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School Foundations and the IRS
Recently the Internal Revenue Service (IRS) instituted a number of new online educational services for exempt organizations. Some of these services directly apply to concerns that school foundations may have. First, the IRS has launched a new Web-based version of its popular Exempt Organizations Workshop covering tax compliance issues confronted by small and mid-sized tax exempt organizations. The free online workshop, Stay Exempt Tax Basics for 501(c)(3)s, consists of five interactive modules on tax compliance topics for exempt organizations: Second, there are some changes to the requirements for the tax-exempt organization tax form 990 and 990-EZ. As you know if your organization received $25,000 or more from any and all sources combined, you will need to file IRS Form 990-EZ. If you receive $150,000 or more you must file IRS Form 990. To avoid penalty, these forms must be filed within 90 days of the close of your fiscal year. The changes to this years form, instructions and helpful hints for filing can be found at 2006 Forms 990 and 990-EZ and Schedule A.
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