According to a recently released report from the Treasury Inspector General for Tax Administration (TIGTA), although most exempt organizations pay their federal taxes, more than 64,200 of the nearly 1.7 million organizations recognized as exempt (or 3.8%) had nearly $875 million of federal tax debt as of June, 2012. This included payroll taxes, unrelated business …
Posts Categorized: News
Does the Ice Bucket Challenge Leave You Cold?
It is likely that videos of people dumping buckets of ice water on their heads has filled up your Facebook and other social media newsfeeds in the past few months. And not just anyone. Participants include Bill Gates, LeBron James, and Taylor Swift. So what’s it all about? In short, people are “nominated” to complete …
The NY Salary Cap Saga Continues
In April we told you that that the Nassau County State Supreme Court in New York ruled that Governor Andrew Cuomo had overstepped his authority when he issued an executive order putting a cap on executive salaries at state-supported nonprofits to $199,000 unless the charity secures a waiver from the state to pay more. Last …
A New Charity Reporting Option
There are many resources for finding out information about a nonprofit. The best option is to review an organization’s documents yourself. But if you don’t have time for that, where should you go for reliable reporting on nonprofits? The Direct Marketing Association Nonprofit Federation (DMA) is hoping you will turn to their new Nonprofit Dashboard. …
Should Your Nonprofit Accept a Donation to Build?
Is your nonprofit considering constructing a new wing or building based on receiving one substantial donation? Before it does, the board should consider all possible outcomes, including ending up in court. Helga Wall-Apelt, a former board member of Florida State University’s Ringling Museum of Art, contributed $6 million to the museum in 2006 for a …
Can Donors Trust 1023-EZ?
Donors rely on 501(c)(3) to indicate that an organization is carrying out charitable activities. But since the IRS released the streamlined exemption application (Form 1023-EZ), should they still do so? The National Taxpayer Advocate (TAS) is an independent organization within the IRS that helps taxpayers who are having trouble resolving problems with the IRS. On …