Important Update – Beneficial Ownership Information (BOI)
If you have any questions regarding BOI and how this may affect your nonprofit, please don’t hesitate to contact us. March 21, 2025 FinCEN waives beneficial ownership reporting for U.S. companies and individuals, setting new filing deadlines for foreign entities Following the U.S. Department of the Treasury’s March 2, 2025 announcement, FinCEN’s interim final rule […]
Massachusetts Adjusts Financial Thresholds
November 20, 2024 Massachusetts Eases Nonprofit Financial Reporting with Economic Development Bill Massachusetts’ Economic Development Bill (H.5100), signed into law on November 20, 2024, and effective immediately, updates financial reporting for public charities. The bill raises the audit threshold from $500,000 to $1,000,000 in gross support and revenue, requiring only a reviewed financial statement for […]
Nonprofits in Israel, Gaza, and West Bank Get Tax Relief
October 1, 2024 IRS Extends Nonprofit Deadlines for Israel Terrorist Attack Victims The IRS provides tax relief for nonprofits affected by the terrorist attacks in Israel starting October 7, 2023, covering those with an IRS address in Israel, Gaza, or the West Bank (IR-2024-252). Nonprofits with filing or payment deadlines from October 7, 2023, to […]
IRS 2023 Tax Year Filing Update
October 11, 2024 IRS Assistance Offered to Victims of Hurricanes Helene and Milton The IRS has issued a 2023 tax year filing update wherein taxpayers in Alabama, Florida, Georgia, North Carolina, South Carolina, and parts of Tennessee and Virginia who were granted extensions to file their 2023 returns now have until May 1, 2025, to […]
Mississippi Mandates Annual Reports for Nonprofit Corporations
May 15, 2025 Mississippi’s HB 1344 Introduces New Nonprofit Reporting Requirement Signed into law in April 2024 as Chapter 410, and effective July 1, 2024, House Bill 1344 requires all domestic and foreign nonprofit corporations registered with the Mississippi Secretary of State to file annual reports by May 15 each year, starting in 2025. The […]
Tennessee Updates Charity Fees and Audit Threshold
July 1, 2024 Tennessee’s House Bill 1707 and House Bill 1708, both signed into law in April 2024 and effective July 1, 2024, modernize the Charitable Solicitations Act. HB 1707 (signed April 3, 2024) renames the Act and introduces key changes, including requiring charities to file agreements for charitable sales promotions, mandating signage on donation […]
Utah No Longer Requires Most Nonprofits Register to Solicit Contributions
May 1, 2024 Nonprofit organizations not incorporated or registered as foreign entities in Utah are exempt from charitable solicitation registration, and the pre-notification for charitable sales promotions is eliminated effective May 1, 2024. However, starting January 1, 2025, Utah-registered nonprofit corporations must include their unredacted IRS Form 990 with their annual corporate filings, unless IRS-exempt. […]
Wisconsin Raises Audit and Review Thresholds
March 23, 2024 Wisconsin’s AB 912 Eases Financial Reporting for Nonprofits Signed into law on March 21, 2024, as 2023 Wisconsin Act 151, and effective for fiscal years beginning on or after March 23, 2024, Assembly Bill 912 raises financial reporting thresholds for charitable organizations under Wisconsin Statutes § 202.12. The audit threshold for submitting […]
New Mexico Audit Threshold Updates
January 1, 2024 Effective January 1, 2024, New Mexico has raised the audit threshold for nonprofits. The new threshold for requiring Audited Financial Statements is set at $750,000 in total revenue. For more information, refer to the New Mexico Auditor’s Report Requirements Update. Questions about the audit threshold updates or how this affects your nonprofit? […]
Updates to Illinois Audit Thresholds
January 1, 2024 Starting January 1, 2024, the audit threshold for nonprofits in Illinois has been updated. For nonprofits that do not employ professional solicitors, the threshold for requiring Audited Financial Statements increases to $500,000 in total revenue, while the threshold for Reviewed Financial Statements is set between $300,000 and $499,999 in total revenue. Nonprofits […]