a Very Big Deal

Posted on February 8, 2010 by Greg McRay, EA

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 … Continue reading →

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News For Nonprofits

Posted on January 26, 2010 by Greg McRay, EA

As long-time readers of our articles know, most of our posts focus on tips and best practices for effective nonprofit management.  This post is going to be a little different.  There is so much going on right now that affects … Continue reading →

Posted in Education, Hot Topics, Managing a Nonprofit, Starting a nonprofit | Tagged , , , , , | 15 Comments

IRS 501(c)(3) Audits – 5 Potential Sources

Posted on September 30, 2009 by Greg McRay, EA

There is one phrase in the English language that generates more fear and trepidation than any other out there:  IRS AUDIT.  Just hearing the words is enough to cause many a fearless person to break out in a cold sweat … Continue reading →

Posted in Education, Hot Topics, Managing a Nonprofit, Nonprofit Payroll | Tagged , , , , , , | 4 Comments

The Dirty (Half) Dozen Nonprofit No-Nos

Posted on June 9, 2009 by Greg McRay, EA

Occasionally, you have to protect people from themselves.  Even those with the best of intentions can mess things up so badly that it can jeopardize what they are trying to accomplish.  In the nonprofit world, there are best practices, good … Continue reading →

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Public Charity vs. Private Foundation

Posted on May 26, 2009 by Greg McRay, EA

Tonight’s title match:  In the red corner, numbering 948,954, representing over half of all 501(c)(3) organizations, are public charities.  And in the blue corner, numbering 108,594, having increased 54% since 1998, are the 501(c)(3)s known as private foundations.  Both competitors … Continue reading →

Posted in Education, Managing a Nonprofit, Starting a nonprofit | Tagged , , , , , , | 21 Comments

New Form 990 Problems Are Everywhere

Posted on March 2, 2009 by Greg McRay, EA

If there is one constant in life, it’s change.  And most people don’t do “change” very well…even the IRS!  The new 2008 Form 990 is a complete, top-to-bottom overhaul of the form (as we’ve discussed in previous posts).  As we … Continue reading →

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Radical Changes to Form 990

Posted on January 14, 2009 by Greg McRay, EA

For the first time since 1979, the IRS has completely overhauled the Form 990 – Return of Organization Exempt From Income Tax.  And boy, is it a doozy!  This time, they weren’t fooling around. “So what’s new?,” you ask.  Literally … Continue reading →

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End of Year Reporting (IRS Form 990)

Posted on December 2, 2008 by Greg McRay, EA

A little less than a month from now (December 31) marks the end of most organizations’ fiscal year. Have you been preparing for your IRS annual reporting requirement?  Do you at least know where your records are?  Or who has them? (If the … Continue reading →

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