Well, we are pretty much down to it. There are only a few weeks left in 2011…and during much of that time, most of us will be preoccupied with all things Christmas. But in all the hustle and bustle, there are a few things regarding your nonprofit that require your attention. The following is a [...]
“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 [...]
How Year-End Contribution Statements Can Raise Money
It’s one of those administrative tasks that must be done every year: mailing your donors a year-end statement of their contributions. Even if you are receipting on a per gift basis, a year-end itemized report is a best practice that should be adopted. If you are already doing that, good for you! But let me [...]
Strategic Thinking For Your Nonprofit’s Year-End
2009 is rapidly coming to a close. And once again, we find ourselves amazed at how fast the year has gone by. Funny how we have this conversation every year, but we act like it’s the first time it went by this fast. Just as December 31 rolls around every year, so does the need [...]
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 [...]