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Recent Posts by Charlie Ciccone

Reminder to All Massachusetts Not-For-Profits: Don’t Forget to File Form 3ABC
Posted by Charlie Ciccone on Fri, Jan 27, 2017 @ 11:34 AM

Massachusetts-based not-for-profits should be preparing now to file their Form 3ABC. The form provides a full or partial tax property tax exemption for an organization’s real or personal property so long as the organization files it by March 1, 2017.

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Topics: Massachusetts, non-for-profit, Form 3ABC, nonprofit

A Look into the Future: What Tax Changes May Be Coming for Not-for-Profits
Posted by Charlie Ciccone on Tue, Feb 23, 2016 @ 01:00 PM

Regulatory changes and areas of focus can be hard to predict, but the IRS and the Department of Treasury’s plans for the 2016 fiscal year provide a good indication for what may be coming down the line for not-for-profit organizations.

The IRS’s Tax-Exempt/Government Entities Priorities (TE/GE) for Fiscal Year 2016 and the Department of the Treasury’s 2015-2016 Priority Guidance Plan indicate a number of reporting areas that the regulatory agencies want to improve in the coming year. Not-for-profit organizations should keep a close eye on these focus areas to be prepared for the potential impact these changes could have on their operations.

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Topics: tax changes, not-for-profit, Not-for-Profits, NFP

Charitable Auctions: Managing Expectations Brings Positive Results
Posted by Charlie Ciccone on Mon, Oct 27, 2014 @ 09:34 AM

Author: Charles Ciccone

Charitable auctions – live, silent, or online – provide an opportunity to introduce your organization’s mission to the public and generate greater support, as well as attract donations of goods and services and increase revenue. It is also an easy way for a charity to convert a donor’s non-cash property to cash. But, auctions of all varieties bring compliance and risk management issues. For instance, organizations are responsible for recording all fundraising transactions and reporting on their activities – and those that fail to adequately comply may be subject to sizable IRS penalties.

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Topics: charitable donations, auctions

Some NFP CEOs Receive Excessive Compensation Suggests AG Report
Posted by Charlie Ciccone on Thu, Apr 17, 2014 @ 04:29 PM

Not-for-profit sector compensation has been consistently reviewed by the Internal Revenue Service (IRS) along with state and other federal governing bodies for many years. Recently, Massachusetts Attorney General Martha Coakley with the Non-Profit Organizations/Public Charities Division (“the Division”) undertook a review of not-for-profit compensation in the Commonwealth. [1] The review found annual compensation (including all components of reported compensation) for the CEOs of the selected 25 organizations ranged from $487,000 to $8.8 million. For this reason, as well as the rapid increase in executive compensation in the not-for-profit sector, there frequently have been concerns among the general public with how not-for-profit CEO compensation impacts organizations’ charitable missions.

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Topics: not-for-profit, non-for-profit, AG Report, NFP

New Guidance Available to Help Colleges and Universities Complete Annual Form 1098-T
Posted by Charlie Ciccone on Wed, Jan 15, 2014 @ 11:36 AM

For more than a decade, colleges and universities have been required to file Form 1098-T, which provides student account information to students, families and the IRS, but uncertainty still reigns regarding the completion of this annual task. To help “simplify perennial areas of confusion, as well as promote common industry practices in higher education” the National Association of College and University Business Officers (NACUBO) recently released Advisory Report 2013-2, designed to clarify the two most challenging components of the form: which types of institutional charges to report in Boxes 1 or 2; and how to report grant aid in Box 5.

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Topics: Form 1098-T, tax strategies

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