Hospital facilities must meet the requirements of Sec. 501(r) provisions of the Patient Protection and Affordable Care Act, P.L. 111-148 to retain tax-exempt status.
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Reporting & Filing Requirements
BOI update: 6.5 million of 32 million reports filed so far
FinCEN official says the reports “track more closely” with businesses created in 2024, which have a tighter deadline to file than businesses created earlier.
BOI reporting deadlines extended for certain victims of 5 hurricanes
The AICPA had requested that the Financial Crimes Enforcement Network extend reporting deadlines for beneficial ownership information for victims of hurricanes Beryl, Debby, Francine, Helene, and Milton.
Tardy to the e-filing party
Exempt organizations having to e-file all returns in the Form 990 series under the Taxpayer First Act’s requirements may encounter logistical issues.
The clean-energy direct-pay election for not-for-profits and governmental entities
Under the Sec. 6417 direct-pay election, tax-exempt organizations, including not-for-profits and governmental agencies, can claim certain energy credits on their federal income tax returns, but to claim them for 2023, the direct-pay election must be made on a timely filed 2023 federal income tax return.
Tax considerations on charitable giving of cryptoassets
This item discusses key tax considerations for donors and charitable organizations that wish to give or receive digital asset donations.
Guidance issued for LLCs seeking tax-exempt recognition
The IRS clarified the standards that an LLC must satisfy to obtain a determination letter that it is exempt from taxation under Sec. 501(c)(3).
Final rules for returns 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.
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, Return of Organization Exempt From Income Tax.
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.
Federal court rejects change to substantial-donor reporting requirement
If the IRS wishes to no longer require tax-exempt organizations to report information about their substantial financial donors, it must follow a proper notice-and-comment process.
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.
New Form 990-EZ Has Help Icons to Aid Exempt Organizations in Filing
The IRS announces new Form 990-EZ with help icons to assist organizations with accurate filing .
Public Support for Not-For-Profits: Practical Considerations and Protecting Public Charity Status
Organizations that do not pass the public support test may be treated as private foundations.
New Form 990 Has a Few Significant Changes for 2011
The IRS posted the final 2011 Form 990 and instructions on its website.
Some Form 990 Filers Have Extension to March 30
The IRS extended the filing deadline for Form 990 until March 30, 2012, for many tax-exempt organizations with a filing due date during the first two months of the new year.
Form 990 Changes Implemented in Final Regs.
The IRS issued final regulations implementing extensive revisions made in 2008 to Form 990.
Final Regs Implement Form 990 Changes
The IRS issued final regulations implementing extensive revisions made in 2008 to Form 990, Return of Organization Exempt from Income Tax.
New Form 990: What’s Confusing Filers?
The redesigned Form 990 has been the subject of much discussion since the IRS released it in 2007, and several areas of confusion have been identified. This item highlights problems frequently encountered by practitioners, including many compensation issues.
IRS Raises Form 990 Filing Threshold
The IRS has raised the gross receipts threshold for Form 990, Return of Organization Exempt from Income Tax, from $25,000 to $50,000, allowing more tax-exempt organizations to avoid filing a full Form 990 or 990-EZ.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.
