The Tax & Accounting business of Thomson Reuters has published a new guidebook to help nonprofit organizations meet the IRSs new reporting requirements.
The reference guide, PPC's Nonprofit Tax and Governance Guide: Helping Organizations Comply, addresses the tax and operational issues encountered by nonprofit organizations, including governance, public support tests, political expenditures, fundraising events and charity auctions, basic tax reporting, contribution acknowledgements for taxpayer deductions, contribution accounting, compensation reporting, related parties identification, and political expenditures related to maintaining tax-exempt status.
"Complying with the IRS's Form 990 requirements has never been more challenging or risky for nonprofit organizations and their CPA advisors," said Blake Smith, senior director of product development at the Tax & Accounting business of Thomson Reuters, in a statement. "In the updated form, tax reporting is more complex; additional types of information are required to be disclosed; and there are numerous additional questions."
The guide includes a library of detailed guidance and practice aids in the form of sample policies, procedures, checklists and worksheets, making it easier for the CPA or organization to complete their annual tax return and maintain their public charity tax-exempt status.
A related product, PPCs 990 Deskbook, includes hundreds of real-life examples to help CPAs grasp difficult concepts. The Deskbook also includes filled-in forms illustrating reporting issues to reduce audit triggers, an organizer to gather information needed to prepare an accurate return, practice aids to save hours of preparation and review time, and more. PPC's 990 Deskbook covers Forms 990, 990 EZ, 990-PF, 990-T and 1023. For more information, visit
