Non-Profit Organizations
REMINDER: It’s Time for School Districts, Municipalities and Other Tax-Exempt Entities That Sponsor 403(b) Plans to Adopt New Pre-Approved Documents

REMINDER: It’s Time for School Districts, Municipalities and Other Tax-Exempt Entities That Sponsor 403(b) Plans to Adopt New Pre-Approved Documents

By Bruce B. Deadman Reminder: It’s not too soon for sponsors of 403(b) plans to start the process of adopting IRS pre-approved plan documents. Under a new program, local governments, school districts and other tax-exempt entities that sponsor retirement plans under Section 403(b) of the Internal Revenue Code (the “Code”) can for the first time...

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REMINDER: It’s Time for School Districts, Municipalities and Other Tax-Exempt Entities That Sponsor 403(b) Plans to Adopt New Pre-Approved Documents

It’s Time for Tax-Exempt Entities to Restate Their 403(b) Plans

By Bruce B. Deadman Under a new IRS program, tax-exempt entities who sponsor 403(b) retirement plans can adopt pre-approved documents that include determination letters that confirm the tax-qualified status of their plans. Plan sponsors need to adopt pre-approved plans before March 31, 2020, in order to qualify for the program. Under a 403(b)...

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Change in Sales and Use Tax Affects Contractors, Municipalities and Nonprofits

Change in Sales and Use Tax Affects Contractors, Municipalities and Nonprofits

By Susan G. Schellinger Certain local Wisconsin governmental entities and nonprofit organizations have historically been exempt from payment of sales and use tax. Under a change in Wisconsin law which took effect on January 1, 2016, contractors may purchase construction materials on behalf of certain tax-exempt entities and organizations without...

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Attention Employers: The IRS May Be Googling Your Employee Benefits Communications

Attention Employers: The IRS May Be Googling Your Employee Benefits Communications

By Mark G. Kmiecik Public sector and tax-exempt employers in Wisconsin should be aware that the IRS appears to be targeting section 403(b) plans for examination. Prior to and during recent IRS examinations of 403(b) plans in the state, we have learned that the audit trigger more than once was the IRS’s review of the employers’ websites for...

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Is Your Estate Plan Jeopardizing your S-Corporation?

Many of us are familiar with the basic S-corporation mantra – avoid the so-called double taxation of regular C-corporations, all while maintaining the limited liability and practical advantages of a corporation. While many business owners engage in detailed planning to ensure compliance with Subchapter S of the Internal Revenue Code in order to...

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IRS Form 1023-EZ: Nonprofits Rejoice – but is the Potential for Fraud Real?

On July 1, 2014, the Internal Revenue Service (IRS) released Form 1023-EZ, a streamlined alternative to the venerable IRS standard-bearer in the world of nonprofits – Form 1023 Application for Recognition of Exemption Under Section 501(c)(3). The original Form 1023, weighing in at a robust 26 pages (including 7 schedules), can be burdensome,...

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