Obtaining tax exemption just got easier for some nonprofit organizations. On July 1, 2014, the IRS began accepting the Form 1023-EZ, a streamlined application for exemption from federal income tax under Internal Revenue Code Section 501(c)(3). Since its release in April, the Form has received widespread criticism in the philanthropic community, concerned that the process is nothing more than a rubber stamp, increasing the risks for fraud and other misuse of charitable assets.
Grade school administrators, take note! The USDA’s new nutrition standards for foods sold in grade schools are now effective for the 2014-15 school year. The standards apply to all schools that accept federal funding through the National School Lunch and Breakfast programs, including private schools. What do these changes mean for your school? The more stringent nutritional standards apply to both meals and other food consumption. Consequently, schools may need to modify their food-provider contracts, fundraising activities, and vending machines practices. These changes may particularl
Tax break for industry developers? Yes. Section 501(c)(6) of the Internal Revenue Code provides income tax exemption for organizations that advance a “Line of Business.” Trade associations are one type of 501(c)(6). But the category is much more broadly defined. The statutory definition includes, “Business leagues, chambers of commerce, real-estate boards, boards of trade, or professional football leagues (whether or not administering a pension fund for football players), not organized for profit and no part of the net earnings of which inures to the benefit of any private shareholder