ALERT:
Beginning in 2007, all exempt organizations that do not file an annual return (due to < $25K in gross receipts) will be required to file an annual notification with the IRS. See feature article to the right for details.
Congress passed the Pension Protection Act of 2006 (PPA) in July of this year. Most of the publicity regarding this Act was focused on the pension reform provisions that made up the major portion of the bill. While debate was focused on the pension piece, congress slipped many charitable reform provisions into the bill. Some of these provisions had been included in the Tax Reform Act of 2005 that was passed by the Senate in November of 2005 but had not been passed by the House.
Remember that beginning with tax year 2005 returns (tax years ending on or after December 31, 2005), organizations with total assets of $100 million or more that also file 250 or more returns with the IRS (income tax, excise tax, employment tax, and information returns) were required to file the Form 990 electronically. For purposes of determining if 250 or more returns are filed, each Form W-2 and quarterly Form 941 and Form 1099 is considered a separate return. More…
The IRS is also looking at Tax exemption of Hospitals. They have examined over 90 hospitals and found problems at 20 of those hospitals. More…
In Mid September, the Senate Finance Committee chaired by Senator Chuck Grassley, held a hearing on Charitable Care and Community Benefits and Nonprofit Hospitals. More…
