It’s been 4 years since the IRS redesigned the 990 Form. Part of the change was the addition of a list of questions on various policies your organization may have adopted. Since that time, the IRS has conducted a study to determine which policies organizations have and how the existence of those policies correlates to both good governance and IRS compliance. The study found that those organizations that have polices – and follow them – generally have better tax compliance and governance. (more…)
Posts Tagged ‘good governance’
IRS auditors know what good governance practices are, and they’re not afraid to test them on your not-for-profit organization.
Tax-exempt organizations represent a significant and growing industry. There are more than 1.9 million exempt organizations, not including those with religious exempts, and more than 200 new applications are approved each day. With such large numbers, it’s not surprising the agency is placing increased focus on this area. (more…)