Louis E. Michelson, A Professional Corporation

Providing Legal and Tax Advisory Services to Nonprofit Organizations

Entries Tagged as 'Federal Income Taxes'

Termination of Private Foundation Status

December 6th, 2011 · Comments Off on Termination of Private Foundation Status · Federal Income Taxes, Private foundations

If you are a private foundation that is considering stopping your activities, there are right ways and wrong ways to do this most important step.   Depending on how it is done, the foundation there may need to notify the IRS of intent to terminate and pay a termination tax.   This way is viewed by some […]

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Nine Tips for Charitable Taxpayers

October 2nd, 2011 · Comments Off on Nine Tips for Charitable Taxpayers · Federal Income Taxes, Loss of Tax-Exempt Staus

The IRS posted its “Summertime  Tax Tips on its website recently (IRS Summertime Tax Tip 2011-21).  It includes useful points for taxpayers who make regular donations to charity or plan to make donations before the end of the year.  If you make a donation to a charity this year, you may be able to take […]

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New Useful Resource: Form 990 Policy Series Memoranda Now Available Online

May 17th, 2011 · Comments Off on New Useful Resource: Form 990 Policy Series Memoranda Now Available Online · Federal Income Taxes, Form 990, Governance

The Form 990 Policy Series Memoranda, developed to respond to governance questions in the new Form 990, are now available online!  They can be accessed, without charge, at the web site of Public Counsel, the nation’s largest pro bono law firm.  See http://www.publiccounsel.org/useful_materials?id=0025 or go to publiccounsel.org, click on Practice Areas, then Community Development, then […]

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IRS Increased Focus on 501(c)(4), (5) and (6) Organizations

December 22nd, 2010 · Comments Off on IRS Increased Focus on 501(c)(4), (5) and (6) Organizations · Federal Income Taxes

In the IRS EO Update dated December 15, 2010, the IRS released its FY 2011 Implementing Guidelines. The IRS states on page 26 that, “EO will continue to invest time in both new and ongoing initiatives in order to keep up with the ever-changing exempt organization sector.  The following excerpt (page 28) from the Guideline: […]

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IRS Revocation of Exemptions: Current Efforts; Post-October 15; Revocation; Contributions and Tax Deductions; Reinstatement; On-Going Education; Compliance Review.

December 15th, 2010 · Comments Off on IRS Revocation of Exemptions: Current Efforts; Post-October 15; Revocation; Contributions and Tax Deductions; Reinstatement; On-Going Education; Compliance Review. · Federal Income Taxes, Loss of Tax-Exempt Staus

In the IRS EO Update dated December 15, 2010, the IRS released its FY 2011 Implementing Guidelines.   The following excerpt from the Guidelines is captioned:  Spotlight:  Filing Relief Program: Background: The Pension Protection Act of 2006 made two important changes affecting tax-exempt organizations, effective the beginning of 2007. First, it requires all tax-exempt organizations, other […]

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Revised Publication 557, Tax-Exempt Status for Your Organization

November 11th, 2010 · Comments Off on Revised Publication 557, Tax-Exempt Status for Your Organization · Federal Income Taxes

An updated Publication 557 is now available on the IRS website.  The last version was published in June, 2008.  Four topics are listed in the “What’s New” section: New penalty provisions for nonfiling. For annual tax periods beginning after 2006, the law requires most tax-exempt organizations, other than churches, to file an annual Form 990, […]

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Comments on 2010 Core Form 990

November 10th, 2010 · Comments Off on Comments on 2010 Core Form 990 · Federal Income Taxes, Governance

On October 2, 2010 the IRS posted an advance draft of 2010 Core Form 990 on its website.  The draft is subject to change and OMB approval before it is officially released.  The IRS requested that comments on the draft form be submitted within 30 days from the date the draft was posted. Comments were […]

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Update Regarding Revocations of Exempt Status: Federal and California

July 26th, 2010 · Comments Off on Update Regarding Revocations of Exempt Status: Federal and California · California Exempt Status, Federal Income Taxes, Loss of Tax-Exempt Staus

There is good news (Federal) and not-so-good news (California).  First the good news.  The Internal Revenue Service today announced a one-time offer to small nonprofit  organizations at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008, and 2009.  The organizations can preserve their exempt status by filing returns […]

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Missed the May 17th Filing Deadline? File Return Anyway

May 18th, 2010 · Comments Off on Missed the May 17th Filing Deadline? File Return Anyway · Charity, Federal Income Taxes, Loss of Tax-Exempt Staus

The May 17, 2010 deadline has passed for filing the required information returns.    See the post below “Don’t Throw Away Your Tax Exempt Status” IRS Commissioner Doug Shulman issued a statement to reassure small organizations that the IRS will do what it can to help them avoid lose their tax-exempt status.  See the following link

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Don’t Throw Away Your Tax Exempt Status

April 29th, 2010 · Comments Off on Don’t Throw Away Your Tax Exempt Status · Charity, Federal Income Taxes

IRS has posted new FAQs and an audio interview discussing the automatic revocation of tax-exempt status for failure to file information tax returns. The IRS has an audio “Don’t Throw Away Your Tax Exempt Status.”  or a script of the podcast. Also check out the audio “Haven’t Filed a Tax Return in Years”   (or a script of […]

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