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ProskExemptBlog

  1. #teo11 for yesterday's texts!
  2. MP: If something "bad" happens w/in your org, it is a better public policy to come forward & talk to the AG about it than to try to hide it
  3. Mark Pacella of the Pennsylvania AG's office: When EOs have to pay out an excise tax, state AGs will likely be interested in what happened.
  4. LL: the best board members are those that understand the issues, are interested in the org, and are not afraid to ask questions.
  5. LL: private foundation directors should meet with an advisor to discuss implications of excise tax provisions
  6. LL: "Some organizations try to make their CEO an independent contractor. Don't go there!"
  7. LL: EOs should properly categorize employees and independent contractors to minimize tax risk to the org. IRS is focusing on this issue.
  8. Lois Lerner: orgs that thoughtfully consider good governance in the Form 1023 are more likely to be approved than those who do not
  9. Lois Lerner of the IRS confirms that AGs and the IRS talk. She warns that poorly governed EOs do not want to run into that "joint force."
  10. We are tweeting live from Nonprofit Governance program at Georgetown Law CLE
  11. On April 7, the IRS listed orgs that are now private foundations. Is your organization one of them? Check IRS Announcement 2011-27.
  12. EOs can now file the 990 e-Postcard if gross receipts are under $50k. Are you one of them? Check out www.irs.gov for more details.
  13. The IRS is creating guidance to answer questions about how the EO hospital provisions of the PPACA are to be implemented.
  14. CFA Institute Releases Investment Management Code of Conduct for Charities - check out our blog (http://nonprofitlaw.proskauer.com) for info
  15. IRS EO Division releases FY 2011 Work Plan this month. Check out our blog for more details.
  16. EO status revoked for several nonprofits because of prohibited political activity. Are you aware of EO political activity restrictions?
  17. IRS Notice 2010-82 (now available) provides guidance on the small employer tax credit available for some EOs. Read the Notice for more info.
  18. Reminder: Tax-Exempt Organizations Can Preserve Exempt Status by Filing Returns by Friday, October 15. Check our Blog for more info.
  19. A draft of the core Form 990 for 2010 is available on IRS.gov. This draft is an advance proof copy of the form and is subject to change.
  20. The IRS has issued final 4965 regs on excise taxes for prohibited EO tax shelters and on related disclosure obligations and filing rqmnts.