Kutchins, Robbins & Diamond LTD.

Certified Public Accountants




Exempt Organization Status and Excess Benefit Transactions

The IRS has issued final regulations concerning the exempt status of organizations that are tax-exempt under Code Sec. 501(c)(3) but engage in excess benefit transactions. As an exempt organization,...

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Excise Taxes on Private Foundations Lowered

As you know, private foundations are generally exempt from federal income taxes. However, in certain circumstances, excise taxes may be imposed on the specific income of a private foundation. In two...

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Form 990: Expanded Compensation Reporting

As a nonprofit organization, you are probably already aware of the heightened public scrutiny imposed upon such organizations due to reports of grossly excessive compensation received by nonprofit...

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Charitable Giving: Acknowledgement and Substantiation

The Tax Code encourages charitable giving by allowing an income tax deduction. However, certain requirements must be followed to in order to claim the deduction.

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Organizational Policies for Non-Profits

Although the Tax Code does not require charities to have governance and management policies, the IRS will review an organization's application for exemption and annual information returns (Form 990)...

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Appraisal Requirements for Noncash Contributions

If you make or receive charitable contributions regularly, you may be aware that charitable contributions of property in excess of $5,000 require that you attach an appraisal to your tax return. In...

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