Time Sensitive Information

Tax Cuts and Jobs Act – Tax Exempt Organization Provisions

he Tax Cuts and Jobs Act (HR 1 ) is on its way to the White House for President Trump’s expected signature before the weekend. The bill is set to bring about widespread changes to the US tax code for both businesses and individual Americans. However, it also impacts tax-exempt organizations. 

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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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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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Change Government Regulations
News and Avoiding Scams

Senate Finance Committee Report Suggests Ways to Change Government Regulations

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.

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IRS Permits More Organizations to File Form 990-N

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:

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Proposition 203
News and Avoiding Scams

It’s a Medical Marijuana Miracle – Arizona Voters Approve Proposition 203

Following initial reports that the measure had failed, officials announced Sunday that Arizona voters approved Proposition 203, a measure that will legalize medical marijuana, by a razor thin margin of 4,300 votes.

As we have pointed out before ,Proposition 203 requires medical marijuana dispensaries to be formed as nonprofit entities but does not require that they incorporate or that they operate on a tax-exempt basis. Accordingly, we expect most dispensaries to operate as nonprofit corporations that are taxed as for-profits to avoid the burdensome restrictions applicable to tax-exempt organizations.

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How to Start a Non-Profit Organization

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.