MGO Perspectives

Nonprofit Update: Special Relief for Small Organizations who Failed to File by May 17 - Action May Be Required by October 15

2010-08-27T20:26:43 -0000

The Pension Protection Act of 2006 mandated that organizations required to file Form 990 series informational returns would automatically lose their exempt status if the forms were not filed for three years in a row (section 6033(j)(1)). The Act also created a new form, the Form 990-N, Electronic Notice (e-Postcard), for most small organizations with less than $25,000 in gross receipts. Previously, these small organizations were not required to file any return at all. Thus, small organizations that never had to file previously not only now have a filing requirement, but will lose their exempt status if this requirement has been ignored for three consecutive years.

TaxProvision1586

2010-08-27T19:30:32 -0000

On August 10, 2010, President Obama signed into law H.R. 1586 as Pub. L. No. 111-226 (the “Act”). Although the Act is popularly referred to as the Education, Jobs and Medicaid Assistance Act, it was officially enacted without a title. Included in this legislation are specific international tax provisions that will affect United States taxpayers with cross-border activities. A summary of the relevant international provisions of the Act is set forth below, together with some general observations.

Nonprofit Update

2010-07-12T19:02:05 -0000

This issue's highlights include information regarding the IRS release of the changed 2009 Form 990, compliance with Foreign Account Reporting and Filing, SFAS 157 valuation techniques, tips for Not-For-Profits to effectively dvelop organizational policies that can help the organization from the ground up and more.

Tax Scams - The Last Thing You Need

2008-08-27T00:00:00 -0000

Life is complex enough without con artists trying to separate you from your hard earned dollars. It can be very costly if you become a victim of a scam that trades on the image or the mission of the IRS.

Tips for Navigating the Business Credit Crisis

2010-07-12T18:56:12 -0000

The recent credit crisis is just a reminder of the importance and benefits of having a sound strategy that you can use to navigate through turbulent times.