Just released this month, the Arizona Corporation Commission now offers annual report email reminders for entities incorporated in Arizona; all you have to do is sign up! All corporations,
On June 13, 2013, the Senate Finance Committee released a cooperative, bipartisan report comprised of suggestions on how (and why) to change government regulations on tax-exempt/nonprofit organizations and on the rules of charitable giving. The Committee’s Report set forth a number of issues that need to be addressed in the nonprofit and charitable giving arena, and offer a number of potential solutions.
We are often asked “ what exactly is a B Corporation? B Corporations are a new kind of company that uses the power of business to solve social and environmental problems. You can think of a B Corporation certification as analogous to a Fair Trade or LEED certification, but for a business instead of a bag of coffee or a building.
Arizona recently passed benefit corporation legislation (SB 1238). Arizona joins fifteen other jurisdictions including California, New York and the District of Columbia that have already passed legislation. While the new law is not effective until December 31, 2014, the Arizona benefit corporation offers social entrepreneurs an important new option to consider when forming a new venture.
We are often asked whether nonprofits must follow Arizona open meeting law (OML). Generally, nonprofits are not required to follow open meeting law; however, there are some exceptions “ most notably charter schools. Charter schools are treated as public institutions for OML purposes because they are both funded with state tax dollars and are overseen by the state.
t the end of 2012, the IRS introduced a voluntary classification settlement program (Settlement Program) to provide an incentive for employers with misclassified workers to comply.[1] The Settlement Program temporarily relaxes previous requirements and provides additional tax savings for those who qualify.
The IRS recently issued Rev. Proc. 2013-12 which updates its Employee Plans Compliance Resolution System. As anticipated, the new EPCRS allows plan sponsors to retroactively correct the failure to adopt a written plan document for a 403(b) plan by December 31, 2009.
We applaud the ACC’s sensitivity to nonprofit and tax-exempt issues and we suspect these changes will lead to fewer filings with inappropriate tax provisions. However, the downside is that the free ACC forms are no longer appropriate for nonprofits who wish to qualify for tax-exempt status.
The IRS launched a new online search tool, Exempt Organizations Select Check, to help users more easily find information about tax-exempt organizations
simple change in Arizona law would sync the state and federal information return processes, allowing a more simplified filing for small Arizona nonprofits with gross income between $25,000 and $50,000. The purpose of the recent change in federal requirements was to ease the burden of the annual filing for small nonprofits. To reconcile Arizona law with the Federal law, the Arizona legislature need only amend ARS §43-1242 C. 1 to read as follows:
Need not file it if its gross income does not exceed fifty thousand dollars.
Most states require you to register your organization if you solicit donations from their residents. Many states also require registration if your organization collects substantial or ongoing donations from their residents, even if you aren’t specifically targeting donors in that state. Download our comprehensive list of each state’s requirements.
Download our free guide to learn about the many elements needed to run a successful nonprofit organization, as well as how to avoid common pitfalls and mistakes.