January 28, 2008

Unrelated Business Income Publication 598

An exempt organization is not taxed on its income from an activity that is substantially related to the charitable, educational, or other purpose that is the basis for the organization's exemption. Such income is exempt even if the activity is a trade or business.
However, if an exempt organization regularly carries on a trade or business that is not substantially related to its exempt purpose, except that it provides funds to carry out that purpose, the organization is subject to tax on its income from that unrelated trade or business.
See updated IRS Publication 598 on UBIT.

January 13, 2008

Final 2008 Form 990

The IRS issued an updated version of Form 990, the return that charities and other tax-exempt organizations are required to file annually, and provided transition relief so that small exempt organizations will have time to adjust to the new form.

January 03, 2008

Employers Required to Use New Form I-9’s After Dec 26, 2007

The U.S. Citizenship and Immigration Services has issued a new Form I-9 used by employers to verify employees’ eligibility to work in the United States. The only acceptable Form I-9 has a revision date of June 5, 2007 (located in the lower left corner of the document.) Employers may download and copy this form at no charge from www.uscis.gov/files/form/i-9.pdf. A free version also may be obtained by calling 1-800-870-3676.
Employers must use the June 5, 2007, Form I-9 for all employees hired on or after November 7, 2007. Employers are not required to redo earlier versions of the form, but must use the new Form I-9 for reverification of employees.
Now that the transition period ended on December 26, 2007 employers will be subject to penalties for using outdated versions of Form I-9.