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Many Tax-Exempt Organizations Must File Information Returns By May 15, 2018

Do Not Include Social Security Numbers Or Personal Data

WASHINGTON — The Internal Revenue Service reminded certain tax-exempt organizations that the Tuesday, May 15 filing deadline for Form 990-series information returns is fast approaching.

Form 990-series information returns and notices are normally due on the 15th day of the fifth month after an organization’s tax-year ends. Many organizations use the calendar year as their tax year, making May 15, 2018 the deadline to file for 2017.

No Social Security Numbers On Forms 990 Read more

What Is A Private Foundation?

Most people have heard the term “private foundation,” and know vaguely that it somehow relates to philanthropic organizations.  But beyond that, most people are lost when pressed for more details about these organizations. A 501(c)(3) tax-exempt organization is either a public charity or a private foundation. The default is that an organization will be classified as a private foundation unless it can demonstrate that it falls into one of the categories specifically excluded from the definition of a private foundation. These rules are found in section 509(a). Generally, it is to the advantage of the organization to be classified as a public charity as there are fewer restrictions on the operations of the organization under this category.

A private foundation is typically a legal entity set up by an individual, a family, or a group of Read more

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