New IRS Rules Proposed for 501(c)(4) Organizations – Definition of Political Activities
Activities that have long been defined as “nonpolitical” when conducted by 501(c)(4) social welfare organizations may soon be reclassified by the IRS as “candidate-related political activities,” potentially limiting those organizations’ activities, especially during an election season. The intent of the Notice of Proposed Rulemaking and the related draft regulations, published November 29, is to eliminate…
Call for Applications: The Washington Post 2014 Award for Excellence in Nonprofit Management
We are passing along details about the Washington Post Award program as something that may be of interest to the Washington, DC nonprofit community. For more information, contact the Center for Nonprofit Advancement using the links below. The Center for Nonprofit Advancement, in partnership with The Washington Post, announces the call for applications for The…
Results Reporting: Charity Navigator’s New Rating System for Nonprofits
Charity Navigator, the agency most known for rating nonprofit organizations according to their financial health, announced an update to its rating process that is set to be implemented no sooner than 2016. Charities that hope to maintain or achieve a strong rating under the new system, however, should consider preparing for the upcoming changes now….
October 1 Notification Deadline: PPACA Health Insurance Marketplace
OCTOBER 1 EMPLOYEE NOTIFICATION DEADLINE Gelman, Rosenberg & Freedman CPAs distributed an electronic alert to let clients and friends know about an upcoming deadline that may impact your business under the Patient Protection and Affordable Care Act (PPACA). Entities regulated by the Fair Labor Standards Act (FLSA) must inform current employees no later than October…
New York Attorney General Adopts Regulations to Increase Transparency in 501(c)(4) Donations
In an attempt to increase transparency by placing new requirements on nonprofit groups that accept and expend “dark money” to engage in election-related communications without public disclosure, New York Attorney General Eric T. Schneiderman has adopted new regulations. Effective June 5th, tax-exempt organizations classified by the IRS as a 501 (c)(4) “social welfare” organization will…
American Taxpayer Relief Act of 2012
Last week, President Obama signed into law the American Taxpayer Relief Act of 2012, which helps avoid federal spending cuts and taxes associated with the fiscal cliff. Gelman, Rosenberg & Freedman CPAs provides clients and friends with access to a special Federal Tax Watch publication with details about the new legislation. Click on the Federal…
Maryland Homestead Tax Credit to Expire on December 31, 2012
The 2007 Credit The Maryland General Assembly enacted the State of Maryland Homestead Tax Credit in 2007, which is scheduled to expire on December 31, 2012. However, you still have time to claim the credit if you have not done so already. The Homestead Tax Credit limited the amount of assessment increase on a homeowner’s…
Employer Use Tax Return Act of 2012
The Washington, DC Department of Tax and Revenue has posted a notice about the Employer Use Tax Return Act of 2012, the details of which we are sharing for your information. District of Columbia employers required to file a DC withholding return, including businesses and nonprofits, may face an additional filing requirement regarding use tax,…
U.S. Department of Labor Announces New Rules Governing Employee Benefit Plans
Nonprofits and companies that sponsor retirement plans for their workers and other participants should be aware of new rules set by the Department of Labor that will require full disclosure of services and fees associated with retirement plans in effect on or after July 1, 2012. The rules cover defined benefit plans and defined contribution plans…
District of Columbia Nonprofit Corporation Act of 2010- Resources
The 2010 Nonprofit Corporation Act has the potential to affect many tax-exempt organizations in the District of Columbia. While these changes do not have direct auditing/tax implications, the law may significantly impact an organization’s legal structure and governance. Accordingly, we have provided website links to analyses of the Act by four local law firms. Please…