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Nonprofit Accounting Basics
The IRS Exempt Organizations group (EO) has admitted to at least some inappropriate targeting of politically-conservative Section 501(c)(4) organizations in the exemption application process.
For years, filing Form 990 was not required of organizations normally having less than $25,000 in gross receipts. That has changed.
E-filing provides nonprofit organizations with easier preparation and quicker submission of their returns with the IRS.
FIN 48, Accounting for Uncertain Tax Positions (now codified as ASC 740-10) was made a requirement for any entity with financial statements prepared in accordance with generally accepted acc
Most organizations include some paid time-off in their benefits packages offered to employees.
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.
Most board members and charity CEOs know the IRS prohibits their organizations from supporting or opposing candidates for public office.
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.
During this down economy, the donation of goods and services are getting more attention as many households turn to such gifts as an alternative means of providing support for various causes.
It is usually a requirement to bond employees that handle cash or other ready assets (stock certificates, etc).
Before you can determine how to treat payments you make for services, you must first know the business relationship that exists between you and the person performing the services.
Recent changes to the Work Opportunity Tax Credit (WOTC) have made incentives for hiring eligible veterans available to qualified tax-exempt organizations.
As announced in 2008 and 2009, Treasury and the IRS have greatly stepped up enforcement of the filing requirements for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts ("FBAR
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:
Below are the instructions and sample of Federal Form W-2.