Nonprofit

Tax

IRS Chief: Criticism of New Form 1023-EZ Is ‘Wrong’

In an interview last week with Tax Analysts, IRS Commissioner John Koskinen said critics of a new form intended to speed small charities through the application process for tax-exempt status are “wrong for several reasons.”
Tax

IRS Shortens Form for Small Nonprofits Seeking Tax Exemption

A new form introduced by the IRS on Tuesday, Form 1023-EZ, is expected to help speed up the approval process for small charities and nonprofit groups that have applied for 501(c)(3) tax-exempt status.
Practice

How to Prospect While Volunteering at a Nonprofit

Accountants are always welcome members on the boards of nonprofits, and it's a chance to mix some business development with good works. But a soft-sell is essential.
Tax

IRS Simplifies Tax-Exempt Applications for Small Nonprofits

As investigations continue into the "Tea Party scandal" involving applications for tax-exempt status, the IRS is releasing a new, simpler Form 1023-EZ.
Tax

Single Out Charitable Volunteers for Tax Breaks

Do some of your clients serve on the boards of private foundations or work in the trenches for public charities? Volunteers are entitled to deduct their unreimbursed expenses incurred on behalf of qualified charitable organizations.
Tax

California Senate Votes to Strip Boy Scouts of Tax-Exempt Status

By a vote of twenty-seven to nine, the California Senate approved a bill that would revoke the tax-exempt status from nonprofit youth organizations that discriminate on the basis of sexual orientation, gender identity, or religious affiliation.
Tax

Boy Scouts May Lose Tax Breaks if California Senate Bill Passes

California lawmakers are expected to vote this week on California Senate Bill (SB) 323, which would deny state tax breaks to youth groups that discriminate on the basis of sexual orientation, gender identity, or religious affiliation.
Tax

Controversy Swirls Around Hearings on IRS Scandal

After the initial round of hearings held by three congressional committees this week, at least we know the IRS wrongfully targeted conservative "tea party" groups applying for tax-exempt status. But precious little else has been revealed.
Tax

IRS Official Lois Lerner Pleads the Fifth before House Oversight Committee

Lois Lerner, director of the IRS Exempt Organizations division, chose to invoke her Fifth Amendment right against self-incrimination before the House Oversight and Government Reform Committee on May 22.
Tax

Obama: IRS' Targeting of Conservative Groups 'Outrageous'

President Barack Obama says he will not tolerate political bias at the IRS and promised to get to the bottom of the agency's admitted targeting of conservative groups. The IRS apologized on May 10 for scrutinizing the tax-exempt status of groups with conservative titles, such as "tea party" or "patriot," in their names.
A&A

Updated AICPA Not-for-Profit Audit Guide Available in Three Formats

The American Institute of CPAs (AICPA) announced the release of its updated Audit and Accounting Guide: Not-for-Profit Entities. It's available in three formats: e-book, online, and in paperback.
A&A

FASB Issues Proposed Clarification to Fair Value Disclosure Exemption

The FASB has issued for public comment a proposed ASU intended to clarify the scope and applicability of a disclosure exemption that is specific to private companies and nonprofit organizations.
Tax

UBIT: When a Nonprofit Is Profitable

When people think of a nonprofit organization they often automatically assume it is tax exempt, but that is not always the case. Certain exempt nonprofits are liable for tax if they have unrelated business taxable income.
A&A

FASB Focuses on Nonpublic Companies

Private companies and not-for-profit entities can expect to be the focus in many of the deliberations of the Financial Accounting Standards Board (FASB) in 2013 as the result of major decisions made in 2012.
A&A

FASB Extends Disclosure Framework Comment Deadline

The Financial Accounting Standards Board announced November 2 that it would extend the comment period for its Invitation to Comment, Disclosure Framework until November 30, 2012.
Tax

AICPA Asks IRS for Broader Tax Relief

The American Institute of CPAs (AICPA) has asked the IRS to consider broader relief from filing deadlines for individuals and businesses affected by Hurricane Sandy.
Tax

Should Preachers Be Practicing Politics?

On "Pulpit Freedom Sunday," more than 1,000 pastors participated in a collaborated effort to defy the IRS by endorsing political candidates. Their message was clear: You can't tell us what we can and can't talk about to our congregations.
Education & Careers

Rise and Shine - Florida Firm Helps Nonprofits

Myers, Brettholtz & Company's free Quickinars, presented in partnership with the Southwest Florida Community Foundation and the United Way, focus on accounting practices and requirements specifically geared toward nonprofit organizations.
Education & Careers

IRS Needs Advisory Committee Members

The IRS is seeking applications for vacancies on the Advisory Committee on Tax Exempt and Government Entities (ACT). The committee provides a venue for public input on relevant areas of tax administration.
Tax

AICPA Recommends Changes to IRS Form 990

The AICPA has recommended changes be made to IRS Form 990, Return of Organization Exempt from Income Tax. Some observers say the once-straightforward form has become too complex.

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