CATEGORY

Nonprofit Tax

Donations Prior to Exemption
Nonprofit Tax

Accepting Donations Prior to Exemption

Newly formed charities often encounter a chicken and egg problem. They wish to begin their operations before they receive formal approval of their tax-exempt status but they can’t attract funding until they receive their federal 501(c)(3) determination.

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Form 8976
Nonprofit Tax

Form 8976 -New Requirement for Section 501(c)(4) Organizations

Code Section 506 aims to remedy this problem by requiring organizations to notify the IRS of their intent to operate as a Section 501(c)(4) organization. The IRS has developed a new form for this purpose “ Form 8976 “ that organizations should use to provide this notification.

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Arizona Tax Credit Program
Nonprofit Tax

Big Changes in Arizona’s Charitable Tax Credits

The State Legislature recently passed increases to the Arizona Tax Credits. For nonprofits, this means that in order to increase contributions to your organization, your tax credit marketing needs to be reevaluated and addressed now.

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Social Welfare Organization
Nonprofit Tax

Big Changes for Social Welfare Organizations

The recently enacted Protecting Americans from Tax Hikes Act (PATH Act) imposes a new requirement for Code Section 501(c)(4) social welfare organizations to notify the IRS of their existence within sixty (60) days of their incorporation.

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LLCs as Charitable Vehicles
Nonprofit Tax

LLCs as Philanthropic Vehicles

The groundbreaking Facebook founder has once again broken with tradition and formed his philanthropy as an LLC. Clients have questioned the benefits of choosing to forgoe the traditional private foundation in favor of an LLC. We are here to break it down.

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Donations Benefitting Individuals
Grantmaking and Gift Planning

Donations Benefiting Individuals

Donors wishing to help the victims of a tragedy, a serious illness, or other major hardship are often surprised to learn that gifts earmarked for specific individuals are not tax deductible as charitable contributions. This rule catches many donors off guard as it is not intuitive that gifts made to individuals who are clearly in need would not be considered charitable.

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1023-EZ
Nonprofit Tax

IRS Introduces Form 1023-EZ

The goal of the streamlined application process is to permit small charities without complex issues to get up and running more quickly. The streamlined application will also permit the IRS to spend less time reviewing applications and more time focusing its energies on monitoring compliance for organizations that have been approved.

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IRS

Form 1023 Questions Posted by IRS

The IRS has posted in links to the questions Exempt Organizations specialists are instructed to ask in relation to various issues raised by applications for exemption and miscellaneous determination requests.

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