Charity

Entries Tagged as 'Charity'

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 Law for Charity “Poker Night” Fundraisers

October 21st, 2009 · Comments Off on New Law for Charity “Poker Night” Fundraisers · California nonprofit law, Charity

Casino night charity fundraisers can be fun, exciting, and lucrative, but until recently they have been illegal. This changed starting January 1, 2007, when a new California law was enacted that allows certain nonprofit organizations that have been in existence for at least three years to hold “charity poker night” fundraisers. Before buying your chips, […]

Los Angeles Business Taxes, Exemption and Refunds for Charities

October 16th, 2009 · Comments Off on Los Angeles Business Taxes, Exemption and Refunds for Charities · Charity, State and Local Taxes, Uncategorized

Is your charitable organization paying the Los Angeles business tax? As a result of state legislation, the City of Los Angeles amended its municipal code to authorize the Director of Finance to issue a Tax Exempt Registration Certificate to charitable, non-profit or religious institutions. If your organization is exempt under Internal Revenue Code Section 501 […]

Audit Committees of Nonprofit Organizations

October 16th, 2009 · Comments Off on Audit Committees of Nonprofit Organizations · Charity, Governance

Charities with gross revenue of $2 million or more must now establish an audit committee. This only applies to charitable corporations that must register and file reports with the Attorney General, whenever such organizations accrue the $2 million of revenue in any fiscal year, with certain grants from government entities excluded from the revenue threshold. […]

Louis E. Michelson, A Professional Corporation

Providing Legal and Tax Advisory Services to Nonprofit Organizations