May 15 is almost here. This is the deadline by which, if an organization is on the calendar year, it must file its IRS Form 990-series information return. If an exempt organization didn’t file its 990-series form for 2010 and 2011, missing this year’s deadline could be its final act as an exempt organization. Almost …
Posts Categorized: IRS
IRS Releases Report on Colleges and Universities Study
In 2008, the IRS conducted a survey of colleges and universities in a number of areas including executive compensation and unrelated business income. About 400 organizations received the survey. Based on the questionnaire responses, the IRS decided to open further investigations into 34 of the surveyed colleges and universities. The results were shocking. A large …
IRS Waives Eligibility Requirements for Employee Reclassification Program
Is your nonprofit incorrectly classifying employees as independent contractors? This has been an area of hot attention by the IRS and Employment Development Department in the last few years and it’s about to get even worse. California employers who willfully misclassify employees are fined between $5,000-$15,000 per incident, in addition to any other penalties or …
IRS Seeks Information from Self-Declarers
Do you know that nonprofits other than 501(c)(3)s (except 501(c)(9), 501(c)(17), and 501(c)(20) orgs) can self-declare their tax exempt status when they file their first Form 990? If you think this can lead to abuse, the IRS agrees. That’s why the IRS has commenced a study of self-declarers. As part of its study, the IRS …
How to Make it to Hollywood
The Academy Awards are announced this Sunday. Why is this mentioned on a 501(c)(3) law blog? Believe it or not, Oscars and nonprofits have something in common! Of course, many documentaries and shorts are produced by or with funding from nonprofits. But this year, the big prize could go to a feature film funded by …
The History of the Charitable Deduction
As happens intermittently in Congress, the charitable deduction is once again closing in on the chopping block. But before you get involved with the debate, have you ever wondered where the charitable deduction came from? The charitable deduction first appeared during World War I, when it was enacted to help charities survive the war since …