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Recent Posts by Lisa Burke

Are Your Benefit Plan’s Alternative Investments Generating Taxes?
Posted by Lisa Burke on Thu, Aug 1, 2019 @ 05:35 PM

Alternative investments offer attractive features for employee benefit plan sponsors. Investments in real estate, businesses, and partnerships tend to yield higher rates of return when compared to traditional investment vehicles like stocks, bonds, and mutual funds. But those alternative investments could also come with tax consequences. Plan sponsors may not be aware that their plan investments are generating unrelated business taxable income (UBTI), which could lead to compliance issues.

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Topics: tax-exempt, not-for-profit, IRS, UBTI, unrelated business taxable income, NFP, nonprofit, UBIT, Lisa Burke

Recent Developments in UBTI for Not-For-Profits
Posted by Lisa Burke on Thu, May 30, 2019 @ 05:46 PM

Not-for-profit organizations have a long-standing debate with regulators about whether revenue generated by certain organizational activities should be taxable. In the 1940s and the 1950s, the IRS noticed that more and more not-for-profits were reporting non-charitable business income alongside their charitable revenues. These organizations were applying their tax exemption to revenues that would otherwise be taxable as corporate business income. There were growing concerns that this created a competitive disadvantage for their for-profit counterparts that were required to pay tax on identical revenue streams.

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Topics: tax-exempt, not-for-profit, IRS, UBTI, unrelated business taxable income, NFP, nonprofit, UBIT, Lisa Burke

The Form 990 Roadmap Continued: Navigate the Alphabet of Supplemental Schedules
Posted by Lisa Burke on Thu, Oct 25, 2018 @ 11:43 AM

In the spring, we did a deep dive into the core Form 990 and provided compliance tips for Part I through Part XI. Keeping your supplementary schedules up-to-date is also critical to your compliance. Below are some tips for the Form 990 Schedule A, Schedule R and everything in between. If these schedules are applicable to your organization, the following information can help ensure that you are filing a complete and accurate Form 990 that presents your not-for-profit in the best light and helps avoid IRS scrutiny.

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Topics: tax-exempt, not-for-profit, IRS, Form 990, NFP, nonprofit, Lisa Burke, Form 990 Roadmap, Form 990 Schedules

Is Your Form 990 At Risk for an Exam?
Posted by Lisa Burke on Fri, May 11, 2018 @ 10:27 AM

The IRS may be faced with a declining workforce and budget, but it’s still active in monitoring compliance for not-for-profit organizations. In its 2018 work plan, the IRS stressed its data-driven approach to selecting Form 990s to examine. Each filed return is scanned and analyzed on 200 data points. Those meeting certain criteria are flagged for potential exam. Some of those data points include:

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Topics: tax-exempt, not-for-profit, IRS, Form 990, Form 990-EZ, NFP, tax effect, Lisa Burke

Make Your Form 990 A Roadmap for Donors, Board Members, the IRS and the Public
Posted by Lisa Burke on Wed, Apr 11, 2018 @ 02:22 PM

With the May 15th due date for calendar year not-for-profits just around the corner and provisions inthe Tax Cuts and Jobs Act increasing scrutiny on not-for-profits’ executive compensation, employee benefits, and unrelated business income, it’s a good time to take a look at the message your organization’s tax return is sending. In years past, the IRS Form 990 was no more than a compliance task; an annual filing requirement to keep the IRS at bay. After all, there is no tax due, so what’s the big deal?

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Topics: tax-exempt, not-for-profit, IRS, Form 990, Form 990-EZ, NFP, Charity Navigator, GuideStar, tax effect, Amazon Web Services, Lisa Burke

Advisory Group Makes Recommendations to the IRS on Tax-Exempt Requirements
Posted by Lisa Burke on Wed, Jul 27, 2016 @ 09:02 AM

The Advisory Committee on Tax-Exempt and Government Entities (ACT) recently held its 15th annual public meeting with the Commissioner and other top IRS officials. The ACT comprises national experts representing each of the five major jurisdictions of the TE/GE division: employee plans, exempt organizations, federal, state and local governments, Indian tribal governments and tax-exempt bonds.

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Topics: non-for-profit, IRS, Non-profits, nonprofit, ACT, TE/GE division

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