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Nonprofit checklist for IRS exam
This comes from a fantastic presentation today to the NJCPA by Parag P. Patel, Esq. Tax Attorney in New Jersey: We expect to see more audits of nonprofit organizations in the next few years. Not-for-profits preparing for a potential IRS audit are advised to keep records for open tax years—meaning those that haven’t surpassed the statute of limitations, generally 10 years. These records include: ● List of names, addresses, and compensation details for officers, directors, and trustees● Board and committee meeting minutes● Copies of the organization’s publications, newsletters, brochures, pamphlets, and other literature related to the organization’s activities ● Copies
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Nonprofits must be profitable: the case for revenue, training, and governance
These challenges are acute for the smallest nonprofit organizations. Their current strategies are not working to satisfy supporters, government and users.
