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IRS Requires E-filing of Form 1023, Application for Tax Exemption Under Section 501(c)(3)

On January 31, 2020, Revenue Procedure 2020-08 (Procedure) was released by the Internal Revenue Service. The Procedure requires the filing of Form 1023,

Internal Controls for Not-For-Profits

The Institute of Management Accountants (IMA) Research Foundation studied the nature of internal controls in not-for-profit organizations and how those

Exempt Organizations: Do We File Schedule B or Not?

As the 2019 tax filing season commences, preparers and payers alike are still getting a handle on the latest particulars related to tax reform and other

Guidance Provided for Organizations Claiming Credit for UBIT Paid on Repealed Tax

On December 20, H.R. 1865 - Further Consolidated Appropriations Act, 2020 was signed into law, retroactively repealing Code §512(a)(7) of the Internal

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Fake Charities in the Wake of the Australia Wildfires

The devastating fires in Australia have become a worldwide concern, and people are looking to donate to charities aimed at helping with the crisis. Unfortunately,

Tax-Exempt Organizations Receiving an Increased Number of IRS Notices

Within the past month, we’ve seen a significant number of tax-exempt organizations receive notices from the IRS for a multitude of reasons, many

Potential Change to the Private Foundation Excise Tax Rate

On December 17, the House of Representatives passed the Taxpayer Certainty and Disaster Tax Relief Act of 2019. The bill includes a provision to eliminate

Is California Regulating the Barrel to Eliminate the Spoiled Apple?

Does one rotten apple actually spoil the whole barrel? According to science, the answer is yes and according to the California legislature, the answer

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Watch Your Credit Cards! Expense Reimbursement Fraud at a Not-For-Profit Organization

Frequently, internal controls at not-for-profit organizations depend primarily on the integrity of their employees. Sometimes these employees lose sight

Current and Forecasted Conditions Play Havoc with Higher Ed Revenue Growth

According to the National Center for Education Statistics, the number of high school graduates in the Northeast and Midwest is projected to decrease between

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