Reporting & Filing Requirements

Topics

February 23, 2011

IRS Delays 990 Filing Deadline for Tax-Exempt Hospitals

The IRS announced that certain tax-exempt hospitals will be granted an automatic three-month extension to file their 2010 Forms 990.

January 18, 2011

IRS Allows More Small Exempt Organizations to File E-Postcard

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.

July 27, 2010

IRS Provides Relief for Small Tax-Exempt Nonfilers

The IRS announced that is providing relief for small tax-exempt organizations that are supposed to automatically lose their tax-exempt status because they failed to file Forms 990-EZ or 990-N for the years 2007, 2008, and 2009. Under a special one-time program, the IRS is giving those organizations until October 15,

May 1, 2010

Automatic Revocation of Tax-Exempt Status to Start Monday

Monday, May 17, is the deadline for calendar-year tax-exempt organizations to file their Forms 990 for 2009. It also marks the third filing deadline under the mandatory filing requirement instituted by the Pension Protection Act of 2006.

April 1, 2010

Reporting Requirements for Exempt Organizations with Activities Outside the U.S.

This item introduces and clarifies the foreign disclosure requirements reported on Schedule F, Statement of Activities Outside the United States, of the new Form 990.

November 1, 2009

Small Tax-Exempt Organization E-Postcard Requirements Finalized

The Pension Protection Act of 2006 made various modifications to the provisions governing tax-exempt organizations.

August 1, 2009

Revised Form 990: The Evolution of Governance and the Nonprofit World

The revised Form 990, Return of Organization Exempt from Income Tax, incorporates many of the same governance principles and transparency best practices introduced to the for-profit world through the Sarbanes-Oxley Act.

April 1, 2009

IRS Releases Redesigned Form 990

The IRS has released a redesigned Form 990, Return of Organization Exempt from Income Tax, for use with 2008 tax returns.

December 1, 2008

Changes to Form 990 Reflect IRS Policy Goals

The IRS recently issued major changes to Form 990, Return of Organization Exempt from Income Tax.

November 1, 2008

IRS Releases New Draft Instructions to Form 990

New Form 990, Return of Organization Exempt from Income Tax, was released in December 2007, and the first draft release of the instructions was issued in April 2008.

May 1, 2008

Revised 2008 Form 990 Requires Current Action

Exempt organizations and their tax advisers should be aware that significant changes in reporting rules for Form 990 may require current changes in procedures and an organization’s accounting system to capture the necessary information.

February 1, 2008

Temp. Regs. Give Rules on e-Postcards for Exempt Organizations

The IRS has issued regulations (TD 9366) governing how certain tax-exempt organizations that are not currently required to file annual information returns will be required to submit an annual electronic notice.

September 1, 2007

New Form 990 Aims for Transparency, Accountability, and Oversight

Editor: Frank J. O’Connell, Jr., CPA, Esq. While transparency, accountability, and oversight do not appear to be tax issues per se, recent legislative focus and IRS enforcement in this area have heightened the need for tighter controls within the nonprofit sector. The IRS increased the number of audits in 2006

May 1, 2007

New Disclosure Requirements for Form 990-T

Editor: Terence E. Kelly, CPA Under new Sec. 6104(d)(1)(A)(ii),Sec. 501(c)(3) organizations now have to disclose publicly their Forms 990-T, Exempt Organization Business Income Tax Return. The penalty is the same as that for nondisclosure of Form 990, Return of Organization Exempt from Income Tax. Currently, this penalty is $20 per