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EO Update: e-News for Charities & Nonprofits

February 27, 2017

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Two new Issue Podcasts available for viewing Go to the Stay Exempt Issue Podcast page on irs.gov to see Issue Podcasts on:

  • When are Commercial-Type Activities a Substantial Nonexempt Purpose for an IRC 501(c)(3) Organization? Learn about determining when commercial-type activities further a substantial nonexempt purpose for an IRC 501(c)(3) organization
  • IRC 501(c)(3) Proposing Denial Learn about the five-step roadmap the IRS uses to determine whether proposing denial is appropriate for an organization requesting recognition of tax exemption under IRC 501(c)(3)

What is an Issue Podcast?

An Issue Podcast is a resource the IRS uses for sharing technical knowledge.

An Issue Podcast is a short (approximately 15 minute), on-demand audio and visual presentation that includes:

  • A brief summary and analysis of an issue
  • References to key resource materials

EO Update: e-News for Charities & Nonprofits

February 22, 2017

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IRS makes approved Form 1023-EZ data available online

The IRS announced today that publicly available information from approved applications for tax-exemption using Form 1023-EZ, Streamlined Application for Recognition of Exemption, is now available electronically for the first time.

Read news release.

Resources for 403(b) retirement plans

Review the following information.

IRS summarizes “Dirty Dozen” list of tax scams for 2017

The IRS recently announced the conclusion of its annual “Dirty Dozen” list of tax scams. The annual list highlights various schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season.

Just Push Pause: Revisiting Proposed Regulations

February 21, 2017

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On January 20, 2017, President Trump signed an executive order entitled “Regulatory Freeze Pending Review” (the “Freeze Memo“).  The Freeze Memo was anticipated, and mirrors similar memos issued by Presidents Barack Obama and George W. Bush during their first few days in office.  In light of the Freeze Memo, we have reviewed some of our recent posts discussing new regulations to determine the extent to which the Freeze Memo might affect such regulations.

TimeoutThe Regulatory Freeze

The two-page Freeze Memo requires that:

  • Agencies not send for publication in the Federal Regulation any regulations that had not yet been so sent as of January 20, 2017, pending review by a department or agency head appointed by the President.
  • Regulations that have been sent for publication in the Federal Register but not yet published be withdrawn, pending review by a department or agency head appointed
  • Reminder: Filing Requirements for New 501(c)(4) Organizations

    February 15, 2017

    Categories

    With lobbying efforts on the rise, the IRS has issued notice requirements for new 501(c)(4) social welfare organizations. These requirements follow the addition of Section 506 to the Code, where notification requirements for new 501(c)(4) organizations were outlined by the legislature.

    A newly formed 501(c)(4) is required to notify the IRS within 60 days from the date it becomes a new legal entity. In providing notice, the organization must include the following information:

    (1) the organization’s name, address, and taxpayer identification number;

    (2) the date and state law under which the organization was formed; and

    (3) a statement of the organization’s social welfare purpose.

    The IRS has developed a new form – Form 8976 – that organizations should use to provide this notification. Note that continuing to file a Form 1024 is optional, and does not waive the requirement to provide notice. A Form 8976 can only be completed electronically

    Understanding Effective Grant Management

    February 9, 2017

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    When: Thursday, Feb. 23, 2017, 2 p.m. to 5 p.m.

    Where: # 202 J.C. Penney Conference Center on the UM-St. Louis North Campus

    Fee: $ 25

    Program Description: Come to this class to learn the basics of effective grant management and implementation, and to learn the proper accounting procedures and practices you will need to employ as you put your grant funds into action.

    Instructor Dan Sise, JD, joined the Nonprofit Management and Leadership Program (NPML Program) at UM-St. Louis in October, 2008, and serves as the NPML Program’s Academic Coordinator and Community Engagement Manager. A 1997 graduate of the University of Illinois College of Law, Dan is currently licensed to practice law in Missouri and Illinois. In the course of his legal career, Dan has dealt with a wide range of issues, including regulatory compliance, insurance coverage and defense, community redevelopment, and nonprofit governance and oversight. He serves on

    Dangerous W-2 Phishing Scam Evolving; Targeting Schools, Restaurants, Hospitals, Tribal Groups and Others

    February 3, 2017

    Categories

    WASHINGTON – The Internal Revenue Service, state tax agencies and the tax industry issued an urgent alert today to all employers that the Form W-2 email phishing scam has evolved beyond the corporate world and is spreading to other sectors, including school districts, tribal organizations and nonprofits.

    In a related development, the W-2 scammers are coupling their efforts to steal employee W-2 information with an older scheme on wire transfers that is victimizing some organizations twice. “This is one of the most dangerous email phishing scams we’ve seen in a long time. It can result in the large-scale theft of sensitive data that criminals can use to commit various crimes, including filing fraudulent tax returns. We need everyone’s help to turn the tide against this scheme,’’ said IRS Commissioner John Koskinen.

    When employers report W-2 thefts immediately to the IRS, the agency can take steps to help protect employees from

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