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IRS Compliance

[Recommended Book]

Revised Form 990: A Line-by-Line Preparation Guide

2
Average: 2 (2 votes)
By Jody Blazek
Every board and nonprofit manager needs to be up to speed on the new revised 990 form; this book is a must!

Publisher's Description:
 

A line-by-line preparation guide to the completely new and revised Form 990 for nonprofit organizations.

This workbook walks readers through the process of completing the complex and significantly revised Form 990 due for the 2008 tax year. Jody Blazek demystifies the process for financial professionals and nonprofessionals alike who are held accountable for the content of these forms. She provides guidance for responding to the many new questions, considering adoption governance policies and procedures suggested as appropriate by the IRS, and reforming data-gathering systems to capture requested information on the form. This book is an essential guide for every 990 filer, filled with instructions and comments about each part of the new form and schedules.  Read more



[Tutorial]

The Redesign Form 990: Advising Nonprofit Organizations

3
Average: 3 (6 votes)
By Bonnie M. Wyllie, Esq., LL.M.
Vice-President, LaPort Sehrt Romig Hand Tax Consulting Services
Previously published in the March 2009 issue of the "Journal of Accountancy"

Most nonprofit organizations are now reviewing their first redesigned IRS Form 990 and its many new information requirements designed to enhance transparency and accountability. CPAs with nonprofit clients now are seeing the pieces fit together with satisfaction or, if drawing together the information has been difficult, perhaps with some concern. Many small organizations may be in need of some quick pointers and suddenly need your help. The new form, unveiled in late 2007, must be used for tax years beginning in 2008 by nonprofit organizations required to file Form 990, Return of Organization Exempt from Income Tax.  Read more



[Tutorial]

Thinking About Starting a Nonprofit?

3.5
Average: 3.5 (2 votes)
By Linda Lysakowski, ACFRE
CAPITAL VENTURE CEO/President

What is a Nonprofit Organization?

  • There are approximately 1.5 million nonprofit organizations in the United States. In most other countries, these organizations are generally referred to as NGOs (Non Governmental Organizations)
  • Almost a million of these are charitable nonprofits [usually with a 501( c )( 3 ) designation from the IRS.]
  • Other nonprofit organizations include business and trade organizations, fraternal organizations, etc. Contributions to these organizations are not tax deductible as a charitable donation for the donor. (For example Chamber of Commerce membership dues may be deducted as a business expense, but are not considered a charitable donation).
  • Contrary to popular opinion, being a nonprofit has nothing to do with the amount of assets an organization has, nor the amount of excess revenue generated each year. (Most major colleges and universities are nonprofit organizations, yet may have billions of dollars in endowment funds).
  • One of the most significant differences between a for-profit company and a nonprofit organization is that no person or persons may profit from the operations of a nonprofit (private inurnment). For example, board members are generally not paid for their service, and "excess income" to the nonprofit must be used in the fulfillment of its mission.
  • Nonprofits may, and often do, have for-profit subsidiaries or revenue streams; however these may be subject to UBIT laws (unrelated business income tax). For example, a hospital may operate a snack bar and gift shop for the benefit of its patients or a museum may operate a gift shop if the merchandise sold there relates to the mission of the museum-books, collection-related items, etc. These would generally not be considered taxable enterprises.
  Read more



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