Group Exemptions: New Procedure

For the many 501(c)(3) organizations around the nation that have group - rather than individual - tax exemptions, the Internal Revenue Service has announced an important, but not widely publicized, procedural change in the annual reporting requirements. The parent - or “central” - organizations should take note of, and act on, this information immediately. Group Exemptions as Administrative Convenience A Read More

Public Disclosure of 990s: What You Need to Know

When you file your personal income tax return each April 15th, you're entitled to secrecy about it unless you choose to show it to another person, submit it to a bank, or send it out to the general public with a flashy press release. For a 501(c)(3) organization, the rules are different: A tax-exempt group must make its Form 990 information return available upon request to the general public. These disclosure Read More

CA Nonprofits Get Extra Time to File Information Returns

Directors and officers of tax-exempt organizations around the nation generally breathe a sigh of relief when the coveted determination letter from the IRS granting the exemption is received. But that’s just the start of the paperwork and record-keeping required by the federal government as well as state and local authorities. Failure to follow these filing requirements and deadlines can result in penalties and - Read More

Get Ready for Machine-Readable Form 990s

There is a significant technological advance coming down the pike in connection with the IRS Form 990, the  all-important information return required for many tax-exempt organizations. Machine-readable Form 990’s (Modernized E-file, “MeF”) will reportedly be launched in the next month or so. The significance of this innovation is that this method makes it possible to electronically search for data, making it much Read More