Nonprofit

Tax

Tax Tip: Dish Out Tax Rewards to Charitable Volunteers

Do you have clients who work hard for nonprofit organizations? Although taxpayers can't deduct the value of their "blood, sweat, and tears," they can still write off certain expenses that aren't reimbursed as charitable contributions.
Community News

ASG Vaults to Ninth Spot of All-Time Lenders on Kiva Site

The Kiva lending team, Accountants for Social Good (ASG), moved into the ninth spot of all-time lenders. Since its inception in May 2011, the team has seen explosive growth, both in the number of team members (eighty) and in the total amount of capital the team has loaned to the developing world ($70,500).
Tax

Filing Deadline Extended to March 30 for Some Tax-Exempt Organizations

The IRS announced that tax-exempt organizations with January and February filing due dates have until March 30 to file their returns. The extension is granted because the part of the e-file system that processes electronically filed returns of tax-exempt organizations will be offline January and February.
A&A

Occupy Wall Street Accountant and Tattoo Artist Is Learning About Nonprofits on the Job

TheBrooklynInk.com recently reported on the management of finances for Occupy Wall Street (OWS) and spoke with Peter Dutro, 36, who is a member of the finance committee. Dutro is a business technology management undergraduate at the Polytechnic Institute of New York University and works part-time as a tattoo artist.
A&A

MACPA embraces XBRL in case study for private companies and nonprofits

Historically, the conversation about XBRL has centered on public companies, thanks to its promise of delivering timely, accurate, and transparent financial information to investors. That conversation is beginning to shift.
Community News

Citrin Cooperman raises thousands of dollars for the fight against cancer

Philadelphia-based Citrin Cooperman, an accounting, tax, and business consulting firm, raised $15,652 in support of the American Cancer Society's 2011 Relay For Life of Ocean City, NJ.
Tax

Small nonprofits that lost exempt status may be eligible for reinstatement

In June 2011, the IRS announced that approximately 275,000 nonprofits had automatically lost their exempt status under these new provisions. To help those small organizations that had inadvertently found themselves in this situation, the IRS has issued Notice 2011-43, describing how the exempt status of these nonprofits may be reinstated.
Community News

Boston area firm donates day of business to nonprofits

Westborough, Mass.-based CCR LLP recently closed its doors for a day to volunteer in communities around New England in its Fourth Annual Community Day of Caring.
A&A

Nonprofits and International Financial Reporting Standards

Kurt Herdman of Schneider Downs explains how IFRS has and will continue to have an effect on nonprofit organizations.
Tax

Thousands of not-for-profits could have tax-exempt status revoked

Now that the October 15 deadline has passed, as many as 400,000 not-for-profit organizations could be in danger of losing their tax exempt status.
Tax

IRS gives non-profits one last chance to preserve tax exempt status

Hundreds of thousands of small nonprofit organizations are at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008, and 2009. These organizations can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program offered by the Internal Revenue Service.
A&A

IRS offers one-time special filing relief program for small charities

Small nonprofit organizations at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008, and 2009 can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program, the IRS announced.
Tax

Statement from IRS commissioner regarding small charity filing deadline

Now that the May 17 filing deadline has passed, it appears many small tax-exempt organizations have not filed the required information return in time.
A&A

Many small nonprofits may lose tax-exempt status

Many small nonprofit organizations with annual receipts of less than $25,000 will lose their tax exempt status if they do not file a full return or a Form 990 N, an electronic notice e-postcard, with the Internal Revenue Service by May 15.
Tax

Are you ready for the redesigned IRS Form 990? More disclosure, more detailed schedules and more pitfalls abound

In December of last year, the IRS released the first major redesign of the form 990 in nearly 30 years in order to keep pace with the increasing size, diversity and complexity of the tax-exempt sector.
Tax

The new Form 990: Governance and internal controls under the microscope

It's been almost a year since the release of the "new" Form 990 instructions, yet many public charities are just now wrestling with its broader disclosure requirements.
A&A

Board recruitment: How to attract younger members

Where are all the young people? Forget the myth that they are not civically minded. You will likely find many young people volunteering on committees or assisting with events and fundraisers.
Tax

User fees increase for exempt organization exemption applications

The IRS has increased user fees for all applications for exemption (Forms 1023, 1024, and 1028) postmarked after January 3, 2010.
Tax

Non-profit officers face May deadline

Officers signing their non-profits' radically revised IRS Form 990 this year may want to read the small print on risking perjury by making false statements about filing at the state level for fund-raising and other activities, according to Martignetti Planned Giving Advisors, LLC, a New York-based consultancy group that advises non-profits. "Charity registration and licensing throughout the 50 states has long been a regulatory morass that most non-profits avoided or ignored.

Not-for-profit board members beware: The IRS may have you in its scope

It's a growing trend for socially responsible companies to encourage employees to serve on not-for-profit boards. At the same time, the IRS is stepping up its scrutiny of private charitable corporations and in some cases, holding board members personally accountable when something goes wrong.Here's what happened to Steve Verret, board chairman of a not-for-profit hospital in Beaumont, Texas. After the CEO of the hospital failed to pay employment taxes, the IRS held Verret responsible. According to Verret, the CEO assured him repeatedly that the taxes were being paid on a timely basis.

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