Small California non-profits must now file an annual return with the Franchise Tax Board. Failure to file for three consecutive years will result in automatic revocation of state exemption. Until this year, California non-profits with gross receipts that normally did not exceed $25,000 had no filing requirement. As of January 1, 2011, all California nonprofits …
Posts Tagged: California
California Franchise Tax Board Posts Organizations Exempt List For Public
At long last, the Franchise Tax Board has posted its list of organizations that are exempt from California franchise (i.e., corporate) tax. The list has been posted at http://bit.ly/lfnp120j. The primary purpose of the new FTB list is to allow the public to verify an organization’s exempt status. It also provides an organization the ability …
Non-Profits Are Leaders in Job Growth
Nonprofits are adding jobs at a higher rate than the economy as a whole according to a study by the Johns Hopkins University Center for Civil Society. As reported by Caroline Preston in the The Chronicle of Philanthropy (http://bit.ly/lfnp110j), in 21 states studied between 2007 and 2009, the number of jobs at nonprofits INCREASED on …
New IRS Guide for Tax-Exempt Organizations Considering Gaming Activities
Silent Auction? Opportunity Drawing? Raffle? Casino Night? All of these are viable fundraising events for nonprofits and also considered to be gaming activities (i.e., gambling). In order for tax-exempt organizations to make sure they are compliant with the rules regarding such activities, the IRS has published a new guide at http://bit.ly/lfnp11. The publication addresses the …
Rules of Disclosure: Non-Profit Documents General Public Has Rights To
What information must a nonprofit disclose to the general public? This question has come up several times in the past few months. The IRS and some states require nonprofits to provide certain items upon request. However, often times, members of the public ask for documents they have no right to view. The IRS requires tax-exempt …