The Internal Revenue Service explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted last December, provides several provisions to help individuals and businesses who give to charity. The new law generally extends through the end of 2021 four temporary tax changes originally enacted by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here is a rundown of these changes. Deduction for individuals who don’t itemize; cash donations up to $600 qualify ..read more

Revenue Procedure 2021-40 amplifies Rev. Proc. 2021-3, 2021-1 IRB 140, which sets forth areas of the Internal Revenue Code (Code) relating to issues on which the Internal Revenue Service (Service) will not issue letter rulings or determination letters.  The revenue procedure announces that the Service will not issue letter rulings on whether certain transactions are self-dealing within the meaning of section 4941(d) of the Code.  Specifically, the Service will not issue rulings on whether an act of self-dealing occurs when a private foundation (or other entity subject to section 4941 ..read more

Updated Procedures Related to Direct Contact in the Determination Process On August 17, 2021, Exempt Organizations Rulings & Agreements (EO R&A) office issued Interim Guidance (IG) memorandum (TEGE-07-0821-0016) on Updated Procedures Relating to Direct Contact (PDF) in the Determination Process. If an organization submits a valid Form 2848, Power of Attorney and Declaration of Representative, with its application for recognition of tax-exempt status or during case processing, we will contact an authorized representative listed on the Form 2848 to discuss issues or items in the applicat ..read more

Time/date:  September 29th, 2021 from 1:00 to 4:00.  Online, via Zoom. Note: This will be a Zoom webinar.  Link information will be sent after you register.  Every organization should have board or staff members that possess financial credentials and/or experience and are charged with the primary responsibility of reporting or managing the financial matters of the nonprofit.  However, board and staff members whose expertise is other than financial still need the ability to monitor and manage the financial condition of the organization.  This is an introductory, ba ..read more

Electronic Filing Mandate for Form 990-EZ The Taxpayer First Act, enacted July 1, 2019, requires tax-exempt organizations to electronically file information returns and related forms. The requirement to file electronically generally became effective for tax years beginning after July 1, 2019. However, for small exempt organizations, the legislation specifically allowed a postponement (“transitional relief”). As a result: For tax years ending before July 31, 2021, the IRS will accept either paper or electronic filing of Form 990-EZ, Short Form Return of Organization Exempt from Income Tax. For ..read more

July 15, 2021 | 2:00 to 4:00 pm | Live Online Description: Participate in this web-based class for a primer on how to start a Missouri nonprofit corporation that will seek to obtain 501(c)(3) tax exempt status from the IRS. In addition, this class will also cover the basics of good governance policies, strategies, and requirements that will allow your organization to maintain its 501(c)(3) tax exempt status on an ongoing basis once you are up and running. Note that this class is meant to provide a basic introduction, and broad overview, on how to start a Missouri nonprofit corporation that goe ..read more

Update on Mandatory Electronic Filing for Form 4720 by Private Foundations Section 3101 of the Taxpayer First Act requires certain exempt organizations to file information and tax returns electronically for tax years beginning after July 1, 2019. Private foundations required to file Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code, are included in the electronic filing mandate. Pending conversion of Form 4720 to electronic format, the IRS continued to accept the 2019 tax-year version of this return on paper. While software for the electronic versi ..read more

Live TE/GE Webinars in June The IRS Tax Exempt & Government Entities would like to invite you to watch two live webinars we have scheduled this month. 1) Applying for Exemption When: June 23, 2021, at 1:00 pm ET Learn about: Steps to take before applying to the IRS for tax-exempt status Types of tax-exempt status available and forms used to request them How to apply for tax-exempt status and tips to shorten the application process Register: Register now for this free webinar 2) Reporting Election Workers Earnings When: June 24, 2021, at 1:00 pm ET Learn about: Workers who should be trea ..read more

TE/GE job announcements The IRS has announced multiple full-time positions in the Tax Exempt/Government Entities division available across the country. These job announcements close soon, so apply today on USAJOBS.gov to become part of our team. Internal Revenue Agent (Employee Plans) GS 5-11 Closes May 17, 2021 Internal Revenue Agent (Exempt Organizations) GS 5-12 Closes May 17, 2021 Internal Revenue Agent (Employee Plans) GS 12 Closes May 17, 2021 IRS Pathways Recent Graduate Program (Staff Support Assistant) GS 5-6 Closes May 13, 2021 We’re hosting virtual information sessions ..read more

Reminder to tax-exempt organizations: 990s, other forms due on May 17; information and tools available to help The Internal Revenue Service today reminds tax-exempt organizations that operate on a calendar-year (CY) basis that certain annual information and tax returns they file with the IRS are due on May 17, 2021. These returns are: Form 990-series annual information returns (Forms 990, 990-EZ, 990-PF, 990-BL) Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or Form 990-EZ Form 990-T, Exempt Organization Business Income Tax Return (other ..read more