IRS Launches Five-Part Internet Based Compliance Workshops for Small and Mid-Sized Tax Exempt Entities, IR-2007-13 (January 22, 2007)
The IRS Exempt Organizations division has announced a five-part compliance series designed for small to mid-size charities with no internal compliance experts. The topics include: 1) tax exempt status, 2) unrelated business income, 3) employment issues, 4) Form 990, and 5) required disclosures. The training segments can be accessed at www.stayexempt.org or from the IRS web site at www.irs.gov/eo.
IRS Recommends Good Governance Practices for Nonprofit Boards, "Good Governance Practices for 501(c)(3) Organizations," www.irs.gov (February 2007)
In February 2007, the IRS published key policies which it recommends for all nonprofit organizations. The policies, which are designed to encourage greater accountability, a higher level of board engagement, and appropriate discharge of fiduciary duties, address nine areas: mission statement, code of ethics/whistleblower, due diligence, loyalty/conflict of interest, transparency fundraising, financial audits, compensation, and document retention. The full text is available on the IRS web site.