Tax Tips Logo ImageISSUE

Where can your institution go for training on not-for-profit or exempt organization issues?  The web provides many excellent options.

 

SITUATION

Marathon Bible College (MBC) 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.

The Accounting Team at MBC calls us with a simple question.

“We’ve got new volunteer board members who want to know more about 501(c)(3) organizations.  Where should we aim them to start?”

“Well, there are a lot of great resources out there.  Your tax advisor likely can provide great training and information that would be specific to MBC.  The AICPA’s Not-for-Profit Section has great resources at www.aicpa.org/nfp

However, a great place to start is by taking a look at the IRS’ information and their website at www.irs.gov/eo.  Also, they have a quick video that walks folks through a brief overview of their myriad EO resources.”

 

RULES

From IRS webpage “Navigating the Charities and Nonprofits Website”:

[TRANSCRIPT]  Welcome to Navigating the Charities and Nonprofits Website. The information contained in this presentation isn’t official guidance.

Now let’s get started. Did you know the Charities and Nonprofits website links to hundreds of pages of helpful information?

It’s the place to go if you’re a: Nonprofit organization thinking about federal tax-exempt status; an employee of a charity or other tax-exempt organization who needs help completing annual filings; someone looking for information on a charity you’d like to donate to.

Part of the IRS Exempt Organizations, or EO, mission is to help our customers understand their tax responsibilities and find information about tax-exempt organizations. We do this using many products, like: The IRS.gov Charities and Nonprofits website; StayExempt.IRS.gov, our educational website; the EO Update electronic newsletter; The online search tool called Tax Exempt Organization Search or TEOS.

To reach our site, you can enter the IRS.gov/charities in your browser or go to IRS.gov and click on the “Charities and Nonprofits” banner or select “Charities and Nonprofits” from the menu on mobile devices.

For example, there’s a 10-course, interactive workshop for organizational leaders, volunteers and anyone applying for tax-exempt status to understand the benefits, limitations and expectations of being a tax-exempt organization.

Here’s the link to the video:

https://www.irsvideos.gov/CharitiesAndNonProfits/OtherTaxExemptOrganizations/NavigatingTheCharitiesAndNonprofitsWebsite

 

BOTTOM LINE

  • Many schools look for good training materials for new board members or staff members.
  • Your tax advisor is likely a great source for training, information, and links to resources.
  • The AICPA Not-for-Profit Section has wonderful resources such as articles, quick reads, webinar links, charts, CPE, etc.
  • It might be a great idea to start at the source and check out the resources the IRS provides.

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.

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