Prop. regs. would govern silo rules for exempt organizations
UBTI is computed separately for each unrelated trade or business.
Tax exempt organizations
Proposed regs. explain disallowed transportation fringe benefits
The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.
Final regs. address reporting by tax-exempt organizations
The IRS finalized regulations permitting tax-exempt organizations other than Sec. 501(c)(3) orgs. to omit the names of substantial donors when filing Forms 990.
Prop. regs. would govern silo rules for exempt organizations
The IRS issued proposed regulations on how to identify separate trades or businesses to determine a tax-exempt organization’s unrelated business taxable income under new rules that require different trades or businesses to be reported separately or siloed.
Electronic filing mandated for Sec. 501(c)(3) applications
The IRS announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3), must now be submitted electronically.
Proposed regs. clarify reporting requirements for tax-exempt organizations
The rulemaking mainly consolidates existing guidance in one location, but it also responds to a recent court decision that held invalid certain changes to donor-reporting requirements.
Tips to ease the stress of Form 990 preparation
IRS Form 990 is a complex, comprehensive form that can be a big challenge for a not-for-profit organization to prepare. Brian Yacker, CPA, J.D., managing partner of YH Advisors, describes best practices for a stress-free and compliant preparation of Form 990.
New developments in UBIT for not-for-profits
Dave Moja, CPA, a tax partner at CapinCrouse LLP, discusses some of the activities not-for-profits should be aware of that produce unrelated business income.
4 key tax reform provisions for not-for-profits
With tax season underway for calendar-year taxpayers, Betsy Krisher, CPA, explains four key provisions in the new tax law that have a significant effect on not-for-profits.
Cryptocurrency gift strategies for not-for-profits
Not-for-profits should proceed carefully as they consider whether to accept gifts of virtual currency. And here’s how they should proceed if they do.
Many tax-exempt organizations no longer need to list donor information
Change does not apply to 501(c)(3)organizations.
Tax Court again denies microcaptive insurance arrangement
A second taxpayer's captive fails to qualify as an insurance company.
Many tax-exempt organizations no longer need to list donor information
News IRS procedures eliminate the requirement for many exempt organizations to list certain substantial donors’ names and addresses on some forms.
Charitable contribution deduction denied for conservation easement
The taxpayer expected a substantial benefit from the donation, the court holds.
Gravel mining income not exempt under Native American treaties
The Tax Court holds that the treaty provisions apply to tribes, not individuals.
Charitable contribution procedures updated
The IRS issued new procedures for contributions to charitable organizations, including rules for when donors can rely on the information about an organization’s tax-exempt status on the IRS database Tax Exempt Organization Search.
CEO of tax-exempt organization hit with excess benefit taxes
The Association for Honest Attorneys' founder used the organization's bank account for personal expenses and cash.
Form 1023-EZ will ask applicants for mission and activities
The streamlined application for tax-exempt status will ask organizations to describe their mission and activities for the first time.
Social club is liable for taxes on UBTI
The Tax Court rejects the taxpayer's argued profit motive and disallows losses related to nonmember services.
What does it mean to be transparent?
The goal of transparency is to establish and maintain the trust of the organization’s key stakeholders.
