Category: Regulatory Matters
ECFA and Commission on Financial Accountability
Just finished listening to a webcast of the Evangelical Council for Financial Accountability (ECFA) – www.ecfa.com – on the commission it's been asked to set up by Sen. Charles Grassley (R-Iowa). For several years, Grassley's been pushing hard on some high-profile tele-evangelists on some big questions. Now, he's asking the ECFA to be an independent […]
Are you at risk of losing your tax exempt status?
Tax exempt organizations are required to file an annual return with the IRS. If the organization fails to do so for three consecutive years, the exempt organization automatically loses its exempt status. The IRS announced today one-time relief benefits for Form 990-N and Form 990-EZ filers that have failed to file for the previous three years. […]
Failure to File Form 990 for 3 years = No longer tax exempt
As you may know, the IRS revamped the Form 990 a few years ago. During this process a law was passed that requires an automatic revocation of tax exempt status for failure to file form 990, 990-EZ, 990-N or 990-PF for three consecutive years. Did you get that? You will lose your tax exempt status if you […]
Good Morning
Good morning, I hope everyone is finding a way to keep cool in this brutal summer heat. Unfortunately, what I am about to tell you may cause your thermometer to pop up a few degrees! Over the last year and a half or so, we have been advising our church clients and breakfast attendees that […]
Do you want to comment on proposed IRS Cell Phone regulations?
Related to the last post on IRS & Cell Phones, I read the actual IRS Notice 2009-46. The IRS is considering three possible approaches, and they will allow public comment through September 4, 2009. Go here to see the details. What approach would you suggest?
IRS & Cell Phones
The IRS Commissioner released this statement last week regarding the taxability of employer provided cell phones. There has been much confusion on this topic. The current law requires that the employee keep records supporting business use and personal use of employer provided cell phones. The employer is then required to include the value of personal use […]
Exempt Organizations & Texas Taxes – Are you required to file?
State requirements for exempt organizations vary from state to state. In Texas, a charitable organization can apply for exemption from sales tax paid on purchases and franchise tax. The application can vary depending on the type of organization. The exemption is granted based on the organization’s federal exemption. Click here for a link to the […]
Making Work Pay Credit and Your Employees
The IRS has issued the 2009 version of IRS Publication 919, How Do I Adjust My Tax Withholding? as a result of the "Making Work Pay" credit in the American Recovery and Reinvestment Act of 2009 (ARRA). Employees can use this publication to help them determine if their federal income tax withholding is sufficient, and, […]
IRS releases Dirty Dozen Tax Schemes
… and charitable organizations make the 2008 list. The IRS listed the misuse of charitable organizations as one of the 12 most egregious tax scams by taxpayers. Abuse by donors who try to maintain control over donated assets or income from donated assets is just one example. Taxpayers are also claiming overvalued property donations for a larger […]