Rev. Proc. 2022-38 provides the annual inflation adjustments for more than 60 tax provisions, including those affecting exempt organizations.
IRS extends certain deadlines for exempt organizations in Florida, North Carolina, and South Carolina due to the impact of Hurricane Ian.
The VSCPA has released four free resource guides for nonprofit organizations to aid them in financial matters. Updated by specialists on the PBMares Not-For-Profit Team, topics include budgeting, income tax issues, responsibilities and risks, and auditing.
UBTI reporting for exempt organizations can be challenging. Exempt organizations investing in partnerships should ensure that the K1 reporting from the partnership provides the information necessary to ensure correct reporting.
Starting a nonprofit often requires registering with the state before the organization can fundraise. States like Virginia, Maryland, and North Carolina all have different rules and requirements for nonprofit registration.
2021 was described as the worst year ever for the IRS. Several compounding problems, exacerbated by COVID-19, led to a historic backlog. Now, the agency is taking steps to improve service.