From the category archives:

charitable organizations

Midyear Mileage Rate Changes Offer Relief, Likely to Cause Confusion

5 July 2011

After months of speculation and roller coaster oil prices, the IRS finally announced an increase in the optional standard mileage rates. The IRS generally only updates mileage rates once a year. However, with gas prices still on the rise, the IRS made an adjustment midyear. Doug Shulman said, about the increase: This year’s increased gas prices [...]

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IRS Issues Guidance for Charities – and a Warning to Donors

8 June 2011

Today, the Internal Revenue Service announced that approximately 275,000 formerly tax-exempt organizations have lost their charitable status as a result of failing to file the proper forms. Loss of tax-exempt status can spell disaster for some organizations: not only does it mean that the organization must file income tax returns and pay tax but perhaps [...]

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Taxing Non-Profits: Is It the Modern Day Solution to Balancing Budgets?

12 May 2011

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Taxing Non-Profits: Is It the Modern Day Solution to Balancing Budgets?

11 May 2011

The mayor of Providence, Rhode Island, Mayor Angel Taveras, made national headlines last week when details emerged about his plan to tax nine tax-exempt hospitals, colleges and universities in an effort to raise revenue. If the tax stands, the city could collect millions from previously untapped sources. Providence, like many U.S. cities, is struggling to [...]

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Terrorist Informers, Rewards and Taxes

3 May 2011

So here’s a sight that I didn’t expect to see any time soon: But yet, there it is on the FBI’s Ten Most Wanted list today: Bin Laden’s picture with the word “Deceased” underneath. No, wait, I’m not going to get all political on you. I don’t think I need to. You’re a grown up [...]

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Ask the taxgirl: Deductions for Cheftestants

27 April 2011

Taxpayer asks: I was watching Top Chef Masters and I ahd a question. I know you have to report your winnings on a game show. On the Masters version, the chefs don’t get the money because it goes to charity. My question is can they take a tax deduction? taxgirl says: I haven’t seen Top [...]

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Charitable Giving for Japanese Disaster Relief

13 March 2011

First, my thoughts and prayers go out to those affected by the events in Japan. The stories and photos coming out of Japan are just heartbreaking. I know that many of you, like me, want to know what you can do to help out in what is being referred to as Japan’s ‘most difficult crisis’ [...]

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Taxes from A to Z: A is for Applicable Federal Rates

3 March 2011

First in the series: A is for Applicable Federal Rates, or AFRs. Each month, the IRS provides various prescribed rates for federal income tax purposes; those rates are regularly published as revenue rulings. You can see the latest list of rates as a revenue ruling here (downloads as a pdf). If you browse the list, [...]

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IRS Announces Free Webinar for New Tax Exempt Orgs

25 January 2011

The IRS has announced it will air a free webinar, “Starting Off Right (Part II): What New Non-501(c)(3) Organizations Need to Know” on February 24, 2011. The webinar will be broadcast at 2:00 pm (ET); 1:00 pm (CT); Noon (MT); and 11:00 am (PT). The webinar has been developed especially for: New 501(c)(4), (c)(5), (c)(6), [...]

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Nonprofit Tax Reporting Gets Easier

18 January 2011

The IRS has announced a change in the reporting requirements for small tax-exemption organizations. Beginning in 2007 (for tax year 2006), organizations with gross receipts of less than $25,000 were required to file a form 990-N (sometimes called an “e-Postcard”) with the IRS each year. Beginning in 2011 (meaning the 2010 tax year), the threshold [...]

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