Today, the IRS has made public the long awaited list of organizations that automatically lost their tax-exempt status due to their failure to file a Form 990, 990-EZ or 990-N for three consecutive years. The IRS announced that it has revoked the tax-exempt status of approximately 275,000 such organizations, including over 4,000 in Arizona.
The IRS today issued guidance (Revenue Procedure 2011-15) that will allow more tax-exempt organizations to file the simplified e-Postcard rather than the Form 990-EZ or the standard Form 990.
For tax years beginning on or after January 1, 2010, most tax-exempt organizations whose gross annual receipts are normally $50,000 or less will be eligible to file the e-Postcard. Previously, the threshold was set at $25,000 or less. Supporting organizations of any size are still not eligible to file the Form 990-N. So, for the 2010 tax year, the new filing requirements are as follows:
Proposition 203 authorizes a limited number of medical marijuana dispensaries to operate in Arizona but requires that they be operated on a not-for-profit basis. However, Proposition 203 does not require these not-for-profit dispensaries to apply for tax-exempt status nor are they required to incorporate.
Arizona recently amended its gambling laws to make it easier for political organizations, political clubs, booster clubs, and civic clubs to hold small raffles. The
The benefit corporation concept has some similarities to the L3C model but is geared toward corporations rather than LLCs. Like the L3C, benefit corporations pursue a mission that goes beyond making a profit for owners and investors. Importantly, it also provides legal protection for board members that consider social and environmental issues when making decisions on behalf of the corporation.
Yes, the rumors are true. CharityLawyer has formed her own law firm. My theme for 2010 is Small is BeautifulÂť (which happens to be the title of the next book review). I started my career at a big four accounting firm with thousands of tax professionals, moved down the food chain to a national law firm of only 400 lawyers, and then to a regional law firm with a mere 200 lawyers. So, to continue the trend, I have started my own boutique law firm specializing in representing nonprofit and tax-exempt organizations. The firm is located in Phoenix, Arizona but will represent clients with respect to exempt organizations matters nationwide.
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.
