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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

Highlights from the IRS Tax-Exempt and Government Entities Division 2017 Work Plan
Posted by Joe Giso on Tue, Nov 1, 2016 @ 08:01 AM
The IRS recently revealed a snapshot of its compliance strategy for the 2017 fiscal year. In late September 2016, the Tax-Exempt and Government Entities Division (TE/GE) released its 2017 fiscal year work plan summarizing results from its 2016 efforts and describing its plans for 2017.
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Topics: Joe Giso, TE/GE division, tax-exempt, NFP, nonprofit, Non-profits, not-for-profit

Post-Issuance Compliance for Tax-Exempt Bonds: Understanding the Requirements
Posted by Craig Klein on Tue, Sep 27, 2016 @ 04:39 PM

The tax-exempt bond area is closely overseen and regulated by the IRS tax-exempt bond (TEB) division. In 2016, TEB has been allocating half of its resources to examination casework. Included in the examination casework category are referrals and claims, TEB’s market segmentation program and the division’s compliance check/soft letter program.  Given the importance of tax-exempt bond financing to your organization, the complexity of maintaining post-issuance qualification of your bonds, and the IRS’s oversight of this area, your organization should understand the requirements for post-issuance compliance and monitor the use of bond-financed facilities to ensure continuing compliance. The penalties for noncompliance could be costly.

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Topics: Craig Klein, 501(c)(3), tax exempt bonds, tax-exempt, bonds, Post-issuance compliance, compliance, tax compliance

Why Does Your Not-for-Profit Need A Financial Advisor?
Posted by Mark Perry on Wed, Dec 16, 2015 @ 10:32 AM

By guest contributor: Mark E. Perry, Managing Director, SJ Advisors LLC

In these increasingly challenging and changing financial markets, it is vital to have a “financial advisor you can trust” at your side as you steer your not-for-profit institution through the debt issuance process and other debt related initiatives. A municipal advisory firm (“MA”) provides this guidance and counsel.

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Topics: tax-exempt, not-for-profit, Non-profits, financial advisor, financial markets

Is Your Educational Institution in Compliance with Racially Nondiscriminatory Policy Requirements?
Posted by Brenda Booth on Wed, Aug 27, 2014 @ 03:02 PM

The IRS requires all tax-exempt private schools to have – and to publish – a racially nondiscriminatory policy that applies to all facets of student life, including admissions, financial aid, and all school programs. Failure of a school to maintain and comply with such a policy may mean revocation of tax-exempt status.

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Topics: Brenda Booth, tax-exempt, racial nondiscrimination policy, Revenue Procedure 75-50

Is Your Nonprofit Jeopardizing Its Tax Exempt Status with Retail Activities?
Posted by Brenda Booth on Mon, Jan 20, 2014 @ 09:40 AM

If your nonprofit operates a retail venture, like a gift shop for example, tax issues can become tricky and you may be in a position where you are jeopardizing your tax exempt status.

The key determinant: the degree to which the retail activities are considered to be in support of the organization’s charitable mission and that there is no substantial nonexempt commercial purpose for these activities.

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Topics: Brenda Booth, non-for-profit, Non-profits, tax-exempt

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