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 [...]
News For Nonprofits
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 nonprofits, we thought it would be a good idea to provide you with a brief [...]
IRS 501(c)(3) Audits – 5 Potential Sources
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 and to shrink in terror. It is bad enough when an individual has to deal [...]
The Dirty (Half) Dozen Nonprofit No-Nos
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 practices and acceptable practices…and, really, really bad practices that will cause your organization, its board, [...]
Public Charity vs. Private Foundation
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 bring a long and varied history into the ring. Though greatly outnumbered by public charities, [...]
Radical Changes to Form 990
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 everything…from the filing requirement thresholds to the information they are seeking…it’s all different.
End of Year Reporting (IRS Form 990)
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 answers to the last two questions have you concerned, you might want to see our [...]
How to Winterize Your Nonprofit
The year is coming to an end. Thanksgiving is just around the corner. Christmas is close enough that you can smell it. If your nonprofit’s fiscal year is January through December, then your accounting year is almost over as well. Are you preparing to end the year and winterize your nonprofit? Here’s some questions to ponder as [...]
New Form 990 Problems Are Everywhere
Posted on March 2, 2009 by Greg McRay in Commentary, Hot Topics
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 talk with more and more clients/prospects, we’re really starting to see some trends develop…most of [...]