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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

Tax Extenders Come with Benefits for Tax-Exempt Organizations and Their Donors
Posted by Richard Scoresby on Mon, Jan 25, 2016 @ 03:14 PM

The passage of the Protecting Americans from Tax Hikes Act of 2015 (PATH) brought with it opportunities for long-term tax planning that benefit tax-exempt organizations. The PATH Act makes permanent several popular tax provisions, including measures related to:

  • Qualified conservation contributions,
  • Food donations,
  • Distributions from IRA accounts,
  • Payments from controlled entities to their not-for-profit parent organizations, and
  • S corporation charitable contributions

These provisions offer incentives for taxpayers to donate to charitable causes through deductions and other favorable changes to their tax liability.

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Topics: tax, Non-profits, Not-for-Profits, Richard Scoresby, NFP, Tax Extenders

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

Top 5 Recent Tax Developments Affecting Not-For-Profit Organizations
Posted by Brenda Booth on Wed, Apr 29, 2015 @ 12:30 PM

The tax environment can change year to year or even month to month. New risks emerge as others become less of a threat to your not-for-profit organization. To stay in compliance with reporting requirements and reduce the potential for tax liabilities, your organization needs to keep a pulse on the new developments. Over the past nine months, regulatory changes, court cases and fraudulent activity emerged that may have an immediate effect on your organization. As a result, your organization should review these items carefully to determine if changes need to be made to your operations.

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Topics: tax, Brenda Booth, not-for-profit

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