Exempt Organizations May Not Need to Include Donor Information on Returns

Wednesday, September 12, 2018

Tax-exempt organizations, other than charities exempt under Code Sec. 501(c)(3), will soon be able to stop reporting the names and addresses of contributors on Schedule B when filing their information returns. Organizations exempt from tax under Code Sec. 501(a) that are required to file Form 990, Return of Organization Exempt from Income Tax, or Form 990-EZ, Short Form […]

Fringe Benefits and UBTI: What Nonprofits Need to Know

Wednesday, June 13, 2018

Under the 2017 Tax Cuts and Jobs Act (TCJA), Congress imposed an unrelated business income tax on certain fringe benefits a nonprofit employer might provide to its employees. Nonprofit employers that exclude certain fringe benefit amounts from taxable employee compensation will be required to report the amount as unrelated business taxable income (UBTI). The inclusion […]

403(b) Plans: The IRS Changes the User Fees for Voluntary Compliance

Wednesday, June 13, 2018

On January 2 of this year, the IRS published Revenue Procedure 2018-4 (Procedure), which outlined new fees for Voluntary Compliance Program (VCP) submissions to correct plan errors. Prior to the new Procedure, fees were based on participant count, with a scale ranging from $750 for plans with less than twenty participants, to $25,000 for plans […]

Have You Analyzed the Impact of the New Accounting Guidance on Your Organization?

Wednesday, June 13, 2018

Regular readers of the Nonprofit Advisor will be aware of the variety of new and amended accounting rules that will affect nonprofit organizations in the coming years. The sector is facing a flurry of significant new guidance that will require thoughtful evaluation to ensure smooth adoption by affected organizations. The three most significant accounting changes […]

Tax Reform Requires New Calculations for UBTI

Monday, February 19, 2018

The recently enacted tax reform bill changes how exempt organizations must calculate unrelated business taxable income (UBTI) and how that income will be taxed. These changes will have wide-reaching effects. According to the National Center for Charitable Statistics, public charities reported over $1.74 trillion in total revenues in 2013, 72% of which was earned. These […]