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

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

Data Analytics Drive Compliance Efforts in the 2018 IRS Work Plan for Not-For-Profits
Posted by Betty Isler on Tue, Oct 31, 2017 @ 01:50 PM

Data-driven analytics are here to stay when it comes to compliance enforcement for not-for-profit organizations. The IRS Tax Exempt and Government Entities FY2018 Work Plan outlines strategies and approaches that the IRS will use to monitor tax compliance for tax-exempt organizations.

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Topics: not-for-profit, Non-profits, NFP, Betty Isler, IRS Work Plan, IRS, NFP Compliance, 2018 IRS Work Plan, tax compliance, tax exempt bonds, tax-exempt organizations

Last Day Set for Restatement of 403(b) Plans
Posted by Diane Caron on Wed, Feb 22, 2017 @ 08:00 AM

The IRS recently provided guidance related to the restatement of 403(b) plans. It is anticipated that the IRS will be issuing approval letters to document providers for all 403(b) plans in early spring 2017. Once issued, all employers will be required to restate their 403(b) plans using pre-approved language.

In Rev. Proc. 2017-18, the IRS set Mar. 31, 2020, as the deadline for restating all 403(b) plans. The end of the restatement period (referred to as the remedial amendment period) is the date by which all 403(b) plans must be restated to remain in compliance with the 403(b) regulations. The restatement is retroactive to Jan. 1, 2010.

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Topics: not-for-profit, NFP, nonprofit, IRS, 403(b), 403(b) Plan Document Restatement

How Not-For-Profits Can Avoid Phishing Scams
Posted by Kyle Konopasek on Tue, Feb 21, 2017 @ 11:04 AM

The IRS recently announced that a Form W-2 phishing scheme is now targeting many not-for-profit organizations. Human resources departments in school districts, tribal governments and other not-for-profit organizations have reported receiving bogus emails asking for their employees’ W-2 tax information. For-profit companies have also reported suspicious W-2 related emails, which are similar to scams reported in 2016.

Email phishing is a form of social engineering that cybercriminals use to access your organization’s secure network or personally identifiable information. Cybercriminals use various spoofing techniques to create emails that look legitimate and manipulate users into responding or providing key pieces of information to unauthorized users.

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Topics: not-for-profit, NFP, nonprofit, phishing, IRS, scams, phishing scams

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, Non-profits, nonprofit, ACT, TE/GE division, IRS

Regulatory Updates That Could Affect Your Not-For-Profit
Posted by Amy O’Loughlin on Mon, May 23, 2016 @ 02:56 PM

Regulatory reform rarely happens in sweeping changes. Most of the time regulatory updates are incremental, which makes monitoring the little notices from Congress or the IRS important for organizations of all sizes. Taken together, the little things can have a significant impact on your organization’s operations.

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Topics: tax, not-for-profit, IRS, IRS Updates, Amy O’Loughlin, Congress, Regulatory Reform

Reminders About Prohibited Political Activity and Other Considerations for Not-For-Profits in an Election Year
Posted by Brenda Booth on Tue, Apr 26, 2016 @ 04:46 PM

Elections have a tendency to permeate everything, from television coverage to social media and even conversations in the workplace. For not-for-profits, keeping politics out of the work environment is essential.

501(c)(3) organizations are, by the definition of their tax-exemption, absolutely prohibited from directly or indirectly participating in, or intervening in, any political campaign on behalf of (or in opposition to) any candidate for elective public office. As such, they should be carefully monitoring their activities and those of their employees for anything that could be deemed politicking. If organizations cross the line with engaging in politics, there could be serious penalties or loss of tax-exempt status.

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Topics: lobbying, advocacy, tax, election year, Brenda Booth, not-for-profit, IRS

Report Asks for 501(c)(3) Application Improvements
Posted by Amy O’Loughlin on Thu, Feb 25, 2016 @ 10:47 AM

A recent report from the Taxpayer Advocate Service asks the IRS to devote more of its resources to catching 501(c)(3) compliance concerns early rather than trying to correct potential issues on the back end. If your organization recently applied for public charity status, the chances of receiving additional IRS scrutiny have increased significantly. The IRS may be looking at its applications for tax exemption. The report indicates that more oversight for the Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code and the Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code may be needed.

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Topics: not-for-profit, IRS, Amy O’Loughlin, 501(c)(3), Form 1023, Form 1023-EZ

Substantiation Changes Proposed to Charitable Contribution Returns
Posted by Brenda Booth on Fri, Nov 13, 2015 @ 10:20 AM

Proposed changes were reported in the Federal Register on September 17, 2015, that relate to the substantiation of charitable donations. The rules, if approved, would create an alternative to the current requirement that an organization provide a contemporaneous written acknowledge (CWA) to the donor that contains certain information related to the donation. Organizations could instead provide an information return that includes the CWA information to both the donor and to the IRS.

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Topics: tax, Brenda Booth, not-for-profit, IRS, Charitable Contribution Returns

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