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We keep a close eye on important developments that could affect your organization, and distribute this information to our clients through industry alerts.
|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.
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
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