IRS Extends 990 Filing Deadlines

The IRS announced recently that they will be extending the January and February submission deadlines for tax-exempt organizations' annual returns until March 30, 2012.   (This extension applies to organizations with a fiscal year end of August 31st or September 30th.)  The extension applies to Forms 990, 990-EZ, 990-PF, or 1120-POL.  Form 990-N filers will not be affected. 

This extension was granted because the part of the online e-file system that processes returns for tax-exempt organizations will be off-line for those two months. (The rest of the e-file system will be operational during this time.)  

Organizations with 8/31 or 9/30 fiscal year ends will not need to apply to get the March 30th extension; however, in order to avoid receiving a late filing penalty notice, a statement outlining the reasonable cause should be attached to the tax return.   If your organization receives a late-filing penalty notice, you should contact the IRS so that the penalties can be abated. 

Further details are available here: http://www.irs.gov/pub/irs-drop/n-12-04.pdf

Arizona AG releases new fraud alert on billing schemes

The Office of the Auditor General of Arizona recently posted a new fraud alert regarding fraudulent billing schemes perpetrated by employees.  The fraud alerts lists some signs that will help spot these billing schemes, as well as some controls that will help prevent them.

http://www.azauditor.gov/Reports/Other/FAD/Fraud_Alert_11-03.pdf

1099 Webinar on 1-18-2012

Health Care Legislation has had a huge impact on the way your Accounts Payable personnel will need to operate.  This one-hour webinar will provide you with an overview of the 1099 rules and suggestions to improve your 1099 process.

For more info and online registration, click here.

Verify Your Payroll Deductions

Recent legislation has impacted paycheck deductions for political purposes after October 1, 2011. Under A.R.S. §23-361.02, public or private employees are now prohibited from making deductions for political purposes from an employee’s paycheck unless the employee gives written or electronic authorization on a yearly basis. Violation of this law can result in at least a $10,000 civil penalty for each violation made by the employer.

For the full A.R.S., visit: <http://www.azleg.gov/FormatDocument.asp?inDoc=/ars/23/00361-02.htm&Title=23&DocType=ARS

Cash Handling Procedures webinar on 1-10-2012

When establishing or reviewing internal controls, one of the highest risk areas is cash.  This live webinar is designed to help you reduce risk in this area at your entity.  We will discuss:
•  Best practices for cash collection, reconciliation and documentation
•  Recommended practices to ensure that cash and checks are not counterfeit or fraudulent
•  Establishing safeguards against theft or loss

For more information and online registration, click here.

Preventing Fraud at Your Organization

Cherie R. Wright, Partner of Heinfeld, Meech & Co., P.C., was recently interviewed for "Be proactive to thwart fraud in your district," which appeared in the July 2011 issue of Managing School Business.  While this publication is geared towards school districts, the concepts presented in the article can be applied to any non-profit organization.  

For the full article, click here.

Source: Managing School Business. Copyright 2011 by LRP Publications, P.O. Box 24668, West Palm Beach, FL 33416-4668. All rights reserved. For more information on this or other products published by LRP Publications, please call 1-800-341-7874 or visit our website at www.shoplrp.com.