Tax-Exempt Organization News
IRS Issues Numerous News Releases Regarding Hurricane Sandy and Disaster Relief and Recovery. For more information including news releases regarding qualified disaster relief payments and expedited processing of disaster relief organization applications for tax exemption, refer to the IRS news releases.
IRS Issues Questionnaire to Group Ruling Parent Organizations. For more information and to view a sample questionnaire, refer to the IRS webpage on the topic.
IRS Issues Proposed Regulations to Broaden Range of Professionals Qualfied to make Equivalency Determinations. Read the proposed regulations.
IRS Advisory Committee on Tax-Exempt and Government Entities (ACT) Recommends Changes to Application for Tax-Exempt Status (Form 1023). Read about these recommendations in the committee's report.
IRS Issues Proposed Regulations to Incorporate New Examples of Program Related Investments. Read about the specifics on the Federal Register website.
District of Columbia Overhauls 1962 Nonprofit Corporation Code. To learn more about these amendments, read the DC BAR Pro Bono Program's summary of the Nonprofit Corporation Code.
Are nonprofit news sites tax-exempt? The IRS has delayed reaching a decision regarding tax-exempt status for a few sites that submitted applications in 2010. Read the article.
New York Attorney General announces plan to reform the nonprofit sector. Proposed changes include eliminating pre-approvals for incorporation, simplifying merger and dissolution procedures, and increased regulations regarding executive compensation and financial audits. Read the Attorney General's announcement and the Leadership Committee for Nonprofit Revitalization's report.
Massachusetts Data Security Law Requirements. New regulations require the adoption and implementation of data privacy policies. Read about the regulations and implications for nonprofit organizations.
Supreme Court opinion changes rules for 501(c) organizations engaging in partisan political activities. Read about the changes and the impacts on nonprofits in this article by Tracey Bolotnick.
Access to endowments eased for Massachusetts nonprofits with passage of UPMIFA. Read about the changes and the impacts on nonprofits in this article by Tracey Bolotnick. Read a summary of this bill allowing nonprofits to tap into endowments. Read the language of the Massachusetts UPMIFA bill on the Massachusetts legislative website. For more information on UPMIFA, refer to www.upmifa.org.
IRS Extends Plan Document Requirement for 403(b) Plans to 2010. Read the details of the extension and the IRS notice (IRS Notice 2009-3).
IRS begins compliance project for colleges and universities. Read the details of the program on the IRS Compliance Project webpage.
IRS eliminates advance ruling period for Section 501(c)(3) nonprofit organizations. Read the details on the IRS website and the temporary IRS Regulations.
IRS issues regulations imposing certain documentation requirements on the 403(b) retirement plans of tax-exempt entities. Read about the regulatory changes. Read about 403(b) Tax Sheltered Annuity Plans on the IRS website.
IRS completes revised instructions for redesigned Form 990 to be used for tax year 2008. Read the details about the revised Form 990 and the instructionsas well as the chronological history.
IRS issues temporary regulations regarding the new filing requirement, Form 990-N, for small nonprofits. Read about the Form 990-N. Read the IRS temporary regulations.
IRS issues memorandum regarding political campaign activity on the internet by nonprofits. Read the memorandum about political campaign activities on the internet. Read about the IRS' Political Activities Compliance Initiative.
Congress considers changes to tax rules regarding gifts of art. Read articles in The Chronicle of Philanthropy and The New York Times.
New tax laws result in the growth of the number of small foundations. Read "Tax Laws Popularize the Small Foundation" in The New York Times, June 7, 2008.
Nonprofit organizations face challenges in corporate fundraising. Read "Charities Seek Donors to Replace Wall Street" in The New York Times.
Charities and social entrepreneurs discover the benefits of for profit status and financing. Read "A Capitalist Jolt for Charity" in The New York Times.
Universities and other nonprofit institutions facing rising debt costs. Read about the impact of the bond market implosion and higher financing costs in the Boston Globe and the Boston Business Journal.
IRS releases guidance on political advocacy regulations. Read Revenue Ruling 2007-41.
Congress considers lobbying reforms that may impact nonprofit organizations. Read the bill summary by the Center for Media & Democracy, the full text of the legislation at GovTrack, and a discussion of the legislation by Independent Sector.
U.S. Treasury releases Anti-Terrorist Financing Guidelines for Nonprofits. Read the "Voluntary Best Practices for U.S.-Based Charities"
Pension Protection Act, containing provisions affecting exempt organizations, donor advised funds, signed into law. Read the summary of provisions on the IRS website, IRS Notice 2006-109, and an analysis by Independent Sector.
American Bar Association Names Jeffrey Hurwit Outstanding Nonprofit Lawyer. Read the Award Announcement.