Archive: 990

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How to Get Your ACA Tax Credit When You’re a Tax-Exempt Organization

Under the Affordable Care Act (ACA), a small employer can claim a portion of insurance premiums paid as a tax credit. But what do you do if you are a tax-exempt organization? Don’t worry! You can still claim the credit if your organization is eligible. Eligible tax-exempt organizations can claim up to 35% of premiums paid. […]
February 12, 2015

Basic Nonprofit Accounting and Operations Boot Camp!

Join Maryland Nonprofits and Aronson LLC Partner Rob Eby on February 21st for an informative seminar that will answer many of the most commonly asked questions regarding nonprofit accounting and operations: What are some indicators of fraud? Why is the 990 so important? How come these nonprofit statements look so different from for-profit statements I’m […]
February 7, 2013

File Under: Don’t Do This

The Disabled Veterans National Foundation (DVNF) is currently being investigated by the Senate Finance Committee based on allegations of improper spending and charges that not much of the funding raised actually went to veteran aid. The investigation began after reports by Charity Watch and CNN that the charity received almost $56mil in donations from 2008 […]
June 12, 2012

Social Security Numbers on Form 990 = Identity Theft Risk

A recent study published by Identity Finder, a security and privacy software company, revealed that nearly half a million social security numbers were included in public filings of Form 990. The study reports that between 2001 and 2006, 18% of all non-profit organizations included at least one social security number on their Form 990. Since […]
April 25, 2012

Erroneous 990 Penalty Notices

The Journal of Accountancy is reporting that some tax-exempt organizations have received penalty notices for late filings even though they properly filed extensions during March. The IRS e-filing computer system was down for maintenance and programming changes so the IRS extended the filing deadline for organizations that would normally have had deadlines of January 17 […]
April 2, 2012

Clarifications on 2011 Form 990

The 2011 Form 990 is not significantly changed from the prior year, but the instructions do have some possibly significant clarifications contained in them, if the particular area is applicable to your situation.  Here is a bullet list of the significant clarifications: Any organization must file Form 990, 990EZ or 990-N, even if an exemption […]
February 13, 2012

Searchable Database for Revoked Exemption Status

Last year approximately 400,000 organizations automatically had their exempt status revoked due to failure to file Form 990-N (the E-Postcard). The IRS released a list but has developed a searchable database to help easily find specific organizations. The searchable database is located on the IRS website here.
February 8, 2012

2011 Changes to 990

The Journal of Accountancy has an article about the changes to the 2011 Form 990. Changes noted include: Organizations must complete Schedule F, Statement of Activities Outside the U.S., if it had foreign investments during the year valued at $100K or more. This means any offshore investments and hedge funds whereas Sch F had previously […]
January 30, 2012

How to Reinstate Nonprofit Status

The IRS has published frequently asked questions regarding the automatic revocation and how to reinstate nonprofit status. If you’re interested in reading it or your organization had its tax-exempt status revoked click the link below: http://www.irs.gov/pub/newsroom/automatic_exemption_revocation_for_non-filing_faqs.pdf IRS Notice 2011-43 & 2011-44 provide guidance for nonprofit organization that recently lost their tax-exempt status during the automatic […]
August 4, 2011

275,000 Groups Lose Charity Status

Moving forward, theIRS plans to release the names of organizations that fail to file their paperwork every month, according to the Chronicle of Philanthropy. According to the Chronicle of Philanthropy and the IRS, 275,000 groups just lost their exemption status. The IRS has been lenient and extended the window for three years for organizations that were […]
June 14, 2011