Never easier to obtain tax-exempt status

The Internal Revenue Service recently introduced a new, shorter application form to help small charities apply for 501(c)(3) tax-exempt status more easily. The new Form 1023-EZ, available today on IRS.gov, is only three pages long, compared with the standard 26-page … Continue reading →

Missing May 15 filing due date could cause loss of tax-exempt status for many nonprofits

Filing Requirement. Most nonprofit organizations know and follow the requirement to file either Form 990, 990-EZ, 990-PF  or 990-N (e-Postcard) on or before the 15th day of the fifth month after year-end.  For most organizations, that date is May 15. In addition, tax-exempt … Continue reading →

New Form 1023-EZ for easier 501(c)(3) exempt status application

The draft Form 1023-EZ, “Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code,” announced in the Federal Register March 31, is a shorter and less burdensome version of the Form 1023. Most small exempt organizations … Continue reading →

IRS webinar on Form 990

The Internal Revenue Service will be presenting a webcast for Filing Tips for nonprofit organizations for their Form 990, Return of Organization Exempt from Income Tax.  Topics include: Preparing the Form 990-series return Managing legal risks more effectively Avoiding penalties … Continue reading →

GuideStar to Offer New Transparency Disclosure Information for Nonprofits

BoardSource and GuideStar have announced a new initiative to allow Guidestar Exchange to enable nonprofit organizations to share information often not otherwise known to the public about how their organizations are governed. GuideStar Exchange will now allow nonprofit organizational leaders to supplement … Continue reading →

Nonprofits IRS filing requirements

Nonprofit organizations are required by regulation to make annual filings to the Internal Revenue Service or risk losing their tax-exempt status.  In addition, there are substantial penalties for failure to file and late filing of such forms.  Information as to what … Continue reading →

Substantiation and disclosure requirements for contributions to charity

Are you an organization that receives contributions of $250 or more?   OR Are you an organization that provides goods or services to donors who make contributions of more than $75?   OR Are you a donor who makes contributions to … Continue reading →

Automatic revocation of exempt status

Nonprofits whose exempt status has been automatically revoked for failure to file form 990 for three years are subject to certain rights and restrictions.  The IRS has a section of its website devoted to those entities in this situation with … Continue reading →

Qualify your charitable deductions

Although some charitable organizations, such as those which receive contributions of $25,000 or less annually and do not compensate any person for soliciting contributions, are exempt from registration, the vast majority of charitable organizations in Pennsylvania are required to be registered … Continue reading →

Per IRS: Some tax returns OK to file, many more delayed until March

The IRS announced on Friday, February 1, 2013, its plans to begin accepting corporate, partnership and tax-exempt returns starting Monday, February 4, 2013, but with some important exceptions for entities claiming depreciation deductions and various energy and business tax credits. … Continue reading →