You are not the only one who makes to do lists. Last week, the IRS released updates to its Priority Guidance Plan, a checklist of items the IRS hopes to accomplish between July 2011 and June 2012. While the plan doesn’t provide any strict deadlines, these are projects the IRS will be actively working on …
Posts Tagged: non-profit
Do New Charities Have to File Forms 990?
New organizations often ask us whether or not they have to file the Form 990. Recently the IRS made it clear that the answer is yes. The IRS explains that organizations must file the 990 even before they file the Form 1023 (or receive a determination letter) based on the belief that the organization is …
Nonprofits Get A Tax Credit for Hiring Veterans
You may know that Congress recently provided a tax credit for businesses that hire veterans. You may not know that nonprofits are also eligible for the credit. Here’s how it works: Your organization can claim the lesser of the work opportunity tax credit (25% of first-year wages for those employed between120 and 400 hours and …
Are You Using the Right Forms?
Government agencies often update their forms without providing much notice. It is important that someone in your organization check regularly (at least annually, ideally more frequently) to ensure the organization is filing using the most up-to-date forms available. Failure to use a current form can result in rejection of the filing and late filing penalties. …
Reduce, Reuse & Recycle for Non-Profits
Don’t just give away your unwanted stuff. Several websites make it easy to be sure that your old belongings are put to good use. In its January 2, 2011 issue, Parade lists a number of organizations that do just this. See https://bit.ly/lfnp213. Here are some examples of where to give your donations: Excessaccess.com matches giveaways …
Deficit Commission to Congress: “Eliminate the Charitable Deduction”
Among the recommendations of the President’s National Commission on Fiscal Responsibility and Reform is to eliminate the deduction for charitable contributions. While the report did not receive sufficient votes to require an up-or-down vote in Congress, this recommendation did catch the attention of Congress and, apparently, the White House. This is one of many issues …