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.
Tax Exempt Organizations
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.
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.
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.
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.
Change does not apply to 501(c)(3)organizations.
A second taxpayer's captive fails to qualify as an insurance company.
News IRS procedures eliminate the requirement for many exempt organizations to list certain substantial donors’ names and addresses on some forms.
The taxpayer expected a substantial benefit from the donation, the court holds.
The Tax Court holds that the treaty provisions apply to tribes, not individuals.
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.
The Association for Honest Attorneys' founder used the organization's bank account for personal expenses and cash.
The streamlined application for tax-exempt status will ask organizations to describe their mission and activities for the first time.
The Tax Court rejects the taxpayer's argued profit motive and disallows losses related to nonmember services.
The goal of transparency is to establish and maintain the trust of the organization’s key stakeholders.
The IRS announces new Form 990-EZ with help icons to assist organizations with accurate filing.
Form 990, which is publicly available, provides an opportunity to attract donors and appeal to other stakeholders by compellingly describing an organization’s purpose and accomplishments.
Form 8976 notifying of intent to operate must be filed within 60 days of an organization's formation.
Social welfare benefit organizations are now required to notify the Internal Revenue Service of their formation and intent to operate under Sec. 501(c)(4).
After receiving tens of thousands of negative comment letters, the Service makes an about-face.