IRS Revises Charity Tax Rules
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In a highly-anticipated overhaul, the IRS has successfully revised its rules for charities filing taxes. Form 990 will now require charities to disclose employee salaries greater than $150,000 and will also ask organizations to report "key employees" who control a 10% or greater portion of the charity's activities. The changes will arguably make many charities more transparent and therefore easier to research on behalf of potential donors. Guidestar.org, the non-profit data kings, will use this new information to provide more comprehensive analysis of the non-profits in its database, all in the attempt to encourage charitable giving by providing individual donors (and their estate planners) with the facts they need.
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