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Recent Posts by Brenda Booth

Donor Information Requirement Going Away for Some Not-For-Profits
Posted by Brenda Booth on Tue, Jul 31, 2018 @ 11:24 AM

Tax-exempt organizations other than those organized under 501(c)(3) or political organizations (under Section 527) will soon be able to leave off donor names and addresses from their Form 990s. The change to the annual tax filings will apply to tax years ending on or after Dec. 31, 2018, according to IRS Rev. Proc. 2018-38. Requirements for 501(c)(3) and Section 527 organizations remain the same. These organizations will continue to report the names and addresses of donors that meet certain threshold requirements as part of their Form 990, Schedule B.

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Topics: Brenda Booth, not-for-profit, Form 990, NFP, 501(c)(3), tax-exempt organizations, Donor Information, Section 527

Regulation Round-Up for Not-For-Profits: New Requirements to Monitor
Posted by Brenda Booth on Tue, Mar 20, 2018 @ 07:50 AM

Over the past several months, regulators have released new guidance that will affect not-for-profit accounting and taxes. The following highlights some of the major developments from the end of 2017 and the beginning of 2018.

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Topics: Brenda Booth, not-for-profit, NFP, Mark Winiarski, Form 1023-EZ, Excise Taxes, DAF, tax effect, Donor-Advised Funds

How Not-For-Profits Can Use Social Media to Drive Engagement
Posted by Brenda Booth on Thu, Apr 20, 2017 @ 11:02 AM

Whether it’s with donors or in the workforce, not-for-profit organizations need engagement. Contributors and staff who support the work of your organization keep your operations running smoothly through financial contributions and delivering services and programs to the community you serve.

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Topics: Brenda Booth, not-for-profit, NFP, social media

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

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

Advisory Committee Recommends Changes to the Form 990
Posted by Brenda Booth on Wed, Jul 22, 2015 @ 02:01 PM
The IRS Advisory Committee on Tax Exempt and Governmental Agencies (ACT) recently made recommendations for how the IRS can modify the Form 990 to improve its utility. In its 2015 Report of Recommendations to the IRS, the ACT asked for mandatory electronic filing of the Form 990 series and that the IRS collect additional information from entities filing the Form 990-N, among other updates to the annual informational filing series for not-for-profit organizations.
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Topics: Brenda Booth, Form 990

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

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

States Nationwide Strengthen Oversight of Not-for-Profits
Posted by Brenda Booth on Tue, Mar 18, 2014 @ 09:24 AM

Attention not-for-profits: expect to be subject to new regulations regarding governance and oversight – especially if you are based in or raise funds in New York State. New York Governor Andrew M. Cuomo recently signed into law Attorney General Eric T. Schneiderman’s Nonprofit Revitalization Act of 2013 (the “Act”), the first major overhaul of the laws governing New York’s not-for-profit sector in more than 40 years.

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Topics: Brenda Booth, Non-profits, Not-for-Profits

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, tax-exempt, non-for-profit, Non-profits

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