Industry News
New Mexico and Mississippi Ease Audit Thresholds for Nonprofits
Most states require specific charitable organizations to submit audited financial statements each year. These audits are required in connection with charitable registration. This means organizations who solicit in multiple states must comply with numerous state audit requirements. The specific threshold … Read more
California Temporarily Waives Filing Fees for Corporations, LLCs, Nonprofits, and Others
The California Secretary of State has announced a temporary waiver of filing fees for many new corporations, LLCs, nonprofits, and other organizations. The stated purpose of the waiver is “to encourage business growth in California.” The recent enactment of California’s … Read more
Nonprofit Sector Update: NYS Suspends Schedule B Requirement and More
The July 1, 2021 decision by the Supreme Court of the United States (SCOTUS) in Americans for Prosperity Foundation v. Bonta has started a ripple effect in the world of charitable solicitation regulation.
Nonprofits should expect charitable solicitation registration requirements … Read more
IRS Study Reveals that 37% of Form 1023-EZ Applicants Improperly Received 501(c)(3) Tax Exemptions
The IRS Taxpayer Advocate Service (TAS) recently submitted its 2015 Annual Report to the United States Congress. That report contained an analysis of Form 1023-EZ that the IRS released in July 2014 as a streamlined 501(c)(3) application. The findings in … Read more
2015 Corporate Filing Changes in Connecticut
Effective January 1, 2015, there are a number of corporate filing changes in Connecticut, per Public Act 14-154.
First, it is now mandatory for entities to provide an email address on ALL formation documents and annual report forms.
Second, new … Read more
Massachusetts is No Longer Accepting FEIN
Beginning January 1, 2015, the Corporations Division in Massachusetts is no longer accepting FEIN numbers (federal tax IDs) on business formation documents.
The following notice was posted on the Corporations Division website:
“As of January 1, 2015, the Corporations Division … Read more
New York Repeals Organizational Tax on Corporations
Effective January 1, 2015, New York will no longer collect a tax on shares of newly formed corporations. Additionally, the state will no longer collect a tax when filing an amendment to the Articles to increase or to change the number of … Read more
Minnesota Launches New Business Services Website
The Minnesota Secretary of State announced that beginning December 8, 2014, they will launch a newly designed Business Services website.
The new website will include
Ability to file annual reinstatements online. • User-friendly homepage design to better guide visitors. • Search feature… Read more
With IRS Form 1023-EZ, Become 501c3 Tax Exempt in Weeks
News of the recent release of IRS Form 1023-EZ has spread like wildfire. Introduced in July, the form, designed to streamline the application and approval process for federal tax exemption, has triggered a number of questions throughout the nonprofit world.… Read more
CT Secretary of State Experiencing Delays
8/14/2014 The Connecticut Secretary of State has been experiencing computer and copier issues. Clerks are unable to print copies, certified copies, and confirmations of filings.
The Secretary of State’s office is unsure when all systems will be running normal once … Read more
