The Federal Reserve Board has established two new loan facilities to expand credit options for nonprofit organizations.
When it comes to charitable donations, cash might be king, but in-kind contributions play a vital role, too. Donated services and tangible or intangible goods can be sources of revenue and cost savings.
On May 28, the Treasury and the IRS released final regulations (T.D. 9898) updating information reporting regulations under section 6033 that are generally applicable to organizations exempt from tax under section 501(a).
The IRS recently issued proposed regulations regarding separately computing UBTI for each trade or business activity that could increase a not-for-profit’s tax exposure and liability.
The Senate and the House of Representatives have both passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The bill provides $2.2 trillion of Federal funds to keep the economy functioning. But what is in the law to aid Non-profits?
Many not-for-profit organizations rely on donations. Tapping into the generosity of their stakeholders has always been an operational necessity. And in recent years, the giving environment has become more complex with changing legislation and tax policies.
After more than four years in the draft proposal stage and federal lawsuits, Congress recently enacted new overtime rules for white-collar workers.
Nonprofits are now required to silo Net Operating Losses (NOLs) from one unrelated business activity so that it doesn’t create a reduction of taxable income from another profitable unrelated business activity.
Many tax-exempt organizations have filed their 990 series forms electronically for several years. Some smaller organizations are still submitting their 990, 990-EZ or 990-PF in paper form to the Internal Revenue Service (IRS).
Congress has passed a $1.4 Trillion spending bill to avoid a government shutdown which includes a repeal of the tax on nonprofit organizations that provided qualified transportation fringe benefits, otherwise known as the “parking tax”. Any nonprofit that may have paid tax on the transportation fringe benefits should file an amended 990T to claim a refund of the taxes paid.