Tuesday, October 19, 2010

Low-Profit Limited Liability Company (L3C)- How to be a Nonprofit/For-Profit Hybrid

Low-Profit Limited Liability Company (L3C)- How to be a Nonprofit/For-Profit Hybrid: "L3C organizations are a new way to fulfill a social mission. A hybrid of a nonprofit and for-profit corporation, the L3C is run in a similar way to a for-profit company, but is like a nonprofit in that its mission is to do something for the social good."

Tuesday, October 05, 2010

Revocation of Exempt Status Looming In Just Days - The NonProfit Times Oct 5, 2010

Revocation of Exempt Status Looming In Just Days - The NonProfit Times Oct 5, 2010: "Revocation of Exempt Status Looming In Just Days

By Mark Hrywna

Nonprofits have little more than a week to make sure the appropriate tax forms are filed with the Internal Revenue Service (IRS) – or risk losing their tax-exempt status.

Lois Lerner, director of the Exempt Organizations Division at the IRS, reminded a conference of state charity officials that the deadline for charities -- no matter their size -- to file the correct Form 990 is Oct. 15. Nonprofits that fail to file will have their exemptions revoked.

Dozens of charity regulators and nonprofits gathered in Silver Spring, Md., for the annual conference of the National Association of State Charity Officials (NASCO) and the National Association of Attorneys General (NAAG)."

Friday, October 01, 2010

Unresolved Tax Questions Dog Lame Duck Session

Unresolved Tax Questions Dog Lame Duck Session: "One indicator of the unpredictability that might lie ahead is the trouble that Congress had in addressing the estate tax. Throughout 2009, there was no doubt in anyone’s mind that the expiring estate tax would be addressed before the year was over. Not only was it not acted on in 2009, a year has passed since then and it is still up in the air. This happened while both chambers of Congress as well as the executive branch were controlled by the same party. The point here is that nothing is certain, not even death and taxes."