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.