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Nonprofit Accounting Basics
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
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.
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.
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.