Introduction A California Nonprofit Public Benefit Corporation is required to file several forms each year to remain in good standing as a nonprofit corporation and maintain 501(c)(3) status. This blog summarizes the main annual filing forms, which forms to file, due dates, and potential ramifications for failure to comply. Why These Forms Are Crucial The …
Posts Categorized: Form 990
How Does “Unrelated Business Taxable Income” Relate to Nonprofits?
What is unrelated business taxable income (UBTI)? Although tax-exempt organizations (referred to herein as a “nonprofit”) are generally exempt from federal income tax, they may have to pay income tax on net income derived from business activity that is unrelated to their tax-exempt purpose, called “unrelated business taxable income” (UBTI). This type of tax is …
Nonprofits Not Exempt from Annual Filing Requirements: Here’s What You Need to Know
As a nonprofit dedicated to effecting positive change, the majority of your efforts are focused on making a difference. Whether that’s inspiring volunteers, raising capital, sharing information, or boots-on-the-ground action, we understand that spending time on administrative activities is not why you joined the nonprofit world. However, to remain in good standing as a nonprofit …
IRS Now Mandates Electronic Filing for All Nonprofits
On July 15, 2021, the IRS released an Exempt Organization Mandate that requires all Forms 990-EZ be filed electronically. The mandate is effective for filings for tax years that end July 31, 2021 (i.e., for tax years beginning August 1, 2020). Not sure what this means for your organization? Read on. What is Form 990-EZ? …
IRS Extends Nonprofit Filing Deadlines
The IRS announced that it will extend all nonprofit filing deadlines (i.e., exempt organization filing deadlines). Due to the coronavirus pandemic, all IRS forms that exempt organizations are required to file between now and July 14, 2020 will now be due on July 15, 2020. For example, a nonprofit organization with a December 31 year …
Refund of Parking Tax For Nonprofits
Nonprofits can now receive a refund of Parking Taxes paid in 2017 and 2018. The 2017 Tax Cuts and Jobs Act imposed the so-called “Parking Tax” on nonprofits. The Parking Tax required nonprofits to pay a new form of unrelated business income tax (“UBIT”) on amounts they incurred for providing transportation and parking benefits to …