The U.S. Internal Revenue Service (IRS) quietly added two new questions and answers regarding virtual currency donations to its answers to Frequently Asked Questions on Virtual Currency Transactions (FAQs) on December 26, 2019. The two new answers address the responsibilities of charitable organizations when accepting donations of virtual currency, including cryptocurrency. For a discussion of … Continue Reading
The IRS recently released an Information Letter, written in response to a congressman’s inquiry about an unidentified charity’s unidentified practices, confirming that Section 501(c)(3) organizations may use the internet to raise funds. The IRS stated that solicitations made through a website or e-mail should comply with the same rules that apply to other solicitations. However, … Continue Reading
The IRS continues to implement the “three years and you’re out” rule for Form 990 non-filers added by the Pension Protection Act of 2006 (the “PPA”). That legislation amended Section 6033 of the Internal Revenue Code to provide that exempt organizations required to file a Form 990-series return (i.e., a Form 990, Form 990-EZ or … Continue Reading
In its highly divisive 5-4 opinion in Citizens United v. FEC, the Supreme Court dramatically altered the framework regulating corporate speech during federal elections. Released on January 21, 2010, the Court's decision struck down legislative and judicial restrictions that have been in place for decades, preventing corporations and labor unions from using general treasury funds on political speech during federal elections. In addition to directly impacting for-profit corporations and labor unions, this case will have a substantial effect on the not-for-profit sector.
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In Announcement 2009-88, set to be published in Internal Revenue Bulletin 2009-52, dated December 28, 2009, the IRS lists organizations that have failed to establish or have been unable to maintain their status as public charities or as private operating foundations.
Continue reading for the full text of the Annoucement.
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