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Not For Profit/Exempt Organizations Blog

Monthly Archives: June 2011

IRS Releases New FAQ Guidance on Reporting Governance Practices on Form 990

Posted in IRS Filings

The IRS recently released a new list of FAQ and tips for Part VI of Form 990, which requires an exempt organization to provide certain information about its governing board and management, as well as its governance policies and disclosure practices.                 Of particular interest is the clarification that questions in Section B (about whether an… Continue Reading

275,000 Nonprofits Lose Tax-Exempt Status

Posted in Charitable Giving

The IRS announced June 8, 2011 that approximately 275,000 organizations lost their tax-exempt status because they did not file annual returns for three consecutive years. The IRS has published on its website separate lists of affected organizations for each state.