Beginning in 2011, thousands of nonprofits began losing their 501(c)(3) tax-exempt status for failing to file Form 990s. The IRS sent many reminders and warnings but they were never received by organizations that had not updated their contact information with the IRS. In an effort to help organizations keep their contact information current, the IRS has unveiled a new Form 8822-B.
Effective January 1, 2014, organizations must use Form 8822-B to notify the IRS of a change of address or the identity of a “responsible party”. Form 8822-B must be filed within 60 days of the change. An updated Form 8822-B is available on IRS.gov.
Organizations designate a “responsible party” when they file for an Employer Identification Number (EIN). The responsible party should be someone who will make sure the organization receives any communication from the IRS (such as the Executive Director or the Board Chair). If the person designated as the responsible party at the time of filing the EIN is no longer affiliated with the organization, use form 8822-B to let the IRS know the new contact. Also use the form to report any address changes to the IRS.
And while you’re at it, make sure the contact information and Registered Agent your organization has on file with the Georgia Secretary of State’s office is current. If it’s not, you will miss communications from the Secretary of State including reminders about annual corporation registration deadlines.
**** Please note that 12 minutes into the webcast we experienced some technical difficulties. Please do not stop the webcast, continue on to view it in its entirety. ****
Many 501(c)(3) organizations provide scholarships or other financial assistance to individuals, or would like to do so but have questions about how to set up such programs.
This webcast will address the following issues:
• What constitutes a scholarship versus other types financial assistance;
• The laws which affect the awarding of scholarships, including the type of reporting required by the IRS;
• Best practices for designing and setting up scholarships/financial assistance programs; and
• Best practices for maintaining and managing scholarships/financial assistance programs.
Presenter: Ashley Halfman, Miller & Martin PLLC
This e-alert sets forth the IRS rules about what information you must make available for public inspection, such as your Form 990s and 1023 form.
Please note that in addition to the legal disclaimer above, this article contains information that is based, in whole or in part, on the laws of the District of Columbia. As a result, the information may not be appropriate for organizations operating outside the District of Columbia.
Your 501(c)(3) tax-exempt status only applies to Federal income taxes. It doesn’t make you automatically exempt from State of Georgia income taxes. Find out how to make sure you are covered.
Many nonprofits are considering social enterprise (a.k.a. social entrepreneurship or social ventures) as a way to expand their reach. With social enterprise, nonprofits use business models and entrepreneurial approaches to improve the common good and solve social problems in new and effective ways. For example, the Georgia Justice Project started a landscaping program in order to provide employment to its clients.
While some nonprofits see social enterprise as a way to reduce their dependence on charitable donations and grants, others view the business itself as the vehicle for social change. Either way, there are many complex legal and tax issues associated with such ventures.
During this one hour webinar, our speakers help nonprofits understand:
- The legalities and realities of social enterprise
- The tax ramifications of social enterprise
- The pros and cons of social enterprise
Anne Andrews, Berman Fink Van Horn
Tim Phillips, American Cancer Society