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February 2016

Electronic Payment Required for Form PC Filers

The Office of the Attorney General now requires that payments of charities’ annual filing fees must be made electronically via ACH (Automated Clearing House). A confirmation number is generated after the payment is made.  Charities will need to provide their tax preparer with this number, which in turn, needs to be included on the Form PC filing.  This means that the registration fee will need to be paid before the Form PC preparer can deliver the filing copy of the form.  Please follow this link if you require additional information. 

Nonprofit Special Events Reporting Whitepaper

Greg Rogers, Edelstein & Company Principal, recently wrote a whitepaper, titled ‘Best Practices in Nonprofit Special Events Reporting: Guidelines to Increase Clarity and Consistency.’ The whitepaper identifies common special events reporting errors, articulates best practices for reporting the financial results of nonprofit fundraising events, and sensitizes the reader to some reporting misconceptions that exist.
We encourage you to follow the below links to each piece of the series:

Giving Up 1.6%, Online Gifts Still In Single Digits

This article shares the surprising finding that online giving only made up 7.1% of charitable giving in 2015 from Blackbaud’s 2015 Charitable Giving Report.  Also discussed, what month continues to be the largest month for overall giving, medical research giving trends, and higher education giving statistics.
Read more here.

Tax-Exempt Update

The following are some headlines about what’s happening with the IRS:
  • Work on new IRS regulations governing the political activities of 501(c)(4) organizations is not expected for another year.

  • 37% of short form (1023-EZ) applicants do not meet the organizational test to qualify as section 501(c)(3) entities since many documents required for the long version of Form 1023 do not need to be submitted with the shorter version of the form.

  • A proposed alternative means of substantiating donations of over $250 by having charities collect and remit donor social security numbers has been retracted by IRS.

  • The PATH (Protecting Americans from Tax Hikes) Act does not address the two-tiered private foundation tax as hoped.

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