Nonprofit Law Podcast #23: Should we file an amended tax return?

Should we file an amended tax return?

Download: Nonprofit Law Podcast #23 (mp3, 5:50)

Shownotes

Intro

Tim Mooney… Welcome to the Nonprofit Law Podcast
Your guide to the laws impacting nonprofits.
Shownotes…. nplawcast.com
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News & Notes
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When should a nonprofit amend its IRS tax return
Generally, not often - since there are no refunds to consider there is usually no economic advantage to doing it
Only if there is a substantial error
501(c)(3) that checks the box saying it engaged in political activity
501(c)(3) that exceeded its lobbying limits, only to later discover it did not and would like the excise taxes returned
501(c)(4) that miscalculated the amount of political activity it engaged in
Other substantial errors in reporting (income, etc.)
Missing schedules of a return
Best practices - write "ameded return" on the top of every page of the return in addition to checking the appropriate box for amended return on page 1

Closing

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This podcast provides general information about legal topics but it is not a complete discussion of all legal issues that arise in relation to nonprofits nor is it a substitute for legal advice. This podcast does not create an attorney-client relationship. This is general legal information and the contributors make no warranties regarding the general legal information provided in this podcast , and disclaim liability for damages resulting from its use to the fullest extent permitted by the applicable law.