News IRS procedures eliminate the requirement for many exempt organizations to list certain substantial donors’ names and addresses on some forms.
The IRS announces new Form 990-EZ with help icons to assist organizations with accurate filing .
Organizations that do not pass the public support test may be treated as private foundations.
The IRS posted the final 2011 Form 990 and instructions on its website.
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.
The IRS issued final regulations implementing extensive revisions made in 2008 to Form 990.
The IRS issued final regulations implementing extensive revisions made in 2008 to Form 990, Return of Organization Exempt from Income Tax.
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.
The IRS announced that certain tax-exempt hospitals will be granted an automatic three-month extension to file their 2010 Forms 990.
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.
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.
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.
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.
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
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