It’s that time of year again… time to start thinking about your organization’s tax return filing. Some may not be aware of this annual requirement, or what even goes into this form. We created an FAQ to give a better understanding…
The House of Ways and Means committee passed seven bills this week, all of which aim to reform the IRS. It is part of the GOP House’s efforts to come up with a 2016 fiscal year budget. Here is the…
According to Harold Hancock, legal counsel for the House Ways and Means Committee, tax code changes are possible this year for charities and other nonprofits. We talked about this last year (and the year before), but so far, nothing has…
In our last article, we discussed legal liability of board members as it relates to corporate law. This post highlights liability in regards to IRS tax-exemption regulations. The board of directors collectively governs the affairs of a nonprofit organization. As…
In real world practice, becoming a board member for a nonprofit organization usually comes with little personal risk, and the probability of a member being legally accountable for actions taken by the nonprofit is relatively low. The fear of being…
We recently discussed a new bill which would require the IRS to give nonprofit organizations more advanced notice before revoking their tax-exempt status. Sens. Dan Coats and Ben Cardin coordinated the “Notice for Organizations That Include Charities is Essential (NOTICE)…
Two senators are sponsoring legislation which would require the IRS to give nonprofit organizations more advanced notice that they are at risk of losing tax-exempt status. This measure was introduced this past week by Republican Dan Coats and Democrat Ben…
President Obama has once again pushed to limit charitable deduction in the budget he sent to Congress this past Monday. This budget is the seventh budget President Obama has sent to Congress that calls for a limit on tax breaks…
One of the most essential aspects of starting a nonprofit is the organizational governance. Governance starts with the board of directors. Not surprisingly, setting up the original board of directors trips up people right from the start. We often have…
In one of our recent articles, we discussed the importance of having a strong organizational structure and the role of a board of directors within a nonprofit organization. That article will give you a general introduction to the various pieces of…