The IRS is offering two new resources to help nonprofits stay abreast of the
latest developments in reporting and compliance. On Friday, January 12,
2007, the IRS released new guidance to assist tax-exempt organizations, with
the 2005 tax year that ended after August 17, 2006, to comply with new
reporting requirements imposed by the Pension Protection Act of 2006 (PPA or
H.R. 4). The guidance applies to all filers of the IRS Form 990-series.
Because the IRS will not modify the 2005 forms and instructions to reflect
the new law, the guidance explains what
information organizations should include on their 2005 forms to fulfill the
requirements. For example, organizations should report required information
about donor-advised funds in the "General Attachment" if they file
electronically. Organizations filing paper returns should attach a separate
statement with this information and write at the top of the attachment "IRC
Section 6033(k) DAF Reporting Requirement."
View the IRS web page to learn more about how "New Law Revises Exempt Organizations Tax Rules." This site is especially helpful and easy to understand.
On January 22, the IRS Launched its new "Stay Exempt" Website for Small, Mid-Size Organizations. Stay Exempt - Tax Basics for 501(c)3s, is a free online workshop that covers compliance issues for small and mid-sized tax-exempt organizations. Once on the site, you can work through five interactive training modules on the following topics:
How to Keep Your Tax-Exempt Status
Unrelated Business Income (UBI)
Employment Issues
How to File Your Form 990
Disclosure Requirements
"With this new online program, anyone, anywhere can access a 'virtual workshop' whenever it's convenient for them," said Lois Lerner, Director of the Exempt Organizations division. Visit stayexempt.org and view the full IRS press release.
(All Information Courtesy of the Council on Foundations)
Last modified
April 1, 2008
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