Alert: Major Changes Made to Not-for-Profit Reporting Requirements

Alert: Major Changes Made to Not-for-Profit Reporting Requirements

Michael Thilker, CPA, CITP, Manager
Posted by Michael Thilker, CPA, CITP, Manager on Aug 24, 2018 2:00:00 PM

Policy Update

If you are involved in any 501(c)(3) organization, you’ll want to read this information carefully. Soon you will no longer need to disclose the names and addresses of your donors on Schedule B of Form 990 or Form 990-EZ. Public information on 501(c) organizations will still be available. This includes information on whether one or two donations are significantly larger than other contributions to the organization.

The Revenue Procedure does not affect any other information required to be reported on tax forms by organizations described in Code Sec. 501(c)(3), which include some nonexempt charitable trusts and nonexempt private foundations or political organizations.

Even though these organizations don’t have to report contributors’ names and addresses, they must continue to keep this information in their books and records, so the IRS can efficiently administer the internal revenue laws through examinations of specific taxpayers. The IRS can inspect this information during an audit.

The revised reporting requirements contained in Revenue Procedure 2018-38 will apply to information returns for tax years ending on or after Dec. 31, 2018. Thus, the revised reporting requirements generally will apply to returns that become due on or after May 15, 2019.

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Topics: Not-for-Profits