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Corporations Must Update Employer Identification Number (EIN) Responsible Party Information
Calling it a key security issue, the Internal Revenue Service on July 30, 2021, urged those entities with Employer Identification Numbers (EINs) to update their applications if there has been a change in the responsible party or contact information. IRS regulations...
Automatic Revocation – How to Have Your Tax-Exempt Status Reinstated
Organizations whose tax-exempt status was automatically revoked because they did not file required Form 990 series returns or notices for three consecutive years can apply for reinstatement of their tax-exempt status. Revenue Procedure 2014-11Â explains the four...
Reminder to Tax-exempt Organizations: 990s, Other Tax Forms Due May 17, 2021
Tax-exempt organizations that operate on a calendar-year (CY) basis that certain annual information and tax returns they file with the IRS are due on May 17, 2021. These returns are: Form 990-series annual information returns (Forms 990, 990-EZ, 990-PF, 990-BL) Form...
Are Contributions to an Organization Deductible while the Organization’s Application for Exemption is Pending?
Contributors to the organization do not have advance assurance of deductibility while the organization's application is pending. If the organization ultimately qualifies for exemption for the period in which the contribution is made, the contribution will be tax...
IRS Eliminates Paper Filing of IRS Form 1023, Application for Recognition of Tax-Exemption
As of January 31, 2020, the IRS requires that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, be completed and submitted online through a U.S. government website called Pay.gov. There is a 90-day grace period...
501(c)(3) Charities & Unrelated Business Income Tax
Even though an organization is recognized as tax exempt, it still may be liable for tax on its unrelated business income. For most organizations, unrelated business income is income from a trade or business, regularly carried on, that is not substantially related to...
Tax Exempt Organizations Required IRS Filings
Although they are exempt from income taxation, exempt organizations are generally required to file annual returns of their income and expenses with the Internal Revenue Service. Small tax-exempt organizations with gross receipts under a certain threshold may be...
IRS Instructional Video: Maintaining 501(c)(3) Tax-Exempt Status
If you have a 501(c)(3) tax-exempt charity you should watch the IRS' video or read its pdf article that gives advice on what to do to keep the corporation's tax-exempt status.
501(c)(3) Charities’ Annual IRS Filings and Forms
In general, exempt organizations are required to file annual returns, although there are exceptions. If an organization does not file a required return or files late, the IRS may assess penalties. In addition, if an organization does not file as required for three...