Compliance

Employment Law Updates

By Melissa Scholz|2024-06-13T22:08:33+00:00June 5th, 2024|501(c)(3), Compliance, Employment, Nonprofit|

EMPLOYMENT LAW UPDATESNew Minimum Salaries for Exempt EmployeesUnder the Fair Labor Standards Act (SLFA), employees with sufficiently high salaries are categorizes as “exempt,” meaning they are not entitled to overtime pay. On April 23, the US Department of Labor (DOL) finalized a rule that will increase the minimum salary required to categorize an employee as exempt.Currently, employees who fall under the white-collar exemption (such as administrators, managers, and teachers) must earn a salary of at least $684 per week or $35,568 annually to be considered exempt under the FLSA. Under DOL’s new rule, this minimum salary will increase twice [...]

Key Tax Filings and Deadlines for 2024

501(c)(3), Compliance, Nonprofit, Taxes

Key Tax Filings and Deadlines for 2024

By Melissa Scholz|2024-06-13T22:08:16+00:00January 24th, 2024|501(c)(3), Compliance, Nonprofit, Taxes|

Dear Scholz Nonprofit Law clients, current and past, and friends in the community: Thank you for the opportunity to work with you. We greatly appreciate the contributions you make in the community and the trust you place in us to assist you. We look forward to being able to serve you in 2024. This is a reminder that all nonprofits have an obligation to submit various reports to the IRS and to the state each year. Below is an explanation of these key tax filings and their deadlines: 1) Form 1099 – You may be required to issue Form [...]

Form 990 Deadline is Approaching!

501(c)(3), Compliance, Nonprofit, Private Foundation, Public Charity

Form 990 Deadline is Approaching!

By Melissa Scholz|2015-05-08T15:58:43+00:00May 8th, 2015|501(c)(3), Compliance, Nonprofit, Private Foundation, Public Charity|

It's that time of year again! Don’t forget to file your nonprofit organization’s “annual information return,” or Form 990. All tax-exempt organizations (including 501(c)(3)s, 501(c)(4)s, and 501(c)(6)s) must file a version of the Form 990 with the IRS. For many small organizations, it is a simple 5-10 minute process to file the "Form 990-N." You should be aware that if you do not file a 990 in 2015 and also did not file one in 2014 and 2013, your organization will lose its tax-exempt status and you will have to reapply with another application and filing fee. Filing FAQ's [...]