Louis E. Michelson, A Professional Corporation

Providing Legal and Tax Advisory Services to Nonprofit Organizations

Entries Tagged as 'Governance'

Form 990 and Unrelated Business Income

March 26th, 2019 · Comments Off on Form 990 and Unrelated Business Income · Form 990, unrelated business income

On Wednesday, May 15, 2019, I will be presenting a national teleconference, “Form 990 and Unrelated Business Income” for Lorman Education Services: 1:00 PM – 2:30 PM EST.  This teleconference will cover the following topics: Form 990 Procedural Matters ●Determining Which Form to File●Due Dates and Automatic Extension Parts of Form 990●Overview of Parts of […]

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Governance 101: Providing Form 990 to Board Members

July 12th, 2012 · Comments Off on Governance 101: Providing Form 990 to Board Members · Form 990, Governance

Pop quiz on governance for nonprofits: Question 1.  Are each of your Board members provided with a copy of the final Form 990 before that form is filed with the IRS? Question 2.  What if the nonprofit notifies each of the Board members that the Form 990 is available on request.  Does this procedure accomplish […]

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Congressional Committee Hearing on Tax-Exempt Organizations

May 11th, 2012 · Comments Off on Congressional Committee Hearing on Tax-Exempt Organizations · Charity, Federal Income Taxes, Governance

Congressman Charles W. Boustany Jr., MD (R-LA), Chairman of the Subcommittee on Oversight of the Committee on Ways and Means, announced on Wednesday, May 16th that the Subcommittee will hold a hearing examining operations and oversight of tax-exempt organizations. This will be the first in a series of hearings by the Subcommittee on the tax-exempt […]

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IRS FAQs on Governance – Form 990, Part VI

July 15th, 2011 · Comments Off on IRS FAQs on Governance – Form 990, Part VI · Form 990, Governance

The IRS updated their Frequently Asked Questions and Tips (August 3, 2012) regarding Form 990, Part VI – Governance, Management and Disclosure.  Some of the FAQs have earlier posting dates.  The following are some of the questions included: Are all organizations required to complete Part VI and answer all of its questions regarding an organization’s […]

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Preserving Charitable Exemption

February 3rd, 2011 · Comments Off on Preserving Charitable Exemption · California Exempt Status

Charities must file timely informational tax returns or risk losing their tax exempt status.  See the following article which was published in the January 2011 issue of California Lawyer. Preserving Charitable Exemption, Reprinted and/or posted with the permission of Daily Journal Corp. (2011).

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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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Changes to Corporations Code for Nonprofit Organizations

October 31st, 2009 · Comments Off on Changes to Corporations Code for Nonprofit Organizations · California nonprofit law

Governor Schwarzenegger signed AB 1233, which is based on an Affirmative Legislative Proposal of the Nonprofit Committee. The law makes a number of changes to the California Corporations Code as applied to nonprofit corporations and unincorporated associations. These changes concern the designation of certain persons as directors, the termination of individual approval rights for changes […]

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