Tag Archives | tax tips

Help From the IRS

irspubsDid 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.
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Important May 15 Deadlines Approaching

990For our nonprofit clients — don’t forget that May 15 is tax day!  All nonprofit organizations need to file some type of tax return with the IRS.  We continue to see many smaller organizations neglect this requirement.  Even if your annual gross receipts are less than $50,000, your organizations still needs to file the annual epostcard with the IRS.  Failure to do so can — and in lots of cases has — resulted in a loss of tax exempt status.  The postcard is very simple, and the only piece of financial information required is a confirmation that your gross receipts don’t exceed $50,000 for the year.

Ohio nonprofits that solicit charitable contributions also need to file their annual financial report with the Attorney General’s office. This, too, can be done on line, and requires only very simple financial information to complete.

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