IRS Announced Annual Electronic Filing Requirement System is Now Available
The IRS announced that the electronic filing system is now available for 990-N, electronic postcard process. This filing process is required for small, tax-exempt organizations with gross receipts that are normally $25,000 or less that do not file an IRS Form 990 or 990-EZ. The filing period is for year ends starting December 31, 2007, with a deadline of the 15th day of the 5th month following the close of your tax year (for example, May 15, 2008 for December 31, 2007 year ends). You can access the electronic filing system through the IRS website, www.irs.gov and follow the charities and nonprofits tab.
KDV Sponsors the 2008 Nonprofit Technology and Communications Conference
Join KDV on Thursday, March 27, 2008 as a conference sponsor for the Minnesota Council of Nonprofits 2008 Nonprofit Technology and Communications Conference at the Minneapolis Marriott City Center. Visit our booth and learn how KDV can meet all of your nonprofits needs. To learn more about the conference, click here.
Your new financial audit -- Hoist your sails and get ready to navigate unfamiliar waters
A new wave of auditing standards from the American Institute of Certified Public Accountants (AICPA) is likely to affect your financial statement audit for fiscal year 2007 and beyond. This article is designed to help ensure smooth sailing through your next audit by familiarizing you with the changes you'll encounter. A sidebar focuses on preparation that will help the auditors' process move smoothly while minimizing disruption at the workplace.
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Is it sponsorship or advertising? -- Know the difference between tax-free and taxable income
As a nonprofit you're generally not taxed on your income, unless that money comes from a trade or business unrelated to your exempt purpose. An important exception to the unrelated business income tax (UBIT) rule is sponsorship income. If income is derived from a qualified sponsorship, it's tax-exempt. However, if the income comes from advertising, it's taxable. Thus, knowing the difference between sponsorship and advertising is crucial.
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Small organizations -- Implementing internal controls is as easy as 1, 2, 3
Does your organization have only a few employees? In such a small world, you may think it's impossible to put an adequate system of checks and balances in place. But think again. While small nonprofits live in a world where everyone often does everything, your organization can set up some internal controls, quickly and easily.
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NEWS FOR NONPROFITS
Four topics are briefly covered in this issue's "News for Nonprofits": how nonprofits can use employee gadgets -- newer technologies like personal digital assistants (PDAs) and laptop computers -- to provide employees tax-free benefits; the IRS distinction between employees and independent contractors; protecting your Web site domain name; and the latest news on Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48).
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