Revoked! Protect Your Tax Exempt Status with Anthony Sampson : Successful Nonprofits

Episode 5

Revoked! Protect Your Tax Exempt Status with Anthony Sampson

Listen on  iTunes    Android     Stitcher   Libsyn

Episode 5

Revoked! Protect Your Tax Exempt Status with Anthony Sampson

Listen on  iTunes    Android     Stitcher   Libsyn

by goldenburggroup

Atlanta area accountant Anthony Sampson joins us for today’s podcast to talk about automatic revocation of tax-exempt status. Earlier this year, I met with the board of a small nonprofit organization, and a board member indicated that they were “too small to have to file an IRS form 990 of any sort.”

My warning antenna shot up, and I suggested they were probably required to file one. Of course, I was clear that I am not a CPA or qualified to provide tax advice, so I offered to connect them with a a local accounting firm that works with a number of nonprofits.

After making the introduction, I did a little bit of research and was shocked at what I learned.

In calendar year 2015, the IRS revoked the federal tax-exempt status of more than 41,500 nonprofit organizations that failed to file a Form 990 for three consecutive years.  That’s just the tip of the iceberg: the IRS has revoked the tax-exempt status of over 635,000 nonprofit organizations since implementing this rule in 2010.  With only about 1.8 million nonprofits in the nation, about a third of all nonprofits have been subject to revocation.

Scanning the names and locations of those with revoked tax exempt status, the list represents a diverse group of nonprofits, including ministries, associations, fraternities, volunteer fire departments, sports clubs, social service providers, arts organizations, PTA’s, and more.

After learning these jarring statistics, I knew it was essential that accountant Anthony Sampson join us for the featured conversation.

Links:

IRS: www.irs.gov
Anthony Sampson’s Contact Information: sampson.anthony2012@gmail.com 
Phone: 770-900-0410


Article of the Week: Get Intersectional
Leanne Rubenstein, Executive Director of Compassionate Atlanta, joined us for the Article of the Week by Kristin Moe: Get Intersectional: Why you can’t go it alone in Yes Magazine. This article on intersectionality applies to nearly every organization. Whether an art museum, a homeless shelter, an educational institution, or a civil rights organization, we can all get a little more intersectional.

Links:

Yes Magazine: Get intersectional Why you can’t go it alone www.yesmagazine.org/planet/get-intersectional-why-your-movement-can-t-go-it-alone
Compassionate Atlanta: http://www.compassionateatl.com

Top