Your Secret Nonprofit Fundraising Weapon: IRS Form 990
By: Richard J. Locastro, CPA, JD | Partner and Director of Nonprofit Tax In today’s rough-and-tumble political climate, economic pressures are mounting, fewer people are giving to charity1, and nonprofits are feeling the squeeze. Federal budget cuts have reduced government grants and other resources available to nonprofit organizations2. Perhaps more significantly, the Tax Cuts and…
Filing Changes for Nonprofits with Group Exemptions
By: Janna Goudarzi, MST | Nonprofit Tax Manager When similar nonprofit organizations can demonstrate a defined relationship, they may qualify for a group exemption by the IRS. Under this scenario, a “central organization” is the parent organization that has one or more subordinates under its general control and is also sometimes referred to as an…
Foreign Filing Requirements for Exempt Organizations
By: Janna Goudarzi, MST | Nonprofit Tax Manager Exempt organizations (EOs) may be required to provide information on its activities conducted outside the United States on a number of information forms, including Form 990. These reporting requirements don’t just apply to EOs with foreign offices or overseas programs, and penalties for failure to comply can…
UG Compliance Requires Awardees Address Key Sub-Recipient Risk Areas
By: Tom Netznik, CPA | Nonprofit Audit Manager Whether your organization has historically provided sub-awards to domestic or international nonprofit organizations or is new to these types of transactions, there are important steps you should take to not only ensure compliance with federal regulations, but also protect your organization from possible loss due to unallowable…
Avoid Penalties Under Unclaimed Property Laws with Best Practices for Compliance
By: Janna Goudarzi, CPA | Nonprofit Tax Manager All 50 states have unclaimed property laws (also known as escheat laws) that require organizations to make reasonable efforts to contact those to whom they owe money or property and then remit any unpaid items to the state. These rules generally apply to all entities, including exempt…