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Nonprofit Accounting Basics
During the process of applying for tax-exempt status under code Section 501(c)(3) an organization provides information showing that it is reasonable to expect that it will be publicly supported.
The Advisory Committee on Tax Exempt and Government Entities (ACT) is comprised of members appointed by the IRS Commissioner in orde
The Internal Revenue Service believes that promoting best practices in the areas of governance, management and disclosure will lead to a higher level of federal tax law compliance.
An officer is a person elected or appointed to manage an organization’s daily operations, such as a president, vice president, secretary, or treasurer.
The new definition of a key employee includes a three part test. To be a current key employee all three tests must be met:
The $150,000 Test
Are you mailing out your year-end giving letters soon? Many nonprofits send out a mailing around the holidays to help promote year-end giving.
There have been so many disasters in recent years, both natural and financial. Many individuals and companies are seeking ways to help those in need.
This article is meant as an overview to intermediate sanctions and who is a disqualified person under that excise tax regime.
The Form 990 contains a twelve page “core” form with the following twelve parts:
Part I is a summary of selected items contained in the balance of the return.
The following list notes the schedules that are part of the Form 990. Each schedule is completed only if the organization meets the requirements for filing the particular schedule.
Form 990, Part VI, Line 11 relates to the organization’s process for filing the Form 990 prior to the form being filed with the IRS. Line 11 includes two parts.
The definition of an independent voting member of the Board of Directors includes four criteria that must be met for independence:
On February 8, 2012, the IRS Exempt Organizations (EO) Group released its annual report and workplan.
With the transparency and public availability of the “new” Form 990, review of the Form 990 by audit or finance committees (and sometimes the entire governing body) has become a best practice adopt
With identity theft an ever-growing threat, it's never been more important for exempt organizations to make sure their filings contain no personal or private information that might expose to fraud
There are threshold rules to consider when choosing the informational form an exempt organization should file. It should be noted that there are exceptions to each of these thresholds.