Federal, State Legislatures Push Nonprofit Regulation Reform

Federal, State Legislatures Push Nonprofit Regulation Reform: "Federal, State Legislatures Push Nonprofit Regulation Reform
12/3/2004



The Internal Revenue Service (IRS) and the Senate Finance Committee are seeking reforms of existing nonprofit regulations, pending the findings of an Independent Sector panel, the New York Times reported Nov. 15.

The Finance Committee is considering a number of possible reforms, including the revision of IRS Form 990, independent audits of financial statements for organizations with more than $250,000 in annual receipts, reviews of nonprofits' tax-exempt status, and the ability to 'impose specific fiduciary duties on board members and give the IRS authority to seek the removal of board members or officers who violate the rules.'"