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News Archive
Our news covers industry topics relevant to nonprofit and government organizations.
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Small Nonprofits Must File e-Postcard in 2008
Small tax-exempt organizations with annual gross receipts of $25,000 or less may be required to file Form 990-N (e-Postcard) in 2008. What happens if you don’t file your e-Postcard? You risk losing your tax-exempt status. More
IRS Wants Your Feedback on New 990 Draft Instructions
The IRS issued draft instructions for the redesigned 990 and they are requesting input from the nonprofit field. The new form will require extensive preparation and goes into effect for the 2008 tax year. The deadline to submit comments to the IRS is June 1, 2008. More
First Major Regulations Changes to 403(b) Plans in 43 Years
You may begin to see implications of the July 23, 2007 Internal Revenue Service-issued revised regulations concerning section 403(b) tax sheltered annuity contracts. These regulations apply to all types of 403(b) plans, including plans that have only employee salary deferral contributions. More
IRS Considering Comments on Redesigned 990
The IRS issued a radically redesigned draft of the Form 990 this past summer—and in response they received a large volume of comments from many sources including the AICPA. Even if the IRS revises the draft form, the final version will still require much more detailed information about nonprofit organizations than they are accustomed to providing. More
How Will the Redesigned Form 990 Affect Your Organization?
The IRS has redesigned Form 990—a document that has not undergone major revisions since 1979. The proposed changes are intended to increase the transparency of tax-exempt organizations and present the IRS and stakeholders with a realistic picture of entities and their operations. Read more and access an article Drew Smith wrote on this topic in Association TRENDS.
Small Nonprofits Take Note—Don't Risk Losing Your Tax-Exempt Status
To increase transparency of small tax-exempt organizations, those with annual gross receipts of $25,000 or less will now be required to file Form 990-N (e-Postcard) in 2008, according to an IRS press release.
The new annual notice is based on the Pension Protection Act of 2006, and pertains to small nonprofits that are currently not required to file Form 990 or 990-EZ. More
IRS: Nonprofits are Incorrectly Reporting Executive Compensation
Confusion about Form 990 led to errors in the reporting of executive compensation, according to an IRS report. The report is further evidence of the IRS's migration from education of compensation related laws affecting nonprofits—to enforcement. More
 Giving Relationships
by John Nemo
Donors are out there, but some nonprofits are having a hard time connecting with them. At the same time, donors are faced with an overwhelming nonprofit marketplace that often has several organizations addressing similar causes. More
Your Nonprofit Board Wants to Adopt Sarbanes-Oxley—Now What?
by John Tauer
Nonprofits and publicly traded companies are similar in that both need the resources and the trust of their stakeholders to operate. Adopting SOX measures provides a structure for nonprofits to ensure proper use of resources and a way to demonstrate this to resource providers and the community. More
Risky Misconceptions
by Sara Peterson
Some board members are having a difficult time identifying their roles in the new Sarbanes-Oxleyinfluenced world. Management is also struggling to find the right balanced relationship between the board and itself. Straightening out these issues with clear communication is essential for the board to function properly. More
LarsonAllen Rolls Out UBIT Analyzer
The Internal Revenue Service (IRS) has become more sophisticated and active in the arena of unrelated business income tax (UBIT). The ramifications of noncompliance can be disasterous, including fines, sanctions and even the loss of nonprofit status. To address this situation, LarsonAllen has developed a comprehensive UBIT analyzer to uncover compliance issues that a finance or accounting department may not detect. More
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