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Industry Alerts

Gelman, Rosenberg & Freedman distributes industry alerts regarding new tax laws and IRS regulations that have a financial impact on nonprofit organizations, and businesses and individuals. 

Aug 9, 2016 New Regulations to Notify the IRS of Intent to Operate Under Sec. 501(c)(4)
  Generally, 501(c)(4) organizations are not required to file Form 1024 to seek tax-exempt status; they may “self-declare”. As a result, until a self-declared 501(c)(4) filed a Form 990, the IRS had no record of its existence. The Protecting Americans From Tax Increases (PATH) Act of 2015 added Section 506 to the Internal Revenue Code. This new provision requires an organization described in Section 501(c)(4) to notify the IRS within 60 days of formation of its intent to operate as such. Recently, the IRS issued regulations, effective on July 8, 2016, along with Revenue Procedure 2016-41. Together these documents provide clear instructions on the manner in which to notify the IRS that an organization is operating as a 501(c)(4) organization.
Mar 22, 2016 Beware: Phishing Scheme Involving W-2s

There has been an elaborate phishing scheme this tax season that attempts to trick human resources and payroll professionals into revealing employees’ personal information, including names, email addresses and Social Security Numbers. Cybercriminals pose as executives in emails in an attempt to secure this data.

Feb 4, 2016 Tax Planning Reminder - Volunteer Services Letters
  As tax filing season approaches, donors should make sure that they have the proper substantiation to support all of their charitable deductions. As explained in this industry alert, donors who incur expenses connected with their volunteer service activities may need an acknowledgement from the charity to properly deduct such expenses.
Jan 29, 2016 Protecting Americans Against Tax Hikes (PATH) and Contribution Substantiation Reminder
  As a result of recent legislation, the Protecting Americans from Tax Hike Act of 2015 (PATH Act), signed into law by President Obama on December 18th, 2015, newly created and certain existing 501(c)(4) social welfare organizations must now file a notice with the IRS. Failure to provide notice can result in penalties.

The 2010 audit was a pleasant experience for us. I was impressed with the work of Partner Jim Larson and Supervisor Sara Kennedy.

Elena Anderson |  Director of Finance and Operations
Asian and Pacific Islander American Scholarship Fund