IRS Publication 15-B Offers Additional Guidance on Qualified Transportation Fringe Benefits

Posted by Jennifer Solot on Aug 2, 2018 4:00:09 PM

The Tax Cuts and Jobs Act of 2017 that was signed into law on December 22, 2017 contains several provisions, including some related to qualified transportation fringe benefits.

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IRS Releases 2016 Work Plan for Tax Exempt and Governmental Entities Division

Posted by Merideth McDowell on Mar 23, 2016 4:30:00 PM

The Tax Exempt and Governmental Entities (TE/GE) division of the IRS consists of three subdivisions, as follows:

  1. Exempt Organizations subdivision (EO)
  2. Employee Plans subdivision (EP)
  3. Federal State and Local Governments subdivision (FSLG)

The 2016 tax year brings specific compliance issues into focus for each of these three subdivisions.

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A Warning on Soliciting Funds Out of State and Form 990 Disclosure

Posted by admin on Jan 27, 2016 12:30:00 PM

Form 990 disclosure pumps up the urgency of state registration

For years Anytown, USA, Charity has asked for donations from out-of-state residents. This started on a small scale — a handful of the charity’s donors retired in other states or lived there part of the year.

Now the charity has begun to reach out to hundreds of potential contributors in multiple states. The Internet makes it easy and inexpensive for the not-for-profit to solicit funds outside of its backyard. But along with this expansion comes the need for registration in additional states.

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Corporate Sponsorship Money: Is It Taxable?

Posted by admin on Nov 9, 2015 11:00:00 AM

Nonprofits have pursued corporate sponsorships for years, with good reason. Effectively executed, sponsorships can benefit both sponsor and organization. But if your nonprofit isn’t careful, a sponsorship can be deemed paid advertising and your organization could end up liable for unrelated business income tax (UBIT). Although the Internal Revenue Code includes an exception from UBIT for certain sponsorship arrangements, navigating the rules can prove tricky.

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FASB Proposes Reporting Model Changes For Not-For-Profit Organizations

Posted by Steve Glueck on Oct 20, 2015 1:30:00 PM

Changes to not-for-profit reporting rules are coming. Are you familiar with the FASB’s proposed new model of reporting for not-for-profit organizations, Presentation of Financial Statements of Not-for-Profit Entities? Currently, the FASB is reviewing comments received for this proposed standard, which was issued in April, and the FASB will consider comments received during a comment period that closed August 20 before setting an effective date. The proposed changes will require retrospective application once adopted.

We have summarized the following areas we consider to be the significant changes outlined in the proposed standard.

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Important Information About FinCEN Form 114 For Not-For-Profit Organizations

Posted by Jennifer Solot on Apr 6, 2015 1:30:00 PM

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, requires the annual filing of FinCEN Form 114, Report of Foreign Bank and Financial Accounts, by organizations that had an interest in, or signature or other authority over, financial accounts having an aggregate value exceeding $10,000 in a foreign country at any time during the calendar year reported.  Financial accounts include bank accounts, brokerage accounts, mutual funds, trusts, or other types of foreign financial accounts.  Keep in mind that the FinCEN Form 114 supersedes the prior Form TD F 90-22.1.

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