Form 990
IRS 2013 Workplan for Exempt Organizations: What’s in it for Colleges and Universities?
The IRS Exempt Organizations Group (EO) recently issued its Annual Report and FY2013 Workplan.ย The Workplan is released on an annual basis and provides a summary of EO activities from the prior year and new or ongoing initiatives for the current fiscal year. The EO continues to focus on Form 990 and emphasizes that the data from the redesigned Form 990 is being used to identify noncompliant organizations. Thus, inaccurate or incomplete disclosures may lead to an examination. In addition, the Workplan indicates that the IRS will examine a sample of organizations reporting substantial gross unrelated business income (UBI) for three. Read More.
“Anonymous Donors” Must Be Reported on Form 990
The IRS recently issued a requirement that Form 990 Schedule B, “Schedule of Contributors” must identify certain donors, even if that person wishes to remain anonymous in contribution. While this information is not open to the public, Entities must report the name given, should they have that information. As Federal Tax Issues reports, The only way to report a truly “anonymous” donation is if the organization does not know the name of the donor.
Nonprofits Must Report “Anonymous Donors” on Form 990
The IRS recently issued a requirement that Form 990 Schedule B, “Schedule of Contributors” must identify certain donors, even if that person wishes to remain anonymous in contribution. While this information is not open to the public, Entities must report the name given, should they have that information. As Federal Tax Issues reports, The only way to report a truly “anonymous” donation is if the organization does not know the name of the donor.
Removing an Organization from the Auto-Revocation List
Adding additional incentive to stay in Form 990 compliance, the IRS recently announced that names on the auto-revocation list will remain visible, even if ย the organization has since reapplied and had its tax-exempt status reinstated. A nonprofitย that has failed to file tax returns for three consecutive years will have its status automatically revoked and its name added to the IRS auto-revocation list. The only way a name may be removed from the list is if the listing occurred in error. Organizations must provide the IRS either documentation showing a filing did indeed occur or that no filing name was required. The IRS has. Read More.
IRS Lauches Exempt Organizations Select Check
The IRS recently announced the launch of the Exempt Organizations Select Check , an online search tool which provides information regarding the federal tax status and filings of exempt organizations. Select Check condenses information previously housed on three different sites to more efficiently search for an organization’s: Eligibility toย receiveย tax-deductible charitable contributions (Publication 78 data), Tax-exempt status revocation due to lapses in Form 990 filing in three consecutive years (Auto-Revocation List), and Annual Form 990-N filings (e-Postcard). Starting this month, Select Check will be updated monthly for most information, and more often for 990-N filings. For more information and search tips , visit Exempt Organizations Select Check.
IRS Launches New Online Search Tool to Check Tax Status of Exempt Organizations
The IRS recently announced the launch of the Exempt Organizations Select Check , an online search tool which provides information regarding the federal tax status and filings of exempt organizations. Select Check condenses information previously housed on three different sites to more efficiently search for an organization’s: Eligibility toย receiveย tax-deductible charitable contributions (Publication 78 data), Tax-exempt status revocation due to lapses in Form 990 filing in three consecutive years (Auto-Revocation List), and Annual Form 990-N filings (e-Postcard). Starting this month, Select Check will be updated monthly for most information, and more often for 990-N filings. For more information and search tips , visit Exempt Organizations Select Check.