Not-for-Profit Blog

Blogs April 13, 2021 Form 990-T Redesigned for 2020

A tax-exempt organization that has $1,000 or more of gross income from an unrelated business must file Form 990-T. Form 990T has been completely redesigned with many of the changes relating to the new regulations under TCJA.

Blogs April 06, 2021 Changes to the 2020 Form 990-PF

This article offers an overview of the changes for 2020 of which filers of Form 990-PF need to be aware.

Blogs March 30, 2021 Reporting Paycheck Protection Program (“PPP”) Proceeds on the Federal Form 990 and Other Changes You Can Expect on the 2020 Form

This content takes a look at some of the changes to the 2020 Form 990.

Blogs November 09, 2020 Are Scholarships Tax-Free?

Many not-for-profit organizations provide grants in the form of scholarships. A scholarship will be tax free to the recipient if the following criteria are met. It’s important to understand which scholarships are excludable from taxable income for th…

Blogs September 01, 2020 2019 Form 990 and 990-EZ Significant Changes and Reminders

The IRS continues to make progress towards paperless filings; the latest change impacts both Forms 990 and 990-EZ. If a Form 990 or 990-EZ is being filed for a tax year beginning on or after July 2, 2019, it must be filed electronically (with limite…

Blogs February 28, 2020 Proposed Updates to Nonfinancial Assets Reporting

Discussion of the proposed regulations surrounding a not-for-profit’s reporting of contributed non-financial assets or “gifts-in-kind” – i.e., land, buildings, materials and supplies, food, clothing, etc.

Blogs January 24, 2020 Qualified Transportation Fringe Amounts - UBIT Refund Procedures

Notes on claiming a refund or credit in conjunction with the repeal of the unrelated business income tax (“UBIT”) on qualified transportation benefits.

Blogs January 14, 2020 Private Foundations: Change in Excise Tax Rate

A discussion of the provision in the 2020 spending bill that changes the current excise tax rate from a two-tiered structure to a single flat-tax rate and how it applies to private foundations.

Blogs December 26, 2019 Law Taxing Nonprofits on Transportation Benefits Repealed

A discussion of the spending bill recently signed by the president that includes a provision reversing the 21% unrelated business income tax (“UBIT”) on qualified transportation.