Louis E. Michelson, A Professional Corporation

Providing Legal and Tax Advisory Services to Nonprofit Organizations

Entries Tagged as 'Federal Income Taxes'

IRS Employment Tax Initiative

April 3rd, 2010 · Comments Off on IRS Employment Tax Initiative · Charity, employment taxes, expense reimbursement, Federal Income Taxes, intermediate sanctions

Beginning in February, 2010, the IRS is conducting its first Employment Tax National Research Project since 1984. For the first time, this project will include audits of exempt organizations. Of the 6,000 companies to be audited, some 500 audits of exempt organizations should be expected. The IRS will be focusing on four employment tax compliance […]

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Six Important Facts about Tax-Exempt Organizations

March 25th, 2010 · Comments Off on Six Important Facts about Tax-Exempt Organizations · Charity, employment taxes, Federal Income Taxes, Governance, intermediate sanctions

The IRS just published six important facts about tax-exempt organizations:  reproduced in full below: Every year, millions of taxpayers donate money to charitable organizations. The IRS has put together the following list of six things you should know about the tax treatment of tax-exempt organizations. 1.        Annual returns are made available to […]

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New IRS Changes to Form 990

February 26th, 2010 · Comments Off on New IRS Changes to Form 990 · Charity, Federal Income Taxes

The IRS posted on its website changes to 2009 Form 990, schedules to Form 990, and the instructions to Form 990.   See following link.   The IRS has modified and clarified certain reporting requirements. The Service also posted a table summarizing significant changes to the Form 990, schedules, and instructions for 2009. Some of the changes […]

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New IRS Check Sheet on Tax-Exempt Organizations

December 10th, 2009 · Comments Off on New IRS Check Sheet on Tax-Exempt Organizations · Charity, Federal Income Taxes, Governance

The IRS now released a check sheet that IRS agents are instructed to use to capture data about the governance practices and the related internal controls of organizations under examination.  This check sheet will be used by IRS Exempt Organizations.  The IRS states that data collected will be included in a long-term study to gain a better understanding of the intersection […]

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One Size Does Not Fit All: Governance and Management Policies

December 3rd, 2009 · Comments Off on One Size Does Not Fit All: Governance and Management Policies · Charity, Federal Income Taxes, Governance

The new Form 990 (Part VI) contains a section on governance. The IRS’s general view is that a “well-governed charity is more likely to obey tax laws, safeguard charitable assets and serve charitable interest than one with poor or lax governance.” Nonprofit managers and CPA have are increasingly focusing on the questions posed in the Form […]

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New “Life Cycle” Tools on IRS Website

October 22nd, 2009 · Comments Off on New “Life Cycle” Tools on IRS Website · Federal Income Taxes

The IRS website (www.irs.gov/charities) has new information tools to help exempt organizations stay in compliance. At the website, click on the link “Life Cycle” under the Charities and Nonprofit Topics. The website is organized around five points of intersection (“life cycle” stages) between organizations and the IRS. 1. Starting out: creating an organization under state […]

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