Did the title of this post catch your attention? Yes, the IRS really can be helpful to nonprofits with many commonly asked compliance questions. The IRS publishes tons of material each year, much of it very technical and very much geared toward tax professionals. But they also publish some very clearly written, plain language documents that can help us as nonprofit board members and staff leaders. These documents are referred to as IRS Publications (as opposed to Forms, Technical Advice Memoranda, Opinions, etc.), and are easily accessible by searching the IRS website. You can enter the publication number if you know it, or just search by keywords.
Some of the most common issues and questions for charitable organizations are addressed by the following:
- Publication 526, for rules regarding charitable contributions.
- Publication 557, for information on how to obtain and keep your tax exempt status.
- Publication 1771, for rules on receipts and acknowledgements of gifts and contributions.