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The Ballard Spahr law firm reports that the Internal Revenue Service will begin random audits of employers to determine if they have underpaid employment taxes by paying independent contractors who should have been classified as employees. Treasury regulations require disregarded entities to withhold, report, and pay employment taxes. See “Final Regulations [...] Question: What is your opinion on reserving a name for my new company with the Arizona Corporation Commission? Answer: I never reserve a name for a new LLC or corporation unless it would be a big problem if the company did not get the name. Big problem to me means that the loss of [...] Arizona Republic: “Six out of 10 non-profits in Arizona reported steep reductions in revenue in 2009, and officials expect the declines to continue in 2010. Revenue decreased more than 22 percent while demand for services increased by 85 percent, according to new survey results from the Arizona Alliance of Nonprofits.” The Foundation Center has a great library of information about forming and operating nonprofit corporations, including tax exempt charitable organizations. Here are some of the topics relating to establishing a nonprofit corporation: How do I start a nonprofit organization? Charity Lawyer: , Lindsey Harris, attorney with the Make a Wish Foundation, writes about the importance of charities using good contracts. “From protecting your brand to purchasing the goods needed to deliver your mission, contracts are an essential part any nonprofit business. Without solid contracts–the kind you can understand and actually use to [...] Form 990, Return of Organization Exempt From Income Tax, is the IRS’s primary tool for gathering information about tax-exempt organizations, for educating organizations about tax law requirements, and for promoting compliance with tax law. The 2009 Form 990, schedules, and instructions have been revised to modify and clarify certain reporting requirements. The table [...] Nonprofit Law Blog: “All too often, the issue of legal compliance receives attention from a nonprofit corporation only after a conflict arises. Instead, a nonprofit corporation can better prevent conflicts and protect itself through regular legal audits. Financial audits alone, while important, will not sufficiently account for the bigger issue of overall compliance [...] Companies with employees should never fail to pay payroll taxes not just because its required by the law, but also because people who control a company’s finances can be personally liable to the IRS for the unpaid trust fund portion of payroll taxes. Employers such as corporations (for profit and nonprofit), limited liability [...] Nonprofit Law Blog: 10 New Year’s Resolutions for Your Board Th IRS announced that user fees will increase for all applications for exemption (Forms 1023, 1024, and 1028) postmarked after January 3, 2010: $400 for organizations whose gross receipts are $10,000 or less annually over a 4-year period $850 for organizations whose gross receipts exceed $10,000 annually over a 4-year period $3,000 for group exemption letters. A complete schedule [...] The Nonprofit Law Blog has semi-famous quotes from the Jerry Sienfeld show and ties them into important nonprofit organization governance issues. The article covers a lot of important nonprofit governance ground. CharityLawyer: “In the last decade or so, directors and officers have faced an increased exposure to personal liability. While the bulk of legal actions have been against directors and officers of for profit corporations, judgments against and settlements by directors and officers of nonprofit corporations are increasing. I am often [...] Public charities should review the December 2009 version of the IRS governance check sheet used by IRS agent when examining 501(c)(3) public charities. See the IRS’ guide sheet for Completing the check sheet. CharityLawyer: “We love getting calls from potential clients with exciting ideas. However, surprisingly often, we are in a position which we do not enjoy of letting the caller know that as exciting as their idea is, it does not qualify for tax-exemption. Some common examples of ideas that will not qualify include fundraising [...] Executive MBA Programs: “Charities and scholarships are usually created solely on one’s passion to help others or a life experience that has inspired them to provide aid to others in the same situation. With an outpouring of individuals wanting to start charitable organizations that can make the world a better place, it is [...] Charity Lawyer: “In my practice representing nonprofit and tax-exempt organizations, there are often themes that emerge. Over the last few weeks I have had a spate of calls from would be nonprofits that paid either a nonprofit start-up ‘consultant’ or a document preparation company to form their nonprofit and handle their IRS filings. [...] The Nonprofit Law Blog has a two part article that members of boards of directors of nonprofit organizations should read in these tough economic times. Board members must understand their roles during challenging periods and how they may be in a better position in some ways than their executives in leading the [...] Before forming a nonprofit corporation that will become a tax exempt organization or charity, watch the IRS video called “Applying for Tax Exemption – an Overview.” See also the IRS website called “Tax Basics for Exempt Organizations,’ which has several tax-exempt entity educational videos. The IRS offers the following resources to help [...] CharityLawyer: “I recently contacted Gene Takagi, a noted California nonprofit lawyer, to confirm or deny an assertion regarding California nonprofit law that was made to one of our clients. He was kind enough to clarify the matter. We discussed that there are many such ‘nonprofit law urban legends’ and he suggested that would [...] CharityLawyer.com: “This list was started as the inaugural post to CharityLawyer Blog. The post struck a nerve, was mentioned by the Chronicle of Philanthropy, the Nonprofit Quarterly, and numerous bloggers and twitter users. San Francisco tax-exempt organizations lawyer and publisher of the Nonprofit Law Blog, Gene Takagi, reviewed the list and added five [...] Life or Death Announcement for All Arizona Corporations Beginning October 1, 2009, the Arizona Corporation Commission will no longer mail to an Arizona corporation its annual report. Arizona law requires that all Arizona corporations, including nonprofit corporations, file an annual report every year with the Arizona Corporation Commission. If an Arizona corporation fails to [...] A nonprofit organization that is exempt from federal income tax under Internal Revenue Code Section 501(c)(3) must follow IRS rules or the IRS can revoke its tax exempt status. If you are involved with operating or managing a nonprofit corporation, you should read ” Nonprofits: Are You at Risk of Losing Your Tax-Exempt [...] |
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