Foundation Group » Form 990

IRS To Publish Revocations of Tax Exemption

Greg McRay — Tue, 15 Mar 2011 04:21:26 +0000

The day some nonprofits have dreaded is coming soon. The IRS announced on February 24, 2011 that it will soon publish the list of 501(c) nonprofit organizations that had their tax exemption automatically revoked for nonfiling of Form 990 information returns. This list, officially called the Nonfiler Revocation List, will be updated monthly once it [...]

IRS News for Nonprofits

Greg McRay — Thu, 13 Jan 2011 16:44:16 +0000

It’s the beginning of another new year. And along with everything else that comes with a flip of the calendar, the IRS has several things up its sleeve for nonprofits in 2011. Let’s take a look two of the most crucial. Audits of nonprofits to increase. As if the IRS didn’t have enough to do [...]

Questions Other Nonprofits Are Asking

Greg McRay — Tue, 12 Oct 2010 15:53:01 +0000

If you are operating a nonprofit organization, chances are good that you have questions…lots of questions. And, it probably wouldn’t surprise you to know that your contemporaries in other nonprofits have lots of questions, too. Here at The Foundation Group, we get questions everyday. Many come from current or prospective clients who call or write. [...]

Is Your Nonprofit Repelling Donors?

Greg McRay — Thu, 09 Sep 2010 14:43:04 +0000

Every nonprofit in existence needs money. Your ability to pay the bills depends upon it, not to speak of your ability to accomplish your mission. But do you really understand what it takes to be attractive to donors? Is your organization truly fundable? Or, have you inadvertently created an atmosphere that repels givers? In this [...]

The True Cost of Noncompliance

Greg McRay — Tue, 03 Aug 2010 18:11:31 +0000

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 of Foundation Group for any length of time, you have heard us hounding you to [...]

IRS Announces Deadline for Tax Exemption Revocations

Greg McRay — Tue, 27 Jul 2010 16:27:46 +0000

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 [...]

Update on IRS Tax Exemption Revocations

Greg McRay — Fri, 09 Jul 2010 20:03:19 +0000

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 many nonprofits which had not filed Form 990 for three consecutive years. Now the numbers [...]

IRS Adds More Uncertainty to Tax Exemption Revocations

Greg McRay — Wed, 19 May 2010 16:59:44 +0000

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 [...]

One-Fourth of Nonprofits Set to Lose Tax Exemption

Greg McRay — Tue, 04 May 2010 17:38:52 +0000

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 their tax exempt status. If you are doing the math, that is nearly 400,000 nonprofits. [...]

Following Up on Form 990 Schedule O

Greg McRay — Tue, 23 Feb 2010 16:02:31 +0000

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 [...]