Tax Tips Logo ImageISSUE

There is a lot going on these days.  And, the rules and compliance requirements continue to get more complicated and convoluted.  Keeping up with what the IRS and other government agencies is doing is imperative.  Have you heard about the IRS’ “Exempt Organizations Update” email subscription?

SITUATION

Saltwater Christian College (SCC) is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(ii).  They are required to file Form 990 annually.

As we met with the SCC Accounting Team to strategize for their upcoming audit, an identified area of risk was the difficulty all not-for-profits are encountering in trying to stay abreast of all of the new and growing compliance requirements at the federal, state, and COVID-19-based levels.

“How can we possibly stay up to date?” SCC’s Tax Director asks.

“Well, be discerning about the webinars and updates you read and follow.  It is easy to get overwhelmed with ‘noise’ these days.”

“Amen to that,” she says.

“One tool that is good is the IRS’ ‘Exempt Organizations Update.’  It is both a webpage and an email subscription service and provides great, timely information and links to all types of tax law tips and guidance including ‘Lifecycle of an Exempt Organization,’ forms, and TEOS (Tax Exempt Organization Search).”

“Cool, how can I sign up for the e-newsletter?”

“You can sign up for it on the webpage – right in the middle of your screen click ‘Subscribe to future editions.’”

RULES

From 2019 Form 990 Instructions – Email Subscription:

The IRS has established a subscription-based email service for tax professionals and representatives of tax-exempt organizations. Subscribers will receive periodic updates from the IRS regarding exempt organization tax law and regulations, available services, and other information. To subscribe, visit IRS.gov/Charities-&-Non-Profits/Subscribe-to-Exempt-Organization-Update.

BOTTOM LINE

  • Keeping up with changing government regulations is difficult.
  • The IRS – at least – has a good update mechanism for Not-for-Profit organizations:  “Exempt Organizations Update.”
  • The “tool” is both a webpage (see above for link) and an email “subscription” that is sent out periodically.
  • The update emails even include links to tools – including webinars and recorded workshops – that the IRS conducts for EO information purposes.

Specific questions? Email Dave Moja

The information provided herein presents general information and should not be relied on as accounting, tax, or legal advice when analyzing and resolving a specific tax issue. If you have specific questions regarding a particular fact situation, please consult with competent accounting, tax, and/or legal counsel about the facts and laws that apply.

© 2020 Moja & Company, LLC