Workshop - June 5
Making the Most of Your Marketing Budget, Part 1
13 in '13 Series
IRS Gift Substantiation & Disclosure Requirements
Important rules governing deductibility of charitable gifts, updated for 2013.
|"The Center is one of WBGO's most important and aware legislative, regulatory and best practices watchdogs. If anything happens positively or negatively that could impact WBGO, the Center will share that information in a timely manner."
-- Cephas Bowles, President and CEO, WBGO Jazz 88.3 FM
Employers who improperly classify their employees as independent contracts risk facing stiff fines and penalties if a government audit finds that the workers should have been designated as employees. The IRS has implemented a program to encourage employers who have misclassified their workers to correct the situation without penalty and at a reduced cost.
A list you do NOT want to make...
In May 2010, the IRS began revoking the tax-exempt status of organizations that are required to file Form 990, Form 990-EZ, Form 990-N (E-postcard) or Form 990-PF (private foundations) and have failed to do so for 3 consecutive years. MOST NON-PROFITS ARE SUBJECT TO THESE REQUIREMENTS. If exempt status is revoked, the only way to reinstate it is to reapply for tax exemption.
On June 8, 2011, the IRS released its first list of over 275,000 organizations whose tax exemptions were automatically revoked for failure to file the required Form 990 information return for three consecutive years. This list is updated monthly.
The New Jersey revocation list includes over 7,800 organizations, more than 4,900 of which are 501(c)(3).
For more information about e-filing of Form 990 and a low-cost, online e-filing solution, visit the Urban Institute's e-filing Web site at http://efile.form990.org/.
The rule adoption means that any organization with less than $500,000 in gross revenue in its most recently completed fiscal year will no longer have to submit an independent audit in order to satisfy the requirements of New Jersey's fund raising statute. The Center estimates that the new change could save each covered organization an average of $7,000 annually, and will result in an annual combined savings of over $10 million for the non-profit community. more information
New Jersey's new Family Leave Insurance law (FLI) enables eligible employees to collect up to six-weeks of state paid monetary benefits when out of work to care for a newborn, newly adopted child, or an ill family member. This insurance law is an extension of the State Temporary Disability Benefits Program and applies to employers of all sizes. This article, posted with permission of the Employers Association of New Jersey, highlights the key provisions of the law.
Click here for article
The Center's Legal Assistance Services for Newly Forming Non-Profits Read a quick overview about the incorporation/tax exemption process and the legal assistance available through the Center.
|More details and a printable order form now available online. Order yours today!|
For more information about e-filing and a low-cost, online e-filing solution, visit the Urban Institute's e-filing Web site at http://efile.form990.org/.
Use Caution When Fundraising Online -- Some issues to consider if you plan to use the Internet to generate revenue for your organization -- whether you solicit donations on your website, on someone else's, or if your organization has any sort of online presence.
IRS Disclosure Regulations for Non-Profits - IRS regulations require public charities to mail copies of their Form 990 and 1023 upon request or make them widely available by posting them on the Internet. It is important for non-profits to familiarize themselves with these regulations and adopt internal policies and procedures to ensure compliance.
Visit our Public Policy page for additional information regarding new and emerging legislative and regulatory issues.
For older information please visit our Legal/Management Archive