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Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years.
Some of these changes include the following:
Special Charitable Contributions for Certain IRA Owners
This provision, currently scheduled to expire at the end of 2009, offers older owners of individual retirement accounts [...]
The Internal Revenue Service today reminded many small tax-exempt organizations to file their annual electronic informational return with the IRS by the May 15 deadline.
This is the second year of the new requirement for tax-exempt organizations whose gross annual receipts are normally $25,000 or less to file Form 990-N also known [...]
The Internal Revenue Service announced the launch of a simple electronic filing system that small tax-exempt organizations may use to comply with a new law requiring them to file an annual return.
In the past, small tax-exempt organizations generally were not required to file Forms 990 or 990-EZ, the annual information returns for tax-exempt organizations. But the Pension Protection Act of 2006 requires that tax-exempt organizations that normally have annual gross receipts of $25,000 or less must file an electronic Form 990-N, “Electronic Notice (e-Postcard) for Tax-Exempt Organizations not Required to File Form 990- or 990-EZ,” for tax years beginning in 2007.
The Internal Revenue Service issued an updated version of Form 990, the return that charities and other tax-exempt organizations are required to file annually, and provided transition relief so that small exempt organizations will have time to adjust to the new form.
The Internal Revenue Service said on Thursday it will audit more tax-exempt organizations in 2008 as well as start a new compliance program to help groups maintain their tax-exempt status.
The IRS’s Exempt Organizations division said the tax agency wants to determine how many employers comply with employment tax laws and that the investigation will include tax-exempt groups and government agencies.