Form 990 (Schedule R) for Murrieta California 2025

Form 990 (Schedule R) for Murrieta California: What You Should Know

Federal Tax Reform Overview The tax reform bill signed into law in November includes a number of new requirements for nonprofits seeking the most favorable treatment from the IRS. However, it also contains several provisions that may affect the nonprofit world. If you are considering applying for tax-exempt status under the new requirements, keep this chart and its associated discussion in mind. Part II of the new requirements would require nonprofit organizations with more than 500 members to conduct an annual “preaudit” for the purpose of determining whether they are complying with a number of requirements with respect to the establishment and operation of their nonprofit. Most nonprofits already file routine financial audits on an annual basis — but this part of the law could require the organizations, at least for the first three years of their application, to review certain financials with greater frequency. Part III would establish a “transparency threshold,” requiring nonprofits to disclose more than a 10% decrease in financial performance, including the specific decrease (a decrease that can reasonably be expected). Part III of the new requirements would require organizations to disclose on their website the amounts and use of grant-making and revenue support. This part of the law also appears to apply to other government grants; there is no clear definition of what is and is not “transparency.” Part III is in the form of Section 404(f), an internal regulatory provision, and would require nonprofits to keep more financial records — which could include donor lists, annual reports, internal organization charts, and “publicly available financial statements.” A second new component of the bill that could affect nonprofits involves the requirement that the Internal Revenue Service perform a “preaudit” of its grants. This provision is similar to that of the audit provisions in the current law and could result in the IRS taking a close look at the nonprofit's grant performance. The IRS has a history of being very aggressive when it comes to enforcing audit provisions, which could very well influence this requirement. The second part of the new requirements would create a new public reporting requirement. This would be in the form of the Public Availability of Information Requirement (PARA), which would compel nonprofit groups' to report their income and assets to the public, and would also require the tax agency to allow organizations to make a public request for data. Part IV, which is related to the audit and reporting requirement, would require tax-exempt organizations to retain and preserve certain financial information relating to their nonprofit operations and financial transactions.

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