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Non-Profits

Damaged by Hurricane Sandy? Let Your Employer Know

November 12, 2012 by Admin

The IRS has alerted employers and other taxpayers that because Hurricane Sandy is designated as a qualified disaster for federal tax purposes, qualified disaster relief payments made to individuals by their employer can be excluded from taxable income. Qualified disaster relief payments include:

  • Amounts to cover necessary personal, family, living or funeral expenses that were not covered by insurance
  • Expenses to repair or rehabilitate personal residences or repair or replace the contents to the extent that they were not covered by insurance

Another result of the Qualified Disaster status is that employer-sponsored private foundations may provide disaster relief to employee-victims without affecting their tax-exempt status.

Filed Under: Non-Profits, TAX TIPS FOR INDIVIDUALS, Taxes Tagged With: Individual Tax Tip, Non-Profits, Tax Update

New IRS Online Tool to Check Tax-Exempt Organization Status

February 5, 2012 by Admin

The IRS website now offers a search tool that allows users to search for tax exempt organizations and check information about their federal tax status and filings. The new tool combines three former search sites into one, making it a quick and efficient way to search for organizations that:

  • Are eligible to receive tax-deductible charitable contributions
  • Have had their tax-exempt status automatically revoked because they have not filed Form 990 series returns or notices annually as required for three consecutive years
  • Have filed a Form 990-N annual electronic notice

The Exempt Organizations Select Check webpage can be accessed at Tax-Exempt Organization Status

Filed Under: BUSINESS FORUM, Non-Profits, TAX TIPS FOR INDIVIDUALS Tagged With: Non-Profits

Non-Profits are not 100% Tax-Exempt

October 4, 2011 by Admin

Many people think that tax-exempt organizations don’t pay federal income tax. While this assumption is true under most circumstances, there are times that they are indeed subject to income tax. When tax exempt organizations engage in commerce unrelated to their exempt status, Congress legislated that they are in fact required to pay their fair share in taxes. This is known as “Unrelated Business Income Tax” or UBIT for short. [Read more…] about Non-Profits are not 100% Tax-Exempt

Filed Under: Non-Profits Tagged With: Non-Profits

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