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Nonprofit Tax

Form 990 Filing Deadline for Calendar Year Taxpayers

ine to file Form 990 for calendar year taxpayers. the tax return is filed late, the IRS imposes late fees based on the organization’s gross receipts ($20 day per day for organization’s whose gross receipts are less than $1 million and $100 per day for organization’s whose gross receipts are more than $1 million). Failure to file Form 990 for three consecutive years will result in automatic loss of tax exempt status.

May 2, 2022 No Comments

Nonprofit Tax

Starting a Church

What is the difference between starting a church and starting another type of religious nonprofit?

April 11, 2022 No Comments

Nonprofit Tax

Taxable Subsidiaries

Income generated from activities outside a nonprofits’ exempt purpose is taxable as unrelated business income (“UBI”). One option to conduct taxable activity is to form a new company wholly owned by the nonprofit called a taxable subsidiary.

February 28, 2022 No Comments

Feeder organizations do not qualify for tax exemption under Internal Revenue Code Section 502 because they are not inherently charitable.

IRS

IRS Provides Guidance for LLCs Seeking 501(c)(3) Status

The IRS has issued Notice 2021-56 outlining the requirements that LLCs seeking 501(c)(3) status must meet to be recognized as tax-exempt by the IRS. These

October 25, 2021 No Comments

Nonprofit Tax

Ban on Campaign Intervention for 501(c)(3)s

In recent years, there has been some confusing activity around the rules governing campaign intervention for 501(c)(3)s. Nonprofits operating under I.R.C. 501(c)(3) are obligated to

October 4, 2021 No Comments

Fundraising Regulation

Providing Acknowledgements for Nonprofit Event Sponsorship

Nonprofit sponsorships are common but the correct way to provide acknowledgments for nonprofit event sponsorship is not well understood. Fundraising galas, breakfasts, golf tournaments, and

September 7, 2021 No Comments

Governance

Family Offices and Private Foundations

By now most family offices and private foundations have heard the story about Archegos Capital. In effect, Archegos operated similarly to a traditional hedge fund—making

May 18, 2021 No Comments

Nonprofit Tax

Don’t Forget to File Form 990

Nonprofits that fail to file Form 990 for 3 years in a row will receive an automatic loss of tax-exempt status. The deadline is May 15th.

March 22, 2021 No Comments

Nonprofit Tax

For-Profit Subsidiary – When to Form One

Sometimes it is necessary for a nonprofit to form a for-profit subsidiary. Knowing how to do this can help avoid losing your tax-exemption.

March 8, 2021 No Comments

Nonprofit Tax

Corporate Charitable Deductions for Disaster Relief

Normally, corporations can only deduct charitable contributions up to an amount that equals 10 percent or less of their taxable income in the given tax year. Under the CARES Act, this limitation was bumped to 25 percent of taxable income.

More recently, the December 2020 Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA) temporarily upped the limit for corporate charitable contribution deductions to 100% for qualified disaster relief contributions.

The IRS has released additional guidance for corporations considering using the deduction. Here’s what you need to know.

February 22, 2021 No Comments

Nonprofit Tax

Form 990 Filing Deadline for Calendar Year Taxpayers

Starting a Church

Taxable Subsidiaries

IRS Provides Guidance for LLCs Seeking 501(c)(3) Status

Ban on Campaign Intervention for 501(c)(3)s

Providing Acknowledgements for Nonprofit Event Sponsorship

Family Offices and Private Foundations

Don’t Forget to File Form 990

For-Profit Subsidiary – When to Form One

Corporate Charitable Deductions for Disaster Relief

How to Keep your Non-Profit Compliant in All 50 States

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How to Start a Non-Profit Organization