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November 2009 |  BY ALISTAIR M. NEVIUS |  Article

The Pension Protection Act of 2006 introduced a new notification requirement for small taxexempt organizations that are not required to file an annual information return under IRC § 6033(a)(1). In July, the IRS released final regulations spelling out what small taxexempt organizations must do to meet this requirement.

October 2009 |  Article

FBAR FILING EXTENDED FOR SOME The IRS extended for certain taxpayers the due date for filing Form TD F 9022.1, Report of Foreign Bank and Financial Accounts (FBAR), for tax year 2008. The reporting form originally was due June 30 this year. In Notice 200962, the Service said two types of persons may instead file by June 30, 2010 those with signature authority over a foreign financial account but no financial interest in it, and persons with a financial interest in or signature authority over a foreign financial account in which assets are held in a commingled

July 2009 |  Article

The IRS issued final regulations (TD 9454 adding new Treas. Reg. § 1.60336) Wednesday describing how and when small taxexempt organizations may file Form 990N (“ePostcard”). The ePostcard is how certain organizations must electronically submit basic information required annually by IRC § 6033(i)(1), as amended by the Pension Protection Act of 2006.

June 2009 |  BY JAMES A. JOHNSON |  Article

I would like to submit my name as being less than enamored with

April 2009 |  BY Jennifer Hayes, Allen Ford |  Article

In the waning days of the Bush administration, the government ended its longrunning effort to retroactively revoke the taxexempt status of a Democratic Partyaffiliated organization that it claimed had improperly promoted the party’s candidates. In 1985, prominent members of the Democratic Party including thenGov. Bill Clinton formed the Democratic Leadership Council (DLC) to promote social welfare and to bring about “civil betterments and social improvements.” The DLC applied for taxexempt status as a social welfare organization, explaining that it was organized by individuals concerned about national policy and the direction of policy debate within the Democratic Party.

April 2009 |  BY ALISTAIR M. NEVIUS |  Article

The IRS recently extended its fast track settlement program to certain exempt and government entities and announced the establishment of a twoyear test of mediation and arbitration procedures for offers in compromise and trust fund recovery penalty cases under the jurisdiction of the Office of Appeals. TEGE FAST TRACKThe Tax ExemptGovernment Entities (TEGE) fast track is modeled closely on the established fast track procedures for Large and MidSize Business (LMSB) and Small BusinessSelf Employed (SBSE) taxpayers.

March 2009 |  BY Bonnie M. Wyllie |  Article

Most nonprofit organizations are now reviewing their first redesigned IRS Form 990 and its many new information requirements designed to enhance transparency and accountability. CPAs with nonprofit clients now are seeing the pieces fit together with satisfaction or, if drawing together the information has been difficult, perhaps with some concern.

March 2009 |  BY Bonnie M. Wyllie |  Article

Editor's note This is a sidebar to The Redesigned Form 990 Advising Nonprofit Organizations, March 09. Part I provides a snapshot of the entire organization because it summarizes the income statement and balance sheet on the first page. It also asks for a description of the organization’s mission.

March 2009 |  BY Alistair M. Nevius |  Article

Many taxexempt organizations have formed singlemember limited liability companies (SMLLCs) as integral parts of their entity structure. SMLLCs enjoy flexible treatment for tax purposes, limitation of liability, easy transferability of ownership interest by sale or exchange, and separate governance and management. As a result, they are widely used to conduct various activities and hold investments.

February 2009 |  BY Travis Patton, Jocelyn Bishop |  Article

With the United States officially in a recession, state and federal funding sources on which charitable organizations rely are drying up. In addition to funding cuts, charities are struggling with acrosstheboard expense increases while trying to serve a broader charitable population. Colleges and universities are seeing a marked increase in requests for financial aid, while hospitals are challenged by having to provide more charity care.