Oklahoma Arts Council News

Oklahoma Arts Council News: "A new state law requiring all Oklahoma nonprofit organizations to register with the Secretary of State's office will go into effect July 1. In addition to registering, the Oklahoma Solicitation of Charitable Contributions Act requires organizations to pay a nominal fee on a yearly basis."

Charities Warned of 'a Tsunami' Over Tax Issues - Government & Politics Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

Charities Warned of 'a Tsunami' Over Tax Issues - Government & Politics Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: "Nonprofits should pay more attention to the questions that federal policy makers are asking about the tax breaks that benefit charities, says Diana Aviv, president of Independent Sector, the coalition of charities and foundations.

Partly because of budget pressures, both President Obama and Congress are conducting an “extensive look at the sector the likes of which I don’t think we’ve seen in 50 years,” Ms. Aviv said in an interview with The Chronicle. “And the biggest danger of all of this is that nobody’s paying attention.”"

House Proposal Would Simplify Foundation Excise-Tax Rate - Government & Politics Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

House Proposal Would Simplify Foundation Excise-Tax Rate - Government & Politics Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: "House Proposal Would Simplify Foundation Excise-Tax Rate

June 24, 2011, 1:14 pm

By Lisa Chiu

House lawmakers have introduced a bill that would change the way private foundations pay taxes on their investment income by creating a flat tax rate.

The bill—which was introduced by Rep. Erik Paulsen, a Minnesota Republican, and Danny Davis, an Illinois Democrat—has the same language as proposed legislation that Sen. Charles Schumer, Democrat of New York, introduced in the Senate in March."

Charity sector to get public confidence boost - Channel NewsAsia

Charity sector to get public confidence boost - Channel NewsAsia: "SINGAPORE: Simpler and more transparent - that is what a new Charities Accounting Standard is hoping to help charities achieve when they file their financial reports.

It's part of efforts to improve governance and raise public confidence in the charity sector.

Currently, there is no specific financial reporting framework for charities.

Some charities rely on standards which are widely used by commercial entities, such as the Financial Reporting Standards.

These may not always be suitable, according to some charities.

From next month, they can use a simpler system put in place by the Accounting Standards Council and the Office of the Commissioner of Charities."

Opinion: IRS Should Rethink Its Treatment of Charities - Philanthropy Today - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

Opinion: IRS Should Rethink Its Treatment of Charities - Philanthropy Today - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: "Opinion: IRS Should Rethink Its Treatment of Charities

June 24, 2011, 9:36 am

The IRS’s recent action to strip 275,000 groups of their tax exemptions “is at odds with the idea that nonprofits are essentially private organizations whose value lies in their ability to contribute to public life without being controlled by government,” write two nonprofit experts in The Wall Street Journal."

Fairfax tweaks tax code to preserve affordable housing groups’ tax exemption - Virginia Politics - The Washington Post

Fairfax tweaks tax code to preserve affordable housing groups’ tax exemption - Virginia Politics - The Washington Post: "The Fairfax County Board of Supervisors has fixed a loophole in its tax code that would have caused affordable housing nonprofit organizations to lose property tax exemptions on their properties, even if those properties were transferred to other affordable housing organizations or simply refinanced."

IRS Seeks Public Comment on New Form 990

Exempt from The NonProfit Times May 17, 2011: "RS Seeks Public Comment on New Form 990

The Internal Revenue Service (IRS) is inviting public comment on issues and frequently asked questions regarding the new Form 990. Issues for comment include a consideration to eliminate a section asking to report activity codes, reporting compensation to management companies and leasing companies owned by an organization’s leadership, and thresholds for reporting compensation to key employees."

Times-Georgian - Law changes impact some local groups as tax exempt status stripped

Times-Georgian - Law changes impact some local groups as tax exempt status stripped: "Law changes impact some local groups as tax-exempt status stripped
by Rachel Lane/Times-Georgian
3 days ago | 1145 views | 2 2 comments | 1 1 recommendations | email to a friend | print
As if juggling a budget wasn’t difficult enough, some local non-profit organizations have had to worry about their tax exempt status after the IRS released a list of no-longer tax exempt organizations last week."

IRS 501(c)(3) Revocation and Your TechSoup Account - The TechSoup Blog - Welcome to the TechSoup Community - TechSoup

IRS 501(c)(3) Revocation and Your TechSoup Account - The TechSoup Blog - Welcome to the TechSoup Community - TechSoup: "What This Means for Your TechSoup Account

As a result of this development, TechSoup is reviewing the list of organizations whose 501(c)(3) status has been revoked, and is comparing it against our own database. As part of our agreement with our donor partners, only qualified 501(c)(3) organizations can request donations from TechSoup. If your 501(c)(3) status has been revoked, your organization's TechSoup status will be updated to 'disqualified' and pending donation requests will be cancelled. Your organization will be able to request product donations again if your 501(c)(3) status is reinstated by the IRS.

- Sent using Google Toolbar"

IRS Considers Changes in Disclosure Rules - Tax Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

IRS Considers Changes in Disclosure Rules - Tax Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: "Many nonprofits and their affiliates could face expanded requirements to disclose information to the Internal Revenue Service if some tax-agency officials and advisers get their way. What’s more, the IRS might require each affiliate to prove it deserves tax exemption, rather than granting one exemption to cover every affiliate."

Mass. Senate Passes Legislation to Limit Compensation for Nonprofit Board Members | United States | Epoch Times

Mass. Senate Passes Legislation to Limit Compensation for Nonprofit Board Members | United States | Epoch Times: "n response to a public outcry of overcompensation of nonprofit board members in the health industry in Massachusetts, the Massachusetts attorney general’s office began to investigate industry practices. In response, the Massachusetts Senate passed legislation to limit the compensation of charitable board members."

massnonprofit.org ::

massnonprofit.org ::: "June 7, 2011 — Two state legislators announced that they recently formed a Nonprofit Caucus to help create a policy environment to support nonprofits and “strengthen the social fabric and economy of Massachusetts.”"

massnonprofit.org ::

massnonprofit.org ::: "June 7, 2011 — Two state legislators announced that they recently formed a Nonprofit Caucus to help create a policy environment to support nonprofits and “strengthen the social fabric and economy of Massachusetts.”"

IRS Names 10 New Members to the Advisory Committee on Tax Exempt and Government Entities

IRS Names 10 New Members to the Advisory Committee on Tax Exempt and Government Entities: "IR-2011-62, June 7, 2011

WASHINGTON — The Internal Revenue Service today announced the selection of 10 new members to the Advisory Committee on Tax Exempt and Government Entities (ACT). The ACT consists of external stakeholders and representatives who deal with employee retirement plans, tax-exempt organizations, tax-exempt bonds and federal, state, local and Indian tribal governments.

“ACT members provide valuable feedback and insight on a wide variety of issues related to tax exempt and government entities,” IRS Commissioner Doug Shulman said."

Land used by BSU, foundation not tax-exempt, court rules - Brockton, MA - The Enterprise

Land used by BSU, foundation not tax-exempt, court rules - Brockton, MA - The Enterprise: "The appeals court didn’t dispute whether the foundation is a charitable organization, it wrote in the ruling.

But to be tax exempt, it said, the buildings and land must be occupied by the foundation itself or another charitable organization, and that use by the university doesn’t fall under the statute.

The properties in question include 25 Park Terrace, which, according to court documents, was occupied in part by the foundation for its offices and in part by the university’s alumni office; 180 Summer St., home of the university’s political science department; and 29 Park Terrace, used to host fundraising events."

IR-2011-63: IRS Identifies Organizations that Have Lost Tax-Exempt Status; Announces Special Steps to Help Revoked Organizations

IR-2011-63: IRS Identifies Organizations that Have Lost Tax-Exempt Status; Announces Special Steps to Help Revoked Organizations: "IR-2011-63: IRS Identifies Organizations that Have Lost Tax-Exempt Status; Announces Special Steps to Help Revoked Organizations"

275,000 Groups Lose Charity Status - Tax Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

275,000 Groups Lose Charity Status - Tax Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: "The Internal Revenue Service said today that 275,000 nonprofits have lost their tax-exempt status because they did not file legally required documents for three consecutive years. That move trims the number of tax-exempt groups by about 14 percent.

Many of the groups that lost their exemptions are charities, and donors to those organizations cannot claim a charitable deduction for gifts to the groups after the IRS makes the list official."

Automatic Revocation of Tax-Exempt Status Fact Sheetlication/pdf Object)

Automatic Revocation of Exemption

Automatic Revocation of Exemption: "Automatic Revocation of Exemption


Most tax-exempt organizations are required to file an annual return or notice with the Internal Revenue Service. (See Annual Return Filing Exceptions for a list of organizations that are not required to file.) Section 6033(j) of the Internal Revenue Code automatically revokes the exemption of any organization that fails to satisfy its filing requirement for three consecutive years. The automatic revocation of exemption is effective as of the due date of the third required annual filing or notice."

Public Comment Sought On 990 - TheNonProfitTimes

Public Comment Sought On 990 - TheNonProfitTimes: "By: Samuel J Fanburg

The Internal Revenue Service (IRS) is inviting public comment on issues and frequently asked questions regarding Form 990. Issues for comment include a consideration to eliminate a section asking to report activity codes, reporting compensation to management companies and leasing companies owned by an organization's leadership, and thresholds for reporting compensation to key employees."

Editorial: Better way unfolds on nonprofits | The Leaf Chronicle – Clarksville, Tenn., and Fort Campbell | theleafchronicle.com

Editorial: Better way unfolds on nonprofits | The Leaf Chronicle – Clarksville, Tenn., and Fort Campbell | theleafchronicle.com: "This year, however, a council committee was formed to develop a more reasonable process for awarding city money to nonprofits. The process calls for the agencies to apply for the money and give a presentation at a public hearing. The committee then scores them on a number of criteria, such as their financial statements and the number of people they service."

This Announcement invites public comments on transitional issues and frequently asked questions involving the redesigned Form 990

2011 Form 990 – Issues for Public Comment
Announcement 2011-36
PURPOSE
This Announcement invites public comments on transitional issues and freqhtfuently
asked questions involving the redesigned Form 990.