Board Members: Protect your Nonprofit’s Tax-Exempt Status

When was the last time you thanked the IRS? If you’re a board member of a nonprofit, responsible for its financial review and good budget planning, now you can!Sometime over your tenure, you’ve likely seen potential issues surface that could jeopardize the tax exemption status of the charitable nonprofit you’ve been entrusted to oversee.Now comes your thanks to the IRS: it recently made your oversight effort easier for you and your team of board associates by helping you better understand your organization’s tax issues.Visit the IRS website, Stay Exempt, 24/7 to access the many different tax resources essential to your board’s tax and financial planning, including virtual training, official guidance, tax publications, educational resources, live training and workshops.Even if you don’t hold an accounting degree, these resources offer opportunities for non-profit organizations and charities to understand fully how taxes work, and gain insight to confirm and maintain a tax-exempt status. This easy-to-use website provides learning tools regarding tax rules and regulations every board member should know.On average, each course takes less than 30 minutes to complete, and the website even includes detailed instructions to guide you through the process. You’ll also find helpful courses covering requirements necessary to fully meet your annual nonprofit group’s filing obligations.Along with 501(c)(3) information, you can find courses referencing other 501 organizations, including veterans’ organizations, social clubs, fraternal establishments or whichever category of nonprofit you serve. The courses cover a wide range of pertinent topics:

• Applying for Section 501(c)(3) Status
• Maintaining 501(c)(3) Tax-Exempt Status
• Form 990 Overview Course
• Required Disclosures
• Employment Issues

As a member of the board, your assistance to the paid staff in helping keep your tax-exempt status may prove crucial for the success of your charitable group. The convenient IRS online courses offer directors, board members and volunteers access to tools and helpful knowledge to continue preserving your organization’s valuable exempt status.More information can be found on the Tax Information for Charities and Other Non-Profits page on IRS.gov. If you have an accounting question on behalf of your nonprofit, call (877) 829-5500, which is the Tax-Exempt and Government Entities toll-free line.Listed below are some additional links which may be useful:

• Applying for Tax Exempt Status
• Revoked? Reinstated? Learn More
• EO Select Check
• Starting and Operating Charities for Disaster Relief

If you or your board colleagues need a proven tax accounting firm to assist with your not-for-profit organization’s tax-exempt status or money management, including financial forecasting, our CPA team at Patrick & Raines is here to assist you.Contact us at Office@CPAsite.com or 904-396-5400.