Insights
IRS Tax-Exempt Revocations
The IRS has sent out thousands of revocation letters to tax-exempt entities that failed to meet their compliance obligations for 3 consecutive years. Those obligations required these organizations to file Form 990, Form 990-PF, Form 990-EZ or Form 990-N.
IRS Releases New Form 8940
There are many times a tax-exempt organization desires to make changes to its exempt status. The IRS has made it simpler to make changes by releasing Form 8940, Request for Miscellaneous Determinations. Learn about the types of requests used with this form.
Opportunity to Save More for Retirement
Current tax laws loosen the rules on retirement plans offered by not-for-profit organizations to their key executives. It now makes sense to offer a "457(b) plan" along with a 401(k) or a 403(b) plan - and the combination may make it easier to recruit and retain key personnel.
Cell Phones Provided to Employees
The IRS has released Notice 2011-72 dealing with the tax treatment of employer-provided cell phones. The Small Business Jobs Act of 2010 included a provision changing cell phones from being classified as listed property.
Make Sure Volunteers Are Covered
A few decades ago, not-for-profit organizations benefited from a type of charitable immunity - essentially they were protected from lawsuits. It was widely held that a non-profit's money should pay for good works, not someone's injuries.
Non-Cash Contributions and the Need for a Gift-Acceptance Policy
Not-for-profit organizations are the recipients of many gifts and non-cash gifts are often given to these organizations. Unfortunately, organizations are offered donations that are either not usable or appropriate for the organization's use.
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