Learn about the ACE Act, SCOTUS overturning donor disclosure mandates and more in this July 2021 exempt organization update.
Learn about the ACE Act, SCOTUS overturning donor disclosure mandates and more in this July 2021 exempt organization update.
Private foundations must electronically file 2020 Forms 4720 with due dates on or after July 15, 2021. Limited exceptions apply.
Organizations earning fees for digital products and services from residents of Canada may be required to register for GST/HST.
The Employee Retention Credit is designed to provide targeted relief to those organizations directly impacted through workforce changes.
Some exempt organizations will be subject to Virginia’s informational reporting requirement for unitary businesses, due July 1, 2021.
IRS postpones certain filing, payment and other deadlines for taxpayers affected by Tennessee storms, wind, tornadoes, and flooding.
White House closes the door on DOL classification of gig workers as independent contractors; reinstalls prior multi-factor test.
After technical issues caused the SBA to shut down the SVOG Portal earlier this month, the Portal will relaunch with a revised application.
Notice 2021-25 provides temporary relief on deductions for food or beverage under the Taxpayer Certainty and Disaster Relief Act.
Eight new initiatives, affecting exempt orgs, employee plans and tax-exempt bonds, added to IRS Compliance Programs and Priorities website.
The Relief Act made changes on how the Employee Retention Tax Credit works during the first two quarters of 2021.
Expanded FAQs further clarify that institutions do not report grant funds paid to students, and students do not include amounts in income.
Nonresidents of Canada could face significant Canadian sales tax compliance obligations effective July 1, 2021.
The IRS seeks to improve compliance related to tax-exempt hospitals establishing and implementing financial assistance policies.
Taxpayers must electronically file 2020 Forms 990-T with due dates on or after April 15, 2021. Limited exceptions apply.
The American Rescue Plan Act of 2021 extends and expands support for exempt organizations affected by the coronavirus pandemic.
The IRS released a memo to TE/GE division examiners providing guidelines on enforcement of the section 506 notification requirement.
Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.
Biden-Harris administration announces changes to PPP including a 14-day exclusive access period for businesses with fewer than 20 employees.
IRS postpones certain filing, payment and other time sensitive deadlines for taxpayers affected by Texas winter storms.
Employers can add flexibility to their health flexible spending accounts and dependent care assistance programs per Notice 2021-15.
Join RSM professionals as they discuss the latest regulations for exempt organizations when separately computing unrelated business income.
Section 4960 final rules generally adopt the proposed regulations with some minor, taxpayer favorable modifications.
The DOL has issued final regulations on the FSLA’s rules for independent contractors including gig workers, but it may be repealed.
The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.
Treasury Department and SBA announce reopening dates for Paycheck Protection Program - Jan. 11, 2021 and Jan. 13, 2021.
SBA releases two PPP reopening guidance packages. The first round of guidance provides information for new PPP borrowers.
SBA releases two PPP reopening guidance packages. The second guidance package provides information for eligible second draw PPP borrowers.
Year-end stimulus legislation extends Paycheck Protection Program and expands eligibility for exempt organizations.
Section 501(c)(4) organizations must submit applications for tax-exempt status to the IRS electronically through pay.gov.
Notice 2021-01 provides that private foundations may paper file Form 4720 until electronic filing of the form becomes available in 2021.
The IRS created a new Form 1099-NEC to report nonemployee compensation with a different due date than Form 1099-MISC.
The IRS provides welcome guidance to higher education institutions that made emergency relief grants to students.
The regulations largely mirror the proposed regulations with additional, mostly favorable, clarifications for taxpayers.
IRS guidance on the 15% maximum on automatic contributions, 401(k) and 403(b) plan safe harbor requirements, and plan loan offset rollovers.
Treasury and the IRS release final guidance to exempt organizations for separately computing UBTI under section 512(a)(6).
The Treasury 2020-2021 Priority Guidance Plan contains numerous anticipated projects affecting exempt organizations.
The TE/GE division’s 2021 program letter contains a summary of its priorities for the fiscal year and a new compliance priority webpage.
Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA.
Rev. Proc. 2020-45 provides annual inflation adjustments for more than 60 tax provisions, including those affecting exempt organizations.
Some exempt organizations that timely filed Form 990 series returns or notices are receiving erroneous auto-revocation notices.
Following the President’s memo on August 8, Treasury releases very short Notice 2020-65 delaying the deadline for employee FICA tax.
Amendments to section 162, 164, and 170 regs. formalize safe harbors for payments to charitable organizations in exchange for SALT credits.
New legislation allows nonprofit employers to pay 50% of their unemployment reimbursing payment obligations to states.
The Federal Reserve Board has established two new loan facilities to expand credit options for nonprofit organizations.
Notice 2020-56 extends until Dec. 31, 2020, the due date for CHNAs or implementation strategies due on or after April 1, 2020.
TEGE will resume exam activities on July 16, 2020 and will allow agents and managers to exercise discretion in granting IDR extensions.
IRS explains taxability of Provider Relief Fund reimbursements made to health care providers pursuant to the CARES Act.
Join RSM in a discussion of the changes and considerations covered by the exempt organization executive compensation proposed regulations.
The IRS issued guidance clarifying the definition of gross receipts for tax-exempt employers utilizing the employee retention credit.
Section 4960 proposed rules add examples and clarity while generally following interim guidance and providing taxpayer-friendly exceptions.
Exempt organizations may carryback siloed NOLs to tax years beginning before 2018 and apply them to net unrelated business income.
Final regulations promulgated under section 6033 reduce Form 990, Schedule B reporting for certain exempt organizations.
Deadlines postponed for certain employment taxes, employee benefit plans, IRAs, HSAs, MSAs and other time-sensitive actions.
The IRS released a proposed revenue procedure intended to update existing rules with respect to obtaining and maintaining a group exemption.
Treasury and the IRS release long-awaited guidance to exempt organizations under section 512(a)(6) for separately computing UBTI.
Because of COVID-19 concerns, the IRS is extending pending deadlines for employers to adopt updated 403(b) retirement plan documents.
The CARES Act provides broad support and relief for tax-exempt organizations affected by the coronavirus pandemic.
Extensions for tax returns and payments due to the Coronavirus pandemic are largely inapplicable for most exempt organizations.
Discussion of how tax-exempt organizations can provide assistance to those impacted by the coronavirus pandemic.
The IRS released the electronic Form 1023 and guidance for mandatory use of the online application, effective February 1, 2020
Instructions for claiming a refund or credit, or adjust Form 990-T for qualified transportation fringe of unrelated business income tax.
New legislation includes repeal of the parking tax on exempt organizations and streamlines the excise tax rate on net investment income.
The Internal Revenue Service recently announced planned implementation dates for mandatory e-filing by tax-exempt organizations.
IRS issues guidance on voluntary employees’ beneficiary associations (VEBAs) and supplemental unemployment benefit trusts (SUBs).
Join RSM for our annual tax update webcast as we review the current tax landscape for exempt organizations as well as look ahead to 2020.
The U.S. Treasury Dept. and the IRS released the 2019-2020 priority guidance plan, including items related to exempt organizations.
Minnesota tax-exempt organizations may find some relief knowing that the state does not conform with two major federal changes.
Proposed regulations reflect updated donor and other information reporting requirements; related penalty relief provided.
Tax-exempt private schools can satisfy publicity requirement by posting nondiscriminatory policies to their websites.
District of Columbia OTR will no longer require an affirmation letter from an organization renewing its tax-exempt status.
Tax-exempt charities can effect positive change. Learn how private clubs can establish and maintain an affiliated tax-exempt charity.
Notice states that exempt entities will be required to renew their exemptions or their classification will be changed to taxable.
The IRS released Notice 2019-09 providing guidance to assist taxpayers in implementing new executive compensation rules under section 4960.
The IRS provides guidance to assist in determining expenses for parking fringe benefits for purposes of section 274(a)(4) and 512(a)(7).
IRS and Treasury clarify that since GILTI is treated similarly to a subpart F inclusion, GILTI is not includable in calculation of UBTI.
The IRS has recently issued Notice 2018-67, providing interim and transition rules for determining UBTI for separate trades or businesses.
Exempt corporations with a fiscal year end will be subject to a blended federal tax rate for their fiscal year ending in 2018.
Rev. Proc. 2018-38 states that some donor info is no longer required to be reported on annual returns for certain exempt organizations.
Provision in the Tax Cuts and Jobs Act enacts excise tax on exempt organization compensation paid over $1 million per year.
A review of the most common benefits offered to employees, that are contained, as well as those that are not included in the TCJA.
Section 4968 imposes an excise tax on an applicable institution for each taxable year equal to 1.4 percent of the net investment income.
Potential donors are constantly inundated with requests for support from nonprofit organizations. How does your organization standout?
Refundings of tax-exempt bond issues now treated as taxable income to bondholders under the Tax Cuts and Jobs Act.
Families may now use section 529 account plans to pay for public, private or religious elementary or secondary school expenses.
Many questions arise for tax-exempts around separate trade or business activities for unrelated business income purposes.
Latest version of Tax Cuts and Jobs Act provides some relief to tax-exempts on one hand but eyes big changes on the other.
The IRS and the U.S. Department of the Treasury have released Notice 2017-73, outlining proposed guidance on donor advised funds.
A two-part series to help board members develop a better understanding of “why” the IRS asks for the information contained in the Form 990.
Highlights of the provisions in the Senate Committee on Finance proposal that may affect tax-exempt organizations.
The tax reform legislative process was formally kicked off Nov. 2, 2017, with the release of H.R. 1, the Tax Cuts and Jobs Act.
Learn how RSM helped a nonprofit increase transparency into accounting process across numerous global locations.
Important disclosure rules of which a tax-exempt organization’s management and board of directors need to be aware.
A review is provided of the regulations and best practices for foreign operations of U.S.-based public charities.
From tuition waivers to deferred comp plans, understand the tax ramifications that independent schools should know about fringe benefits.
Taxable rules on sales vs. exempt vary, but the sale for resale exemption is a general rule. Many clubs are overcharged for items that are tax exempt.
Compensation arrangements for senior management of nonprofits should be reviewed regularly to ensure proper treatment for tax purposes.
The final project report was issued after more than 90 percent of these examinations had been completed.
RSM professionals provide timely updates and notifications related to the latest tax changes affecting exempt organizations.