Nonprofit Tax
New York State Nonprofit Revitalization Act – Guidelines to Compliance
Reminder: Review Fiscal Policies and Audit Procedures AAFCPAs strongly recommends that nonprofits registered to conduct charitable solicitations in New York State review and revisit their by-laws and policies to ensure compliance with the New York State Nonprofit Revitalization Act of 2013 (The “Act”). The Act, effective July 1, 2014, included sweeping reform legislation which reduces […]
Security Alert: NCCS Data Breach of Form 990 Online and e-Postcard Filing Systems
Urban Institute’s National Center for Charitable Statistics (NCCS) Alerts Users of Data Breach Users of the Form 990 Online and e-Postcard Filing Systems received an email today from the Urban Institute’s National Center for Charitable Statistics (NCCS) informing its constituents of a data breach. AAFCPAs has confirmed that this email is legitimate; NCCS’ 990 websites […]
Congress Passes Tax Extender Legislation
Update 12/22/14: Since this post was first published, President Obama has signed the items discussed below into law. Congress has passed, and sent to President Obama for signature, a bill (Tax Increase Prevention Act of 2014) extending a number of tax provisions that had expired on December 31, 2013. The bill restores a number of […]
Federal and State Fundraising Rules and Regulations Nonprofits Must Know
Alexander Aronson Finning CPAs, in collaboration with Lawyers Clearinghouse, invites you to attend a complimentary “Community Investment Series” Seminar. Participants will discuss: Charitable Solicitation Statutes; The Uniform Registration Statement (URS); Internet Solicitations (i.e. a “Donate Now” button); and How States are Enforcing State Laws Governing Solicitation of Money. When October 23, 2014 8:30 am – 11:00 am Where Boston […]
Reminder: Patient Centered Outcomes Research Institute Fees due July 31
As a reminder, Patient-Centered Outcomes Research Institute (“PCORI”) fees are due July 31, 2014 for all organizations with a self-insured health plan. The PCORI fee is treated like a tax, and is required to be paid annually on Form 720, “Quarterly Federal Excise Tax Return,” by July 31 of the calendar year, immediately following the […]
Requirement to Notify IRS of Changes to Responsible Party
Beginning January 1, 2014, any entity with an EIN (Employer Identification Number) must file Form 8822-B to report the latest change to its responsible party. The “responsible party” is the person who has a level of control over the funds or assets in the entity that, as a practical matter, enables the individual, directly or […]
Your Nonprofit Organization May Owe Property Taxes
Massachusetts law provides for an exemption from local property taxes on real estate and personal property (equipment, furniture, etc.) for certain qualifying nonprofit organizations. Not all organizations qualify for this exemption, and not all properties of qualified organizations are eligible for exemption. By law, the burden of establishing entitlement to an exemption falls upon the […]
For-profit subsidiaries
Create your own funding source Imagine this — and, unfortunately, it may be easy: Your largest private donor, a foundation, has whittled down its funding amounts to reach more organizations. And since the onset of the recession, individual donations to your nonprofit have dropped by 45%. Meanwhile, your not-for-profit’s expenses, and ambitions, continue to climb. […]