Nonprofits Face Headaches Under Income Reporting Rules

Nonprofits Face Headaches Under Income Reporting Rules

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The American Institute of CPAs in November 2019 asked the IRS to exclude small tax-exempt organizations from the measure, saying those entities don’t have the tools that their larger counterparts have to easily track separate unrelated activities.

David Thompson, vice president of public policy at the National Council of Nonprofits, which represents primarily small nonprofits, said his organization “will be very interested in the final product.”

The organization submitted comments in 2018, saying that the change “will only add costs, conflicts, and unnecessary complexity for years to come.”

Source Name: 
Bloomberg Tax

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