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, …
Posts Categorized: IRS
Seven-Figure Salaries at Nonprofits
Executive compensation at nonprofits is on the rise, according to a recent article by the Wall Street Journal. New data from the IRS shows that the number of seven-figure salaries at charities tripled between 2011 and 2014. The organizations that are paying their employees in the millions range from major hospitals and universities to small …
The Non-Repeal of the Johnson Amendment
Much brouhaha has been made over President Trump’s May 4 Executive Order claiming to “totally destroy” the Johnson Amendment. The Johnson Amendment is a 1954 law that bars 501(c)(3) organizations from supporting or opposing candidates for public office. As with much in politics, this is truly much ado about nothing. The Executive Order may serve …
Form 990 Due Friday!
Form 990 is due this Friday (May 15) for all nonprofits that have a January to December tax year (other than churches, which are not required to file). If your nonprofit is not able to file a version of Form 990 by Friday, be sure it files for an automatic three-month extension instead. Then be …
990s to Get Greater Scrutiny
Late last month, the IRS announced enhanced electronic processing of Forms 990 that will result in their getting greater scrutiny to ferret out inconsistencies and missing information. According to IRS tax law specialist (and former Los Angeles-based colleague of The Law Firm for Non-Profits) Elaine Leichter, exempt organizations should fill out form 990 as completely …
Form 990 Filing Site Hacked
Form 990 Filing just got more complicated. The online service where 990s are filed electronically has recently been hacked. The Urban Institute, which operates the online filing site for the annual returns nonprofits must file, announced that it “recently discovered that an unauthorized party or parties have gained access to the Form 990 Online and …