Foundation Group » IRS

The Other Nonprofits – 501(c)(4), 501(c)(6) & 501(c)(7)

Greg McRay — Tue, 12 Jul 2011 03:30:41 +0000

Note: This article was originally posted in June 2009. It has been one of the most read articles we have ever written, averaging nearly 1,000 views per month 2 years after publication. We are re-posting it for those who may have missed it the first time around. The king of the nonprofit world is the [...]

275,000 Nonprofits Lose Tax Exempt Status

Greg McRay — Thu, 09 Jun 2011 05:08:09 +0000

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, [...]

How to Start a Nonprofit

Greg McRay — Tue, 05 Apr 2011 15:02:01 +0000

Helping people start nonprofit organizations is one of the most important things we do at Foundation Group. In fact, we have helped over 12,000 organizations get started since 1995. The following is really more of an overview than an exhaustive examination. Why Do You Want to Start a Nonprofit? Before we get into the “how” [...]

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 [...]

Nonprofit Unrelated Business Income

Greg McRay — Wed, 02 Feb 2011 14:10:05 +0000

There are few topics that generate more confusion to nonprofit managers than unrelated business income (UBI). It is also one the areas than can cause the most problems for your organization. It can cost you money…even your tax exempt status if not properly handled. In this issue of our newsletter, we will shed some needed [...]

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 [...]

Common Myths Concerning Nonprofits

Greg McRay — Fri, 20 Aug 2010 14:48:25 +0000

Just yesterday, I was interviewing a new student intern candidate in my office. During the course of our wide ranging discussion, the conversation turned to some of the interesting misconceptions we encounter with clients. I made the comment that we often feel like the crew of the Discovery Channel show, Mythbusters. There is a never-ending [...]

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 [...]