The IRS has all sorts of rules about what your nonprofit can and can’t do and still maintain 501(c)(3), tax-exempt status. In this article, we’re focusing on the rules concerning the who. Specifically, who can and can’t fulfill certain roles…
The instructions for IRS Form 990, the long form, are 103 pages long. IRS Form 990-EZ, its mid-range form, instructions are 48 pages long. IRS Form 990-PF, only for private foundations – but required of all private foundations regardless of…
This is a conversation our staff members have with clients at least 4 or 5 times per week: The issue of a nonprofit hiring and paying an independent contractor. What is fascinating is the degree of resistance we often get…
…But in this world nothing can be said to be certain, except death and taxes. – Benjamin Franklin
When you hear the term nonprofit, the first thing that typically comes to mind is a charity, or 501(c)(3) organization. That’s for good reason, since roughly 78% of all tax-exempt organizations are exempt under IRC Section 501(c)(3). The remaining 22% consists…
Most people, or at least me, like lists of facts. Like the height of Mount Everest is 29,032 feet high. Although it was considered to be 29,028 feet high until December of 2020, when the official height was changed. Facts…
The IRS has released a new online, electronically-fileable Form 1023, application for 501(c)(3) status.
Private foundations are a unique class of 501(c)(3) organization…so unique, in fact, that they have their own exclusive version of IRS Form 990, called Form 990-PF. In this post, our 5th in this series, we’re going to examine just what…
This article is the third in our series that explores the various versions of IRS Form 990. Form 990-EZ is annual information return filed by small-medium sized public charities and certain other nonprofits, at least as measured by gross revenue.
As we established in our Form 990 overview post, there are 5 versions of IRS Form 990, one or more of which is required to be filed annually by every 501(c) organization. Form 990-N, the shortest version and the one required…