Tag Archives: Form 990
May 9, 2012, 9:55 pm
A Congressional hearing has been scheduled next week to examine various tax issues affecting nonprofits, including Internal Revenue Service oversight of universities and nonprofit hospitals.
Rep. Charles Boustany Jr., a Louisiana Republican, called the hearing. He told The Chronicle this winter he was concerned the tax agency had not been aggressive enough in monitoring charity abuses.
The event, which will take place May 16 at 10 a.m., will be the first in a series of hearings on tax-exempt organizations planned by the oversight subcommittee of the powerful House Ways and Means Committee.
Mr. Boustany, the subcommittee chairman, said in a statement that the hearing would allow nonprofits to weigh in on certain questions he had raised in a letter he sent to the IRS last October.
They include IRS audits of universities in areas including excessive compensation and unrelated …
July 18, 2011, 9:29 am
Independent Sector, a coalition of charities and foundations, is asking for ideas about how the Internal Revenue Service can improve the informational tax return for nonprofits, known as the Form 990.
People can submit ideas online, comment on other ideas, and vote for the best suggestion in the IS 990 Feedback Forum until July 25. The group is encouraging nonprofit employees who work in a wide arrange of areas—including those who focus on operations, finances, and legal issues—to submit ideas. Independent Sector will then use the comments in its recommendations to Congress and the Internal Revenue Service.
In June, the tax agency announced it was seeking public comments on the redesigned Form 990, which the IRS overhauled in 2008. The deadline for IRS comments is August 1.
October 14, 2010, 12:58 pm
Under federal law, tens of thousands of small charities will automatically lose their tax-exempt status if they fail to meet a Friday deadline to file required forms with the Internal Revenue Service.
“The October 15 deadline is the last chance for many small charities to comply with the law,” said Douglas H. Shulman, the Commissioner of Internal Revenue.
After the IRS announces early next year which small groups have lost their tax exemptions, organizations will have to reapply to the IRS for new exemptions by filing some complicated paperwork, pay a fee of up to $850, and wait as their paperwork is processed.
Groups will be liable for income taxes on money they receive from donors during the time that they are without their tax-exempt status. And donors won’t be able to take charitable-contribution deductions for their gifts until the tax exemptions are restored.