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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. 

Mar 25, 2014 Tax Reform Act of 2014: How It Would Impact Nonprofits
 

The Tax Reform Act of 2014 was released on February 26, 2014 by Dave Camp, Chairman of the U.S. House of Representatives Ways and Means Committee. Given that 2014 is an election year, it is unlikely that Congress will vote on the proposal this year. However, if enacted as drafted, the Tax Reform Actwould substantially change many of the long-standing laws affecting exempt organizations and could potentially impose significant tax liabilities.

Mar 21, 2014 TIGTA Warns of "Largest Ever" Phone Fraud Scam Targeting Taxpayers
 

The Treasury Inspector General for Taxpayer Administration (TIGTA) issued a warning to taxpayers to beware of phone calls from individuals claiming to represent the Internal Revenue Service (IRS) in an effort to defraud them.

Feb 5, 2014 New York Nonprofit Revitalization Act Signed Into Law
 

The New York Nonprofit Revitalization Act of 2013 introduces a set of policies that will affect nonprofit organizations incorporated in the State of New York and those that solicit charitable contributions in the state. The Act delivers significant amendments to existing laws that concern nonprofits incorporated in New York. All affected nonprofit entities should review their policies and procedures to determine their level of compliance with the new law.

Jan 11, 2014 IRS Issues Revenue Procedure to Streamline Exempt Status Reinstatement Process
 

On January 2, 2014, the IRS released Revenue Procedure 2014-11 which removes some of the hurdles previously faced by organizations seeking retroactive reinstatement of their exempt status.  For organizations whose exempt status was revoked for failure to File Form 990, 990-EZ, or 990-N for three consecutive years, regaining exempt status has often been a difficult and drawn out process. 

Jan 2, 2014 New IRS Rules Proposed for 501(c)(4) Organizations - Definition of Political Activities
 

Activities that have long been defined as "nonpolitical" when conducted by 501(c)(4) social welfare organizations may soon be reclassified by the IRS as "candidate-related political activities," potentially limiting those organizations' activities, especially during an election season.

Nov 18, 2013 Call for Applications: The Washington Post 2014 Award for Excellence in Nonprofit Management
 

The center for Nonprofit Advancement, in partnership with The Washington Post, announces the call for applications to The Washington Post Award for Excellence in Nonprofit Management.

Sep 30, 2013 Results Reporting: Charity Navigator's New Rating System for Nonprofits
 

Charity Navigator, the agency most known for rating nonprofit organizations according to their financial health, announced an update to its rating process that is set to be implemented no sooner than 2016. Charities that hope to maintain or achieve a strong rating under the new system, however, should consider preparing for the upcoming changes now.

This was my first time working with auditors and I was bracing for a tough audit and tax experience, but Jim Larson and his engagement team of Bob Maleta and Hang Hoang were very patient, kind and accommodating in breaking down their complex questions into layperson’s terms I could understand.

Carol |  Binstock
The Quixote Center