96 people attended a workshop in December and January! 

I wanted to share the exciting update to the Charitable Organizations and Solicitation Act (COSA). The governor signed this legislation on December 22^nd and it will become effective 90 days from that date. The legislation did the following:

• Increased the filing threshold from $8,000 to $25,000
• Changed the processing from a licensing procedure to a registration process
• By clarifying that a charity is registered upon filing of the proper information, unless notified of deficiencies, will take the guesswork out of when a charitable organization can solicit funds.
• Increases the fines and punishments for those that purposely violate the provisions in the act.

The filing threshold for Form 990-N, also known as the ePostcard, has been raised for returns covering the 2010 tax year that are filed in 2011. Most exempt organizations with gross annual receipts of $50,000 or less may now file Form 990-N instead of Form 990-EZ or 990. Private foundations, however, must continue to file Form 990-PF, regardless of organization size.

As always the IRS urges employers to have their employees  review their withholding every year and, if necessary, fill out a new W-4.  Current federal law calls for 2011 tax rates ranging from 15 - 39.6 percent, a change from 2010 tax rates ranging from 10 - 35 percent. Even if congress adopts keeping the 2010 rates you should still review any changes, in your life, that may effect your tax situation. For example, individuals and couples with multiple jobs, people who are having children, getting married, getting divorced or buying a home, and those who typically wind up to large a balance due tolarge refund at the end of the year may want to consider submitting a revised W-4 form. Publication 919, How Do I Adjust My Tax Withholding?, provides more information to workers on making changes to their tax withholding.

Boards Can't Just Abandon an Insolvent Nonprofit

The Chronicle of Philanthropy - Janet Kleinfelter