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Tax planning and compliance for tax-exempt organizations : rules, cheklists, procedures
The 2006 Cumulative Supplement includes the following updates:
Donations of patents and other intellectual property are subject to new limitations. The new limitations and return attachments now required are discussed in Chapter 24.
Revised Form 990 (Return of Organization Exempt from Income Tax) is contained in Appendix 18-D.
State legislatures in Colorado, Kansas, California, and Massachusetts enacted, and rule makers in North Carolina, Texas, New York, and other states considered, proposals to enhance reporting by nonprofit organizations. Many states enacted registration and information reporting about professional fundraisers and solicitors. The filing of financial statements audited by independent accountants may now be required. This provision is implemented at varying levels of annual revenue so that nonprofits and their advisors need to be attentive to such changes.
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