August 1, 2018
Wayfair Ruling: Sales Tax Implications for Nonprofits
According to the recent U.S. Supreme Court ruling in South Dakota v. Wayfair, online sellers may be required to collect sales taxes even if the sellers do not have a physical presence in that state. This decision may have far reaching consequences to online sellers, including nonprofits. Nonprofits are often exempt from paying sales tax on items…
July 19, 2018
IRS Revises Schedule B Requirements for Some Nonprofits
The IRS released Revenue Procedure 2018-38 on July 16, which modified the Schedule B filing requirements for tax-exempt organizations exempt under IRC section 501(c) other than 501(c)(3) organizations. Non-501(c)(3) organizations, like 501(c)(4) social welfare organizations or 501(c)(6) trade associations, will no longer have to report the donors’ names and addresses on Schedule B. Schedule B…
April 9, 2018
Update: Tax Cuts and Jobs Act’s Impact on Tax-Exempt Organization
Despite all the attention around the Tax Cuts and Jobs Act (TCJA), many questions remain unanswered with respect to the new tax law enacted in December. Among the most commonly asked questions is whether post-December 31, 2017 parking/commuting expense payments made by employers from employee salary deferrals are unrelated business income (UBI). While an Internal…
January 10, 2018
Tax Cuts and Jobs Act’s Impact on Tax-Exempt Organizations
The newly passed Tax Cuts and Jobs Act (the Act) was sent to the President for signature yesterday and is expected to be signed into law in early January. The Act contains many provisions (most taking effect in 2018) that impact tax-exempt organizations. There will undoubtedly be comprehensive analyses addressing the changes followed by guidance…
November 28, 2017
Monitoring Tax Reform for Our Clients
With last week’s release of the Senate package and the House of Representatives voting today on their bill, Congress remains intent on passing tax reform legislation before the end of the year. Gelman, Rosenberg & Freedman CPAs (GRF) is monitoring developments closely and we will keep clients informed as more clarity emerges around the changes…
May 26, 2017
Grace Period for Implementation of the New Procurement Standards Should Not Delay Your Organization’s Preparation
Announced last week, OMB has provided an additional one-year postponement for implementation of the new procurement standards set forth under Uniform Guidance, Title 2, CFR 200. With the grace period extending through December 25, 2017 for non-Federal entities, the new implementation date will start for fiscal years beginning on or after December 26, 2017. Click here for…
August 2, 2016
New Regulations to Notify the IRS of Intent to Operate Under Sec. 501(c)(4)
Newly created and certain existing 501(c)(4) social welfare organizations must now file a notice with the IRS. 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…
March 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. The IRS issued an alert on March 1, 2016 after several…
February 8, 2016
Protecting Americans Against Tax Hikes (PATH) and Contribution Substantiation Reminder
PATH Act Requires 501(c)(4) Organizations to Provide Notice to IRS after Formation 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…
February 8, 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. VOLUNTEER SERVICES LETTERS When an…