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? …
Many individuals looking to develop a charitable program assume that they need to create a nonprofit organization to solicit tax-deductible contributions. While establishing a nonprofit is often the best course of action, for many there is another way – fiscal sponsorship. Fiscal sponsorship is a partnership with a 501(c)3 tax-exempt organization – the fiscal sponsor …
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 …
In the wake of the COVID-19 outbreak, federal and state governments have provided the country with several waves of relief for employers, including nonprofits, to help ease the burdens caused by the pandemic. New programs will affect nonprofit employers by imposing upon them new obligations towards their employees and by providing them with benefits to …
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 …
Since its inception, confusion has reigned with regard to the Parking Tax. Earlier this week, the IRS issued long-awaited guidance on the Parking tax. That guidance may even give your nonprofit a break (and maybe a tax-break). Before we go further, are you asking, What Parking Tax? In the 2017 Tax Cuts and Jobs Act, …
