Tag Archives: Tax Compliance

More News for Nonprofits

Posted on April 3, 2009 | Leave a comment

News StandOnce again I find myself playing catch up on all that I want to read about nonprofit management and once again I list some of the more interesting items.

Human Resources

Because nonprofit fiance and accounting topics are not enough for me, here are some tidbits on HR issues you should know about.

  • There is a new I-9 form.  After April 3rd you must get your new employees to fill this version out.
  • Nonprofit employees are paid too much.  At least some people think they are.  In case you missed it, here is a piece from the Wall Street Journal about nonprofit compensation.

Managing in Tough Times

  • Looking for low cost ways to reward employees?  Maybe if you do the opposite of everything in this post you will make someone feel a bit better.
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Posted in Nonprofit Accounting, Policies and Procedures, Risk Management

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What I Learned From the IRS, Part 2

Posted on March 17, 2009 | Leave a comment

logo-irsThe IRS had their Exempt Organization Workshops this month, a day spent going over nonprofit and tax exempt issues.  I picked up a couple of nice tidbits that I will share but first I want to go over two other items.  The first is the IRS’s Winter 2009 Statistics Of Income Bulletin.  It covers all types of tax returns but a highlight of the nonprofit sector:

Charitable and other tax-exempt organizations reported more than $10 billion in gross unrelated business income for tax year 2005. Between 2004 and 2005, total unrelated business income tax liability increased by 49 percent to $543.3 million.

The other item is the answer to another question:

For part 7 of the updated form 990, do we need to list our Executive Director’s and Director of Fiance’s compensation even if the don’t meet the Key Employee salary level of $150,000 or the $100,000 salary minimum for the 5 highest compensated individuals?

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Posted in IRS, Q&A, Tax Forms

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What I Learned From the IRS, Part 1

Posted on March 12, 2009 | Leave a comment

No longer in draft form!Questions and Answers from the latest New Form 990 training I did:

For calculating our total assets to determine which form we use, do we exclude property, plant and equipment?

Nope, you use total assets for figuring out which form, either the 990, 990 EZ or the 990 N, to fill out.

When filling out the functional expense section and calculating the advertising expenses, do we include money we spent to advertise open positions within the organization?

Not as I read the instructions.  Here is what it says for line 12 in part IX:

Advertising expenses. Enter amounts paid for advertising. Include amounts for print and electronic media advertising. Also include Internet site link costs, signage costs, and advertising costs for the organization’s in-house fundraising campaigns. Do not include fees paid to independent contractors for conducting professional fundraising services or campaigns (these amounts must be reported on line 11e).

With the economic downturn and the decreased value of endowments and reserves, will more organizations be filling out Schedule N of the form 990?

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Posted in IRS, Nonprofit Accounting, Q&A, Tax Forms

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