- Monday, 12 October 2015 15:04
Please join me and the folks at Boeckermann Grafstrom & Mayer for lunch on Thursday, October 22nd from 11AM to 1PM.
BGM staff will be discussing issues regarding preparing for audits and updates on the new financial statement requirements. I will be providing an update on federal tax issues that affect tax exempt organizations, including issues with the Form 990 and priorities for the IRS in 2016.
- Tuesday, 18 August 2015 11:03
In mid-July, the National Taxpayer Advocate’s office released the Fiscal Year 2016 Objectives Report to Congress, in which the National Taxpayer Advocate, Nina Olson, continued to criticize the use of the Form 1023-EZ to obtain 501(c)(3) status. If you take nothing else from her report, you should read this statement summarizing her opinion of the current iteration of the 1023-EZ: “Because Form 1023-EZ does not require applicants to provide supporting documentation or substantiation, but only to attest they qualify for exempt status, the IRS has in effect relinquished its power to educate and regulate taxpayers before it confers exempt status.”
- Tuesday, 14 April 2015 16:13
A recent decision by the 3rd Circuit Court of Appeals is raising some eyebrows and hopefully causing some directors and officers of nonprofit corporations to think twice before taking a casual approach to their duties. The Court in In re: Lemington Home for the Aged upheld a jury verdict that found fifteen former directors jointly and severally liable for $2.25 million dollars for breach of fiduciary duties, and imposed punitive damages of $1 million and $750k against the two former officers.
- Monday, 02 March 2015 16:09
Almost everyone intersects at some point in their life with a nonprofit organization that provides access to opportunities for children or adults to learn and play sports. As many folks may be aware due to recent media coverage, even the NFL is a nonprofit organization (a 501(c)(6) organization, which covers organizations like business leagues and chambers of commerce). How (and whether) these organizations qualify as tax-exempt depends on the specific activities of the organization.
- Tuesday, 03 February 2015 17:28
Today the Minnesota Campaign Finance and Public Disclosure Board (MNCFPDB) released its findings of the investigation into ALEC, based on a 2012 complaint.