The IRS has overhauled the 2020 Form 990T “Exempt Organization Business Income Tax Return” and created a new Schedule A “Unrelated Business Taxable Income From an Unrelated Trade or Business” to allow reporting of separate unrelated business activities.
Election years can create uncertainty for nonprofits, even off-years and midterm elections. This article explores factors that are impacting nonprofits and what they can do to stay ahead of changing legislative priorities.
A small Virginia nonprofit thought they were doing all the right things in terms of cybersecurity, cyber insurance and safety. They found out the hard way that it wasn’t enough to avoid the damage from a hacker that knew how to manipulate their weak points.
Learn about the top challenges and opportunities facing not-for-profit organizations in 2022. Topics include tax updates, the impact of new legislation, succession planning challenges, industry best practices and the importance of a robust cybersecurity program.
More not-for-profit organizations are venturing into the cryptocurrency world, but may be unaware of where or how to start. Learning about the benefits, potential risks, and tax regulations can help organizations decide if crypto is the way to go.
On June 30, 2021, the IRS retroactively extended the COVID-19 leave sharing program, which allows employers to donate employees’ unused PTO to charitable organizations. In exchange, employers can take charitable or business expense deductions.
On March 15, 2021, the IRS announced in an e-News Update for Charities & Nonprofits that mandatory electronic filing of 2020 Forms 990-T has commenced.
On July 15, 2021, the IRS announced in an Exempt Organization update the electronic filing mandate for Form 990-EZ.
Not-for-profit organizations may be tempted to give gift cards to employees, volunteers, or those in need, but they need to be mindful of IRS de minimis fringe benefits rules, among other gift card considerations.
Not all organizations and due dates were affected when the IRS pushed the annual tax filing deadline back to May 17. Tax-exempt organizations with calendar year-ends are thus reminded that Form 990 and other forms are still due on May 17, 2021.
As Internet Explorer will discontinue browser security updates by August of 2021, this site is best viewed using Google Chrome, Safari or Microsoft Edge.
