The deadline for tax-exempt organizations to file the Form 990 or Form 990-EZ (informational returns) is May 15. Tax-exempt organizations that cannot meet the deadline may request an automatic three-month extension using Form 8868.
In 2006, for the first time, exempt organizations are required to file electronically if the organization has more than $100 million in total assets and file at least 250 total tax returns per year.
The IRS has issued the 2012 optional standard mileage rates used for deducting the costs of operating an automobile for business, charitable, medical or moving purposes. They are: 55.5 cents per mile for business miles driven 23 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable…
Following up on my recent post about the NCAA, college sports and tax-exempt status, take a look at this tidbit in USA Today which reports college coach salaries. I’ll bet Jim Tressel thinks his approximately $500k advantage over Lloyd Carr is worth it following this weekend’s Ohio State-Michigan game… Of course, that begs the question,…
Earlier today, I blogged the case of the Herbstreits who have sued the IRS for denying a charitable deduction for donating their home (but not the related property) to the local fire department for training purposes. Since then, I’ve had a few interesting conversations (including on twitter) about the value of the deduction. The IRS…
Someone was feeling the holiday spirit after winning big on an instant lottery ticket on Thursday, December 8. But rather than pocket the cash, the lucky winner donated the winnings to charity by dropping the winning ticket into a Salvation Army collection kettle.
It’s the sixth day of my annual 12 Days of Charitable Giving. Each of the 12 charities that I’ll be featuring in the series was suggested by a reader as a charity that could use a boost this holiday season. I’ll be posting one a day for – well, 12 days (I’m clever that way)….
The Internal Revenue Service has concluded that Senator Barack Obama’s church, the United Church of Christ, did not violate nonprofit tax laws when Senator Obama addressed the denomination’s 50th anniversary General Synod in June 2007. You may recall that the IRS was investigating the denomination claiming that it had “reasonable belief” that the circumstances surrounding…