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EO Update: e-News for Charities & Nonprofits

November 7, 2017

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 1.  New presentations on StayExempt

  2.  Employment Tax podcasts

  3.  EO Issue Snapshots

  4.  Fee for Form 8976

Form 8976, Notice of Intent to Operate Under Section 501(c)(4) – Organizations must pay a $50 fee at Pay.gov within 14 days of submitting the form.

  5.  Podcast on maximum loans in retirement plans

Podcast – computation of maximum loan amount from retirement plans 

EO Update: e-News for Charities & Nonprofits

October 12, 2017

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Audit Technique Guides for Exempt Organizations Examiners use these guides during audits of specific types of exempt organizations.

The Enduring Relevance of Rev. Proc. 71-17 on IRC Section 501(c)(7) Organizations Read the IRS issue snapshot on the effect of a 501(c)(7) club’s non-member income on its unrelated business taxable income and exemption.

EO Update: e-News for Charities & Nonprofits

September 27, 2017

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The IRS is providing several types of tax relief for those affected by hurricanes hitting Texas, Florida, Georgia, Puerto Rico and the U.S. Virgin Islands. We’re monitoring the situation closely to resolve potential tax related issues as they’re identified. Check IRS.gov/hurricaneharvey and IRS.gov/hurricaneirmaoften for a current list of all tax relief available in these disaster areas and others.

IRS Gives Tax Relief to Victims of Hurricane Harvey; Parts of Texas Now Eligible Hurricane Harvey victims in parts of Texas have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments. This relief also applies to Form 5500 series returns of eligible taxpayers.

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Help for Hurricane Harvey…and Irma Too

September 14, 2017

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Help for Hurricane Harvey…and Irma Too

September 14, 2017

Authored by: Keith Kehrer

Employers seeking ways to help employees and their family members affected by Hurricanes Harvey or Irma should consider the various relief made available by the Internal Revenue Service under Announcements 2017-11 and 2017-13 and Notice 2017-48.

Under Notice 2017-48, employers who maintain a leave-based donation program (there is still time to adopt one) can afford employees the opportunity to forgo their vacation, sick or personal leave in exchange for cash contributions made by the employer, before Jan. 1, 2019, to charitable organizations assisting those impacted by Hurricane Harvey.  The donated leave will be excluded from the donor employees’ income and wages and the employer will be able to deduct such contributions to a qualifying charitable organization as a business expense.  As always, the Notice includes specific guidelines that must be followed in order for employers and employees to take advantage of this relief.  Note that currently this relief is approved only for Hurricane

EO Update: e-News for Charities & Nonprofits

September 5, 2017

Categories

1. IRS provides help for Hurricane Harvey victims

The IRS is providing a variety of tax relief for those affected by Hurricane Harvey. Check our webpage for the latest updates.

2. Beware of Hurricane Harvey fake charity scams

The IRS issued a warning about possible fake charity scams emerging due to Hurricane Harvey and encouraged taxpayers to seek out recognized charitable groups for their donations.

3. More IRS disaster relief information available

Publication 3833, Disaster Relief, Providing Assistance Through Charitable Organizations

Two-part mini-course on disaster relief.

Additional information about IRS help for Hurricane Harvey victims is available on IRS social media sites, including the Twitter handle @IRSnews, following the hashtag #Harvey.

IRS Seeks Applications for Advisory Committee for the Tax Exempt and Government Entities Division

August 21, 2017

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The IRS is seeking applicants for vacancies on the Advisory Committee on Tax Exempt and Government Entities (ACT). The committee provides advice and public input on the various areas of tax administration served by the Tax Exempt and Government Entities Division (TE/GE). Applications will be accepted through September 18, 2017.

Bryan Cave Recognized in The Legal 500

July 19, 2017

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We are very excited to announce that Bryan Cave was recognized in Legal 500 as one of the top law firms in the Nonprofit / Tax Exempt Organizations category.  This is an honor and we are delighted that our Firm has been recognized along with the other top law firms in the United States that specialize in advising nonprofit and tax-exempt organizations.

The purpose of The Legal 500 is to help corporate counsel find the right advisors through its law firm rankings and editorial, which are free of charge to access. Rankings are based on feedback from 250,000 in-house peers and access to law firms deals and confidential matters, which are independently assessed by researchers.

403(b) Pre-Approved Retirement Plans List

June 14, 2017

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We’ve recently updated the list of 403(b) pre-approved retirement plans that have received an IRS favorable opinion or advisory letter. A favorable opinion or advisory letter for a 403(b) pre-approved plan means that the IRS has determined that the plan satisfies the requirements of Internal Revenue Code Section 403(b) (these requirements are specifically outlined in the opinion or advisory letter).

Employers eligible to sponsor 403(b) retirement plans for their employees may want to consider adopting a pre-approved plan that has received a favorable letter instead of a having an individually designed plan.

Related resources:

Important Information on W-2/SSN Data Theft Scam

March 28, 2017

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A dangerous email scam currently is circulating nationwide and targeting employers, including tax exempt entities, universities and schools, government and private-sector businesses. The scammer poses as an internal executive requesting employee Forms W-2 and Social Security Number information from company payroll or human resources departments. They may even send an initial “Hi, are you in today” message before the request.

The IRS has established a process that will allow employers and payroll service providers to quickly report any data losses related to the W-2 scam. See details at Form W-2/SSN Data Theft: Information for Businesses and Payroll Service Providers. If notified in time, the IRS can take steps to prevent employees from being victimized by identity thieves filing fraudulent returns in their names. There also is information about how to report receiving the scam email even if you did not fall victim.

As a reminder, tax professionals who experience

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