Louis E. Michelson, A Professional Corporation

Providing Legal and Tax Advisory Services to Nonprofit Organizations

Entries Tagged as 'Governance'

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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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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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 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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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. […]

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